If you have a Will, you are eliminating many complexities about your wishes for your estate. Creating a Will can legally protect your partner or spouse, children and assets. It also gives you the chance to customize a plan of asset distribution once you have passed. Here are two big reasons why it is important to have a Will versus not having one.
1. You Select Your Personal Representative
Without a Will, the person chosen to be in charge of your estate is left up to the statutory requirements for selection of a personal representative. The order of priority starts with a spouse or domestic partner, children, grandchildren, or after that, parents. When a Will is in place, you have a say in who you want your personal representative to carry out your wishes. This also avoids litigation created when two people at the same priority level want to act as administrator (two children for example).
There are risks involved, but they can be mitigated. For example, if the person chosen as the personal representative was, after your selection, indicted for fraud or some other activity, the court would identify that issue, object to this person selected as the personal representative, and may choose your alternate selection. Having a will allows for active participation in what will be executed once the person is deceased.
2. You Select Your Distribution Plan
Some people do not want their assets to be divided amongst the surviving spouse, or children, or parents. They may have a charity in mind, or they may want it all to go to one nephew. The distribution plan is entirely customizable and addresses the wishes of the Will creator. Even with a Will, you still have court’s involvement and oversight. If you would like to pull your estate out of the court process entirely, it would require a Trust rather than a Will.
For many, creating a Will is an overwhelming process. Our attorneys at Mayer and Young, PC are here to help. At Mayer & Young, PC we are dedicated to helping our clients through the Will process and to create a healthy and happy future for your loved ones. Contact us today to start the process or learn more information.