Do I Need a Will?

by Steve Benevento, Administrative Officer

We all know we need a will but the fact is that less than half of us have one.Why? No doubt we can think of some great reasons, but procrastination is most likely the culprit. No one likes to think they may need a will or a more comprehensive estate plan tomorrow, yet without one the transfer of your assets upon death and the guardianship of your minor children will be determined by state law and the courts. This is a process unlikely to produce your intended results.

A will not only allows you to direct in writing to whom you want such assets to pass but also gives you the opportunity to assign an executor who will be responsible for ensuring your intentions are met. Wills can also be used to make bequests to charities and in conjunction with trusts to help minimize taxes and administrative costs. Not all assets, however, are covered by your will. Some assets are transferred by contract or ownership method. For example, your IRA will pass to your designated beneficiaries; any assets owned by a trust will pass according to the trust’s provisions.

The probate process can be difficult enough, and without a will, a predetermined executor, and appropriately designated contract assets, it can become more arduous, time consuming, and expensive for your family.

If you already have a will remember to review it with your attorney every few years and make any necessary updates as life changes occur.

As always, we strongly recommend consulting with your tax or estate professional prior to making any decisions regarding your estate or planning goals.