Perhaps, but when you do; who do you want to get it? If you fail to have a will created, then there is no telling where your property and money will end up. Putting off your estate planning until it is too late may be the biggest mistake you could ever make. As a matter of fact, the State of New York may inherit 40 Million dollars from a recently deceased real estate developer that failed to create a will.
When someone passes away without a will, their property can be divided at the discretion of the state. This is known as dying intestate. I don’t know about you, but the thought having all my dearest possessions rifled through and divided up without having any say so is hard to accept. If you share my sentiment, then you will likely agree that estate planning is very important.
That being said, I want to stress that failing to have your will prepared by a licensed and experienced attorney could be as bad as not having a will or trust. After you pass, your will we be used to determine where and how to distribute your assets. This process is known as probate, which means “the proving of a will”. If your will is not legally sound, then some or all of your wishes may not be honored. Hiring an attorney with estate planning expertise will safeguard against this.
Now that you know why a will is a must have, here are a few things you should be sure to include in yours.
Determining how you want your final arrangements handled is not something that most of us look forward to. Adding clear directions to this portion of your will makes it easier for your family members to make sure your final wishes are granted.
When people think of a will, asset distribution is what they commonly think of. As the name implies this section will allow you to dictate how your assets are distributed, but certain items such as joint property cannot be covered in this section.
Restrictions and Stipulations
This is where you will be glad you have hired an estate planning attorney. Depending on which state you live in, there will be several rules, regulations, and guidelines that dictate the specifics of how certain property is handled. An experienced attorney can help you navigate this section.
Ultimately, no matter how many or few assets you may have, estate planning is necessary. The best way to be sure it to hire a licensed attorney to help you make or review your current will.