One of the key questions asked of Glastonbury estate planning attorneys is whether or not a will should be created. Many people have heard the advice that making a will is important, but don’t necessarily think they actually need to make this legal document yet – perhaps because they are too young or because they have no dependents.
The reality is, you definitely should create a will. You may also want to create other estate planning documents, such as a living trust and/or an irrevocable trust, but making a will to address any assets not otherwise distributed by your estate plan is going to be important.
Nirenstein, Horowitz & Associates can assist you with the creation of a comprehensive last will and testament that will allow you to accomplish your goals for your legacy and that will make it possible for you to protect the people you love. Here are a few of the key reasons why you should reach out to our legal team in order to create a will.
Create a Will to Take Control Over Who Inherits
Your will is your chance to specify who you want to receive your assets. If you are transferring assets through a living trust, irrevocable trust, pay-on-death accounts or other asset-transfer methods, you may assume you don’t need a will. The fact is, you should still have one to provide instructions on any assets that you haven’t made other arrangements for. If you have used many other estate planning tools, your will could be a simple one that just designates an heir or beneficiary who will inherit the remainder of your estate after other assets are distributed through other means.
If you do not create a will to specify who you would prefer to receive your property, state intestacy law could apply and your assets could be distributed in a manner differently than you would have preferred.
Create a Will to Streamline the Probate Process
The probate process is a complicated process that Investopedia indicates could cost as much as three percent to seven percent of the value of the entire estate you are leaving behind for your loved ones. The probate process can also take a year – or more – if there are any issues that occur during the probate process. There are many powerful estate planning tools you can use to help assets transfer outside of the probate process. However, probate may still need to occur and, if the probate process will happen after your death, it is better to have expressed your preferences clearly in a will.
If you have made a will and provided instructions, those instructions should be controlled unless someone manages to successfully contest a will. The fact you’ve provided your input on what should happen to your assets could leave less for your family to fight out that the court will have to rule on. This can make the probate process much quicker.
Create a Will to Avoid Family Fighting
If you don’t provide instructions on what you believe should happen after your death, your loved ones could end up fighting over what you believe was the right distribution of assets or the right way to handle things like the sale of a family home or business. If you make a will and use other estate planning tools to make your preferences known – and even to control what happens to assets if you use tools like trusts- you can reduce the chances of your loved ones becoming involved in a serious disagreement.
While there is no guarantee your family won’t fight or that someone won’t contest a will even if you do provide instructions in a will, at least you will have done your part to help ensure that your death doesn’t cause a breakdown of family bonds.
Getting Help from Glastonbury Estate Planning Attorneys
The risk to your family of fighting and the other big downsides of not having a will can affect you at any age. You never know when tragedy could strike and you could end up facing an untimely death. Your family will be in a much more dire situation if you have not made an estate plan, which often involves a last will and testament .
Nirenstein, Horowitz & Associates can help you to make a will that is appropriate to whatever your life situation is and can help you to update the will as your assets change and your family situation changes. To find out more about how our legal team can help you, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online today.