3 Reasons Everyone Should Prepare a Will
Why Is a Will Necessary?
Most people have valuable investments, important belongings, and sentimental items they'd like to pass down to certain people after they’re gone. However, no matter how many times you’ve verbally expressed your wishes, writing a will is the only way to ensure they're respected. The following guide highlights a few reasons why everyone should include this document in their estate plan.
1. Decide How Belongings Are Distributed
If you pass away without a will, the court will distribute your belongings according to the state’s
intestate laws. These laws follow strict guidelines based on familial relationships, regardless of the quality of those bonds.
It's essential to write a will if you want to leave possessions to a friend or beloved relative aside from your spouse, children, and siblings. This will also decrease the risk of loved ones disputing the distribution of family heirlooms or especially valuable belongings.
2. Choose an Executor
The executor is the individual who will manage your affairs and enact the instructions in the will. This role comes with a great deal of responsibility, so it’s essential to choose someone who is trustworthy and organized. The will provide an opportunity to nominate someone to serve as the executor. Otherwise, you leave it up to your family to decide. The one that is fastest to the courthouse may not be the best choice. Ultimately, the court will designate an administrator, who may not be the person you would have chosen.
3. Nominate a Guardian for Any Children
Preparing a will also allow you to select someone to care for your children if something happens to both parents. In the estate plan, you can choose someone who shares your values and parenting style and who has the resources to raise the children as you would have wanted. If you haven’t prepared a will, the court will choose the closest family relative instead. Should both parents die at the same time, the court will struggle with evaluating who is the best party to handle your children's welfare and finances. Although courts usually attempt to find a "just" result, they clearly don't have the full and complete understanding of your situation. Suffice it to say, preparing a will, will ensure that your intentions are respected.
If you need help creating a will, turn to Pelkey & Pelkey, P.C. With over 60 years of combined experience, this team of attorneys serves families throughout Rochester, NY. They provide the legal advice you need to ensure your wishes are respected. Visit their website to learn more about how they can help, or call (585) 544-3440 to schedule an appointment.
