Dying is a topic almost nobody wants to think about. But ignoring it can be a huge mistake, especially for your surviving family. If you happen to die without a will, then the state decides who gets what, without regard to your wishes or your heirs’ needs.
Many people mistakingly believe a will is for only rich people. A person does not have to be wealthy or elderly to begin seriously thinking about an estate plan.
Just the word – estate- confuses many people. If you own a car or a house or have a checking or savings account, then you too have an estate. Often a person with a small or modest estate is most in need of a plan. The reason is provide for the proper transfer of those properties at the time of death.
There are several reasons for having a will or a trust. Most importantly, having a will or a trust allows you to decide who will receive your property rather than leaving that choice to state law.
Having a will allows you to choose someone who will be your personal representative. This eliminates the cost of a personal representative’s bond that the probate court would require if a probate of your estate is necessary. Without an existing will, the state court will appoint someone as personal representation. Unfortunately,the choice may may not be the person you would have chosen.
Even better, having a trust allows you to avoid the costly probate court system, if your trust is created and funded properly.
Equally important, if you have minor children you can name their guardian in your will or trust. Without a will or a trust, the court may appoint a guardian who may not be the person you would have chosen.
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