A will is a legal document that allows you to determine how your estate will be handled upon your death. Although everyone dies eventually, and every estate will have to be distributed at some point in the future, not everyone has a will in place – or plans for what will happen to their estate at the time of their death. In fact, according to LexisNexis, over 50% of Americans do not have a will or other estate plan in place.
Some people avoid the topic because they think they are too young to need a will or do not want to incur the expense of creating an estate plan, while others simply do not want to have to think about their own mortality. However, without a will, there is no way to guarantee that your desires will be carried out after your death.
There are four main reasons why having a will is beneficial:
- Having a will allows you to have control over who administers your estate after you die.
If you die without a will, the court will appoint an administrator to manage your estate. However, by preparing a will, you can appoint the person that you trust the most to manage your affairs.
- Having a will allows you to designate a guardian for your minor children in the event of your death.
If you die without a will, the court will choose who it feels is the appropriate person to serve as guardian for your minor children. However, that person may not be an individual that shares the same morals, beliefs or parenting style as you do. Through a will, you can designate who you want to care for your children in the event of your death.
- Having a will allows you to decide how and to whom your property and belongings will be distributed.
If you die without a will, the state, by applying the rules of intestacy, will determine how your property is distributed. However, through a will, you get to decide who will benefit from your estate, what or how much they will receive, and when they will receive it.
You may wish to leave gifts, money or property to individuals or organizations that might not otherwise be entitled to receive those under the rules of intestacy. However, by creating a will, you can provide for those individuals or organizations and ensure that they receive the property or gifts you intend.
- Having a will allows you to alleviate the strain on family members after your death.
Dividing property after one’s death can be a source of contention and stress for family members left behind. In addition, the stress of having an estate fully probated can be stressful and time consuming. The average time for an estate to complete the probate process is six to nine months, according to the American Bar Association. However, depending on the size of the estate, that process could take much longer.
By preparing a will, family arguments over how to divide an inheritance can be avoided, and the time required to deal with the probate process can be shortened – making the process easier and quicker for your family, which will make their lives a little easier during what will otherwise be a difficult time.
The Harris Firm recommends that every individual have a standard Will package. This includes the following:
Last Will and Testament:
This is one of the most important documents a person can create during their lifetime. If a person dies without a Will, he/she is said to have died “intestate” and state law will govern how that person’s assets will be distributed. A Last Will and Testament allows you to legally control how and to whom your property will be distributed upon your death.
Health Care Power of Attorney:
This is a document that allows you to designate a person as your agent to have the authority to make any and all medical decisions on your behalf if you become incompetent to do so. The designated person is authorized to make health care decisions for you only if your physician states in writing and includes in the principal’s medical records a statement that you are incompetent to make such decisions.
This document allows you to set out your wishes for medical treatment if you are ever too ill or injured to speak for yourself regarding such matters. The person designated as your agent is then legally bound to follow your wishes regarding medical care to the extent they are outlined in your Health Care Power of Attorney.
Durable Power of Attorney:
This is a document that allows you to designate a person as your agent to have the authority to make certain decisions and take certain actions regarding your property and finances. This document allows you to give the designated agent as much or as little authority as you would like, and allows you to designate the specific transactions for which your agent has the authority to act on your behalf. This will allow your loved ones to handle your finances or other personal matters without having to go through lengthy court proceedings to obtain the authority to do so.
Directive to Physicians (Living Will):
This is a document that allows you to instruct your physician not to use artificial methods to extend the natural process of dying. This document provides information to your physician about your wishes in regards to the use of life-sustaining treatment and when such treatment should be withdrawn. By executing a Directive to Physicians, you can take the future burden off of your loved ones so they will not have to make such a difficult decision if the situation arises.
Our attorneys can help create a Will package that meets your needs and provides the care, protection and peace of mind for your family that you desire. All Will and/or Estate Planning documents should be reviewed and updated periodically, especially after a major life event such as a marriage, divorce or birth of a child occurs.
The Harris Firm, P.C. has experience in helping folks with wills and probate planning. Please give us a call and make an appointment – whether you need to create your first Will package – or if you have existing will and estate planning documents, we can provide assistance in updating those documents to reflect your new desires.
