WHY YOU SHOULD HAVE A WILL AND RELATED DOCUMENTS

Wills allow people to designate where their property goes after they are gone, yet very few people have Wills. Why is that?

If you die without a Will, your property will be distributed according the intestate laws of the State that you live in. It may not be what you want. Your family's needs are not considered. Your estate may go the the State or local government if your family member is on government aid of some kind. Do you want that?

A will can name an Executor - someone you trust who can administer your estate they way you want and oversee the financial affairs. Without an executor, the Court will arbitrarily chose your executor.

A will can set up a trust for those under the majority age. It can save your estate taxes.

For couples with children - a Will is a must. You can chose the guardian of your children and how will raise them and manage their finances. Without a Will, the Court will chose a stranger or someone you don't want.

You should also update your Will and other documents every three years and whenever your situation or family changes. More on that issue next posting.