While the majority of Americans need to have a will, unfortunately more than half will pass away without one. More than likely this is because it is so unpleasant to deal with the issue of death and so most people do not want to deal with it. However, it is important to understand that unless you have a will there are certain implications that will have to be faced. It is also important to note that if you already have a will but have had some changes in circumstances, then it may be time for you to change your will.
Once you have a will you will be able to avoid having the state divide your assets. Essentially, this means that if you die without a will, then the law of the state that you live in will determine what will happen to your property. This process is known as "interstate succession." Through this process, your property will be divided according to a statutory formula which states that your property will first go to your spouse and children, then to your relatives. It is even possible that the state may claim a part of your estate. You especially need to understand this if you are a parent because the court will determine who will raise your children and look after your property if the other parent is either unavailable or unfit.
As you can see, if you have young children, you MUST have a will so that you will be able to designate their guardian in case you happen to die. Dying without a will or a spouse and with minor children will allow the court to appoint their guardian. If you do not want this to happen, then you will need to appoint a guardian in your will. So, even if you have only a modest amount of assets but you do have minor children then you will still need to execute a will in order to appoint their guardian.
You should not assume that your spouse will receive all of your property upon your death. Without a will, this is more than likely NOT true. Even if your spouse survives you and is left to raise your young children, they will more than likely not receive all of your property. Instead, in most states the law says that between one-third to one-half of your property will go to your surviving spouse while the remainder will go to your children, regardless of their age.
On the other hand, if you do not have any children, then in most states your surviving spouse will only receive between one-third to one-half of your estate. The remainder will go to your parents if they are still alive. If both of your parents are dead, then the remainder will be split up between your siblings.
Now you can see why it is important for a married person who wants their spouse to own their entire estate after their death will need to have a will in place so as to avoid any possible confusion or surprise.
As for any real property that you may have, if you do not have a will in place your real estate will more than likely go to either your children or to numerous co-owners. Either of these results can be costly, which is why you should take some time now to prepare your will so as to save your heirs significant expense and trouble after your death.
Another important part of your will has to do with naming your executor. This is the person who will make sure that your affairs are properly settled after your death. If you do not take the time to name an executor, then the court will step in and choose a person to do this on your behalf. Such a person is oftentimes referred to as an administrator. Whenever this occurs you are taking the chance that this may not even be the person who you would like to do this for you. This can also lead to a family conflict in which a neutral lawyer must be appointed and paid for through your estate's funds. Furthermore, in this type of a situation, the person who is serving as the administrator may need to pay some fees or post a bond before they will be able to begin distributing your assets. This must also be paid for via your estate's funds.
It really is quite unfortunate that most people do not realize how simple planning an preparing a will can be, especially in comparison to the aforementioned mess that you could end up in without one. With this web site you will be able to create a simple will online so that you can be in charge of handling your own estate, stating who will take your children and deciding where your property should go. Regardless as to whether you decide to use this web site or consult with an attorney, it is important to take some time now to confront this issue and have it taken care of as soon as possible - do not put it off any longer.
