What a great question!
If you die without a will, you forfeit the right to direct the dealings of your estate. This will likely result in needless legal disputes, damage to personal relationships, and sometimes, financial tragedy. A will is an opportunity for you to designate your own executor, guardians for minor children, and other fiduciaries, rather than relying on the probate court to appoint them for you. Trustees for minor children or other beneficiaries of your estate can be designated in a will, and their powers can be tailored to the anticipated needs of those beneficiaries.
Even if you have neither a spouse nor children a will is the best means of fulfilling your wishes as relating to your estate. Courts are unlikely to award portions of an estate to non-relatives or charities when blood relations (no matter how distant) can be found.
This point is critical people who were adopted into a family unrelated to their natural family; in such a case, dying without a will (intestate) can result in needlessly complex legal work and expenses to clarify disputes between adopted and blood relations.
A will is also critical if you have made personal and emotional commitments to another person without being married and would like them to receive some part of your estate.
When my father died he had a will, but he had already given away some things that were gifted in the will. The lawyer said it was unfortunate, but what was gone, was gone.
Hi Terry, why do I need a will? What will that facilitate?
By: PeterB on July 10, 2008
at 11:45 am
What a great question!
If you die without a will, you forfeit the right to direct the dealings of your estate. This will likely result in needless legal disputes, damage to personal relationships, and sometimes, financial tragedy. A will is an opportunity for you to designate your own executor, guardians for minor children, and other fiduciaries, rather than relying on the probate court to appoint them for you. Trustees for minor children or other beneficiaries of your estate can be designated in a will, and their powers can be tailored to the anticipated needs of those beneficiaries.
Even if you have neither a spouse nor children a will is the best means of fulfilling your wishes as relating to your estate. Courts are unlikely to award portions of an estate to non-relatives or charities when blood relations (no matter how distant) can be found.
This point is critical people who were adopted into a family unrelated to their natural family; in such a case, dying without a will (intestate) can result in needlessly complex legal work and expenses to clarify disputes between adopted and blood relations.
A will is also critical if you have made personal and emotional commitments to another person without being married and would like them to receive some part of your estate.
By: NurseTerry on July 10, 2008
at 1:23 pm
When my father died he had a will, but he had already given away some things that were gifted in the will. The lawyer said it was unfortunate, but what was gone, was gone.
By: bostonblacky on July 11, 2008
at 11:37 am