“Do I need a Will?” That is a question our firm often hears from clients. Many people do not believe they need a Will. However, these persons are often mistaken. Sadly, it is only after they pass that the reason a Will is so important becomes apparent.
Why Do I Need a Will?
There are a number of reasons everyone should have, at the very least, a basic Will. The number one reason is:
If you do not complete your Will, the state, not you, decides what happens to your estate.
Often, we hear, “But I don’t own anything.” Consider the following:
What if you won the lottery or received an inheritance tomorrow?
Without a Will, you will not have any say as to how that money would be distributed.
What if your death was a result of an accident and a lawsuit is filed on behalf of your estate?
Without a Will, any proceeds from that suit, which could be substantial, would be distributed according to state default statutes.
At the Whipple Law Group, we also hear, “I just want my spouse to have everything.”
We live in a community/separate property state. If you do not stipulate your wishes in a Will, your spouse may not receive what you intended.
What happens in the event the same accident results in the death of you and your spouse?
Compounding this tragedy is the fact that, without a Will, the state will step in again and decide who gets your assets. Your remaining family members are left to guess at what you may have wanted and without any direct means to achieve your goals.
What about your children?
Not having a will leaves in question what your intentions were regarding your minor children.
It is not uncommon that there may be an adult child who has special needs.
Estate planning can address these needs in a comprehensive fashion even after your passing.
Sometimes, there is a concern that an inheritance may have a negative impact on a child’s choices.
Again, estate planning, through the proper drafting of a will, can effectively address these situations.
Start drafting your Will today
Now that you know why you need a Will, it is time to start drafting it. Contact the Whipple Law Group today and work with one of our estate planning to protect your assets.
