A will is a legal document which sets forth
the intentions of the person who died as to who will raise their
children and how their assets will be dispersed. There are many reasons to have a will in
place. Without one, the court and state will make decisions which may
not be as the person who died intended, nor may they be in the best
interests of the people left behind. Here are five reasons to have a
will drawn up:
1. Inheritance Laws Are Inconsistent
Since a will is the only method that people can use to ensure that the estate they leave behind will be dispersed as they wish after their death, it is necessary for everyone to have one. It is particularly important to have a will in place if you have under age children.
2. Intestate Rules Are Costly
When there is no valid will in place at the time of someone's death,
the estate will is inherited according to intestate rules. These kinds
of rules can be inflexible and impractical, as they are not designed
toward any specific person or intention. Assets may not be distributed,
for example, until all intestate succession rules are satisfied.
3. Wills Appoint an Executor
Decedents will have appointed a trusted executor to disperse their assets according to their wishes. Without a will, the state will appoint someone who may not be suited to the task.
4. Unpleasant Situations Can be Avoided
When a will is in place, the unpleasantness and inconvenience often presented can be avoided. For example, heirs squabbling about how the assets will be divided can be eliminated for less cost, fuss and stress.
5. Guardianship of Children
When there are minor children left behind after a parent's death, the will is an important instrument that designates the parties who will take on parental responsibilities. When there is no will, the court will appoint a guardian and extra fees will be paid that may have been avoided. When there is an appointed guardian by the decedent, minor children can have the peace of mind of being cared for well and as intended by their parents.