A will is an important document and is part of your estate plan. It is essential for all adults to have a will in place, yet many people don’t have one. The majority of Americans do not have a will, according to a recent Gallup poll. While more Americans over the age of 65 have wills than younger people, the need for a will is critical at any age. Here are five reasons why you need to have a last will and testament in place.
A Will Gives You Control over Your Own Wishes
You want to ensure that your loved ones receive your belongings and assets. If you die without a will, you die intestate. This means that the state laws take over the distribution of your property after your death. Specifically, Wisconsin statute 852.01 defines basic rules for intestate succession for the purpose of distribution of your estate. If you pass away without a will, you will not be sure that your relatives and loved ones will receive your assets. The only way to make certain that you take care of your loved ones is by putting a will in place. You choose your beneficiaries and provide for which people will inherit your assets after your death.
A Will Provides for Your Minor Children
If you have young children, your will provides instructions for their care and well-being if you pass away. You want to make sure that you choose someone who will raise your kids if you are no longer here. Without a will, you cannot be sure who will care for your children or whether they could end up in foster care. A will gives you the ability to choose a legal guardian of your children. The legal guardian will take over all parental responsibilities and will provide for the needs of your kids as they become adults.
A Will Allows You to Choose an Executor
The executor is a person who is in charge of your estate following your death. An executor is also called an administrator and oversees the resolution of your estate. Your estate administrator works with others to make and implement decisions on your behalf. You can specify the name of the person to take over for you after your death. Consult with this individual to give them the details and information necessary regarding your will and your estate. Your executor carries out matters pertaining to your estate based on the instructions that you provided prior to your death. Without a will, a relative or loved one does not automatically fulfill this position. Therefore, it is better to name an administrator in your will.
A Will Provides a Fast and Efficient Method of Property Distribution
Your loved ones continue to have financial and other needs that may require money from your estate. When you have a will, the process of probate is faster and easier and allows your loved ones to be sure of getting the money they require. You have worked hard for your money and property, and you want to be sure that your loved ones will not face any undue challenges that will make this period of time more difficult. It is essential to follow the law when you put your will in place so there will not be any questions or loopholes that could prevent proper execution.
A Will Gives You Peace of Mind
A will gives guidance for handling the many issues that arise following your death. If you do not have a will, your loved ones will suffer a great deal of stress and they may not end up getting the assets they deserve. Your loved ones could face some financial hardships because of your death if you do not have a will. Once you have a will in place, you can rest assured that your wishes are going to be followed after you die. There is no better time than now to put a will in place, regardless of your age or current health status.
Get the legal help and support you need to draft and implement your last will and testament. Contact Moen Sheehan Meyer, Ltd. today online or call us at (608) 784-8310 for a consultation.