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May 25, 2021

5 Reasons to Have a Will

After our recent post on trusts vs. wills, we received questions for further breakdowns on each of these estate planning components.  In today’s post we will discuss the top 5 Reasons to Have a Will.

Regardless of age or financial circumstances, everyone should have a will.


Here are the top 5 reasons we recommend to have a will.

Distribution of Assets

Without a will in place, the state will determine how any property or assets you own will be distributed. With a will in place, you have the ability to designate who will inherit your property and assets. This is true regardless of how robust your asset portfolio is. If you do not own property, it is still recommended to have a will for your assets which often include; savings, retirement, pensions, and valuable family heirlooms.

Established Executor

In a will you can name an executor to handle your affairs when you are gone, or no longer able. The role of an executor is to follow through with the wishes you assign, and oversee the transfer of your estate. Without an executor named, the probate court will appoint someone to do this job. Since the court does not have a personal relationship with your family, who they appoint may or may not be someone you trust to follow through with your wishes.

Assign Guardian(s)

If you have minor children, it is essential to have a trusted guardian named for them in your will. Additionally, this is the only legal document in which you can assign a legal guardian for your minor children. This alone is worth having a will, even if this is the only reason you need one. Not unlike the distribution of assets and a named executor, if you do not have a guardian named, a court will decide who should care for you children. Having a will when you have minor children, is the ultimate peace-of-mind in knowing they will be cared for when you are gone.

Living Trust Backup

While trusts are great for avoiding probate court, as well as court and attorney fees. Wills can serve as a great backup to a living trust or other estate planning tool. This is because a will can act as a catch-all for any assets that were not assigned in your living will. Whether the property or asset is something you acquired after you created your living will, or was simply forgotten. Your will can serve as another measure to ensure your wishes are carried out accordingly.

Seamless Probate Process

As discussed in our last blog, 5 Reasons to Have a Trust, probate court serves the purpose of administering the division of your estate. Without a will in place, the court can decide how to divide your assets without your wishes in consideration. This can result in long and unnecessary delays, especially if your family disagrees with the courts decision. Having a will speeds up the probate process, because it informs the court of your wishes.

After our recent post on trusts vs. wills, we received questions for further breakdowns on each of these estate planning


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