Why Every Family Needs a Will

Although many healthy parents often place a will last on a long list of their priorities, the repercussions can be devastating for those who fail to properly plan for their death and make guardianship decisions for their minor children.

What happens if you die without a will?

• Your assets will be distributed according to a formula fixed by state law, without any regard to your wishes or the needs of your heirs. Your state’s inheritance statute would determine who gets your property and how the estate should be administered. These laws do not take into account any particular wishes or unique circumstances of the deceased individual. A will is important because it allows you tell the world who you wish to receive your assets and how you would like your estate distributed upon your death.

• The court will assign an administrator to divide your assets according to state laws. The person appointed by the court may not be the person you would have selected had you appointed an executor in your will. Additionally, there are sometimes disputes about who should serve as the administrator when there is no will, or there are disputes among the administrators if more than one is appointed. These types of disputes often take time and money to resolve – money that could have gone to your loved ones had you appointed an executor in your will.

• If both parents of minor children die without a will, the court will appoint a guardian to care for their children. A will allows you to name a guardian for your children in the event that you aren’t there to raise them.

While nobody likes to think about their own mortality, parents should be prepared if something happens to them. Once you become a parent, estate planning involves more important considerations than just who gets your assets when you die. Your children need to be physically, emotionally and financially cared for by you or someone else. Therefore, every parent should decide who would take on this important role, and legally nominate them in a will.

Often one of the most difficult aspects of estate planning for parents of young children is deciding who would take on the role of caring for their minor children. The best way I know of to address this difficult issue is to ask oneself — “who is the most able person to take on the emotional, financial and physical responsibility of caring for my children?” An estate lawyer can often assist with sorting out such difficult decisions.

In addition to helping clients find a resolution to their unique family issues, an attorney can also
help ensure that your assets are transferred to the beneficiaries you have specified, reduce or
eliminate estate taxes, plan for the incapacity of a loved one, prepare a health care directive to
outline your preferences with respect to end of life decisions and create a durable power attorney
so that an agent will be available to manage your finances if you become incapacitated. An
estate planning attorney is therefore an invaluable resource for helping you ensure that your
financial and familial goals are met even after you are no longer here to care for those most
important in your life.