Do I Really Need a Will?

The artist Prince died without a will, and it led to a big battle over his estate.  But I am not Prince, many say, just a regular human with far smaller net worth, so do I really need a will?

If you are wondering if you truly need a will, perhaps because you believe you don’t have enough assets, or that it’s enough that your survivors know your wishes, or you simply just don’t want to think about death, read on!

While it’s true that the simpler your situation is, the less of a complex estate plan you need, the fact is that very few people are simple – here are the reasons why you should consider having a will:

Generally, if you have a job, bank account, insurance policies or retirement accounts, car, jewelry, furniture, etc. – these are your assets, you have an estate, and you need a will. 

Even if you’ve told your family what your wishes are, if you die intestate – without a proper will or living trust, the state where you live will step in and your assets will be distributed according to the law in your state.

When a person dies without a will, state laws will determine who will administer the estate, inherit the property, and take care of minor children, if any.  The probate court judge will appoint someone to oversee the distribution of the deceased assets. Probate is a difficult and expensive process.  

Under New York’s Intestate Succession Laws, an “estate” of a deceased is distributed to certain individuals, often leading to inter-family disputes and endless litigation. Having a Last Will and Testament can prevent such conflicts.

Furthermore, state laws cannot provide for who will inherit certain specific items that are left as part of the assets, which, again, could lead to many problems, as often the surviving heirs do not agree on who will get certain items of the deceased personal property.  Even if you don’t own a lot of assets, to make sure specific items you own go to those you choose you will need to have a will.

If you have minor children, in particular, you really need a will – so you can decide who will manage your children’s inheritance on their behalf.  This will also allow you to choose the age at which you want it to be distributed to them. 

If not, the probate court will have to set up a conservatorship to manage your children’s portion of your property; a judge will decide who manages the money, and when your minor children turn 18, they will get their share, whether they can handle it or not.

Even if there are no children, the surviving spouse may not get everything in some states – the deceased spouse’s parents, siblings, nieces or nephews, and even more distant relatives, could receive a share. 

Also, if you have a second spouse and children from a first marriage and you die without a will, your kids could end up with a lot less than you’d want.

The will is a crucial legal document as it states who you want a guardian for your minor children to be – if there’s no will and a guardian is needed, the judge will appoint one. 

Parents of young children will likely name someone they really trust and love to serve as the personal guardian of their children; after all, this is the person who would raise the children if neither parent were available to do it.  Having a will ensures that.

If there is no will, although a judge must always act in the best interests of the children, the decision reached may be very different from what a parent would have wished. 

Next, if you want to leave your assets to a partner you’re not married to, estate planning and having a will is essential – if you die intestate there are strict rules about who gets what.  State law directs that only your closest relatives will inherit your assets, which may leave your partner with nothing.

If, unfortunately, you would die before your elderly parents, a will could also help them avoid losing government benefits.  If they are beneficiaries of your life insurance policy, a large payout from it could end up putting a stop to their government benefits unless you enter a key provision in your will.

If you are a pet owner, please be aware that without a will in place and no one coming forward to accept the responsibility of care, your beloved pet could end up in a shelter after you die.  With a will, you can designate a responsible party and allow a smoother transition for your pet.

For those of you who support charities, a will lets you direct your assets to the charity of your choice.  And if you wish to leave your assets to an institution or an organization, a will can ensure that your wishes are carried out.

Another important issue is Tax consideration – a properly prepared will can minimize tax liability.  Taxes can significantly decrease what your heirs ultimately receive, something that is particularly important to people with larger estates, so it’s highly recommended to consult with a professional regarding your estate, inheritance, and gift taxes on both the federal and state levels.

Having a will gives you peace of mind and will save your family time, money and grief.  An estate plan is not just about passing your wealth to your loved ones, but it also provides independence and control as you age.

Good news is that making one is usually a rather simple and inexpensive process.  To maximize the prospect that your wishes are carried out when you die, make a will in writing, and make sure you and your witnesses sign it. 

If you already have your estate plan in place, see that your will is periodically updated to included all the heirs and any newly acquired assets.  Also, if you got married or divorced, started a business, moved, etc., you will want your will to reflect all these changes. 

At the Levin Law Group, our experienced wills and trusts attorneys in New York City, Brooklyn, and Long Island will assist you in advising and preparing a wide range of estate planning documents.

Take steps to ensure your wishes, interests and assets are protected – get a will prepared by a trustworthy wills and trust attorney and sign it – contact us today and get a free consultation.

We invite you to get in touch with us so we can help you take steps to ensure your interests and assets are protected – contact Levin Law Group today: 800-517-5240.