Why is a Will So Important?

Do you have a will?  Is it valid?  Is it updated and accurate?  Do you know where it is located?  If you can’t answer “yes” to all of these questions, then now is a great time to get started on getting your will completed.   

If you don’t have a will, this can cause a huge problem if you were to pass away.  Who will inherit your estate?  Who will handle the finances?  Who will take care of your children?  If you had a will, all of this would be laid out and everything would hopefully run smoothly.  Without a will, you have died “intestate.”  That means that an attorney will have to determine who the heirs are and have a court approve it.  Then, and administrator will be appointed by the court to basically act as the executor of the deceased.  So, the fist step is to get a valid will created.

If you have a will, make sure it is valid.   There are specific requirements that you must follow to make a will valid such as signatures, witnesses, capacity and testamentary intent of the testator, etc.  Make sure you discuss the requirements with the attorney assisting you with your will.  Don’t rely on what you read on the Internet to ensure your will is valid.

Next, is your will up to date and accurate?  Maybe you have a valid will, but the executor is no longer living, or maybe you don’t feel like that is the best person to handle your estate at this time.  Maybe you once thought Aunt Sally would be the best person to take care of your children, but now you realize that you would rather someone else have that responsibility.  Take the time and look at your will and make sure that it is the way you would like it to be if something happened to you today.  If not, make the changes necessary with help from your attorney to ensure you are making the changes correctly.

So, you have a will, it’s valid, and everything looks great.  Do you know where it is located?  It is great to put your will someplace safe.  Just don’t put it somewhere secretive where no one can find it.  If you can’t find an executed copy of a will, then there is no will.  You will die intestate, and your heirs will have to deal with the court appointed administrator to act as the executor.  One of the last things your loved ones need after you pass is to not be able to find the will. 

Wills are a difficult subject for a lot of people.  First, people don’t want to think about their own mortality.  Second, people have to make time in their schedules to meet with an attorney to get it done.  Lastly, there is an expense involved in having a valid will executed.  All of these reasons are legitimate, but none of them compare to the hardship that comes with not having a will when it is needed.  There is no time like the present to prepare for the future.  Get that will done today!

The information provided herein is the author’s opinion and provided for general purposes only.  If you have specific questions about anything stated in this article, please contact your real estate professional or attorney for advice.