Why You Need a Will

May 12, 2012 (Press-News.org) Why You Need a Will

Thinking about end-of-life planning can be disturbing -- which is perhaps why a Harris Interactive survey found the majority of American adults do not have a will. Understandably, many people put off creating a will or trust because they do not want to think about how their death will affect their loved ones. Some also feel that, due to only having a small or mid-sized estate, a will is unnecessary.

Yet dying without a will (dying "intestate") brings many potential hazards for your family. While many married couples assume everything will go to the other spouse if they die, each state has different laws regarding how property is divided when an individual dies intestate. Under the Massachusetts Uniform Probate Code, if a spouse dies without a will, the surviving spouse will take the entire remaining estate unless the deceased spouse had surviving children or grandchildren who were not descendants of the surviving spouse.

The makeup of many modern families means wills are even more important. If you have children from a previous relationship, you'll want a will to ensure they are provided for in your estate plan. If you live with a partner but are unmarried, he or she could be left with nothing -- even if you've shared the same home for years or decades.

Wills as Part of an Estate Plan

"Out-of-the-box" wills are becoming ubiquitous. These wills have preset language that supposedly creates a valid will, with the consumer only writing in names and numbers as appropriate. Don't be fooled, however; these wills often don't account for individual state laws or particular circumstances.

A will should be a part of a comprehensive estate plan. For example, an estate planning attorney can create a will, a living trust and a living will. These legal documents allow you to state how you wish to be cared for in the event of your incapacity and can give assets to your loved ones according to your wishes. For example, you could give your children access to the estate's funds only if they use it for education.

If you are one of the many Americans without an estate plan, don't delay in contacting an experienced estate planning attorney to begin the process of providing for your family in the event of your death or incapacity.

Article provided by Law Offices of Carmine L. Gentile
Visit us at http://www.carminegentilelawoffices.com