You work hard all your life to provide for yourself and your family. But
what would happen to your family if you were gone? Who would take care of your
children? To whom should your assets be distributed and when should they
receive them?
Who Will Care for Your Children?
Who will take care of your children if something happened to you? If you are
married and something happened to both you and your spouse, who would take care
of them? If you do not have a will, then that decision will be made by a judge
who does not know you, your family, or your wishes. With a will, you can
specify who should take care of your children (with alternates in case your
first choice is unable or unwilling to serve as guardians), how their daily and
educational expenses will be met, and at what ages they should receive your
property outright.
Who Will Get Your Property?
To whom will your assets go when you are no longer here? When will they get
them? Without a will, your assets will likely go through an expensive,
prolonged, and complicated process to distribute your assets. An administrator
will be appointed by the courts (probably not the person you would want to
handle your estate). Your assets will be distributed exactly as state law
dictates, regardless of the needs, the character, or worthiness of the people
among whom your estate is divided. If you have minor children, their
inheritance will be watched over by the courts (an expensive process) until
they turn eighteen. Then, they will receive the full amount. Would you like
your children to receive the remainder of your assets at such a young age?
Without a will, the legal costs of settling your estate could be increased
greatly, thus reducing the actual amount of money finally received by your
heirs. With a will, you can specify who will settle your estate. You can create
trusts to manage the assets your children will receive and determine when they
will receive them. You can choose who will receive your property.
Your All Important Will
When you plan your estate, nothing is more important than your will. Should you
die without a valid will, your spouse, your children, or other heirs could face
critical problems as they try to settle your estate. Only by leaving a will can
you be sure that your money, property, and other holdings in your estate will
go to those you love, according to your wishes.