A Will is the most common estate planning document. A Will allows you to decide how your estate will be handled upon your death. With your Will you can provide for the disposition of your assets, nominate the personal representative (or executor) of your estate, and appoint a guardian for your minor children. You can also create a trust in your Will restricting when and how your children can access their inheritance. Without a Will your assets will go to the people designated as your heirs by the laws of your state, a judge will decide who should raise your children, and your children Will receive their entire inheritance (without restriction) as soon as they reach the age of legal majority. Contrary to popular belief, having a Will does not avoid the need for a probate proceeding, but it can make the probate process easier.
Nearly every adult can benefit from having a Will. All estate planning documents, including Wills, should be reviewed regularly and updated as circumstance (or the laws) change. If you need a Will, or if it is time to review your current estate plan, please contact us.