Why is a will so important?
A will is your written and witnessed statement about how you want your property distributed after your death. If you have minor children, your will may include your wishes about who will care for them when you are no longer there to do so.
If you do not have a will at your death, state law will determine who gets your property. Without legal written documentation, a judge may have to decide who receives your great-grandfather's pocket watch, or even who raises your children or looks after your pets.
Even if you are married, without a will, you cannot assume that everything will go to your spouse. And if you are cohabiting, your partner will have a claim on your estate only if he or she is included in your will.
Is a basic will sufficient?
If the following statements describe you, a basic will is probably enough:
- You're under age 50.
- You're in pretty good health.
- You don't expect to owe estate tax at your death. (See the IRS website for current limits.)
A basic will...
- leaves your property to the people and organizations you choose
- names someone to care for your minor children if you can't
- names someone to manage property you leave to minor children (yours or someone else's), and
- names your executor, the person with authority to make sure that the terms of your will are carried out.
As you grow older and acquire more property, you may want to engage in more sophisticated planning. If one of the following applies to your situation, then you probably need something more than a basic will:
- You expect to owe estate tax when you die or when your spouse does.
- You want to control what happens to property after your death -- for example, you want to leave some property in trust for your child, and have it go to your grandchildren when your child dies.
- You have a child with a disability or other special need that you wish to address in your estate plan.
- You have children from a prior marriage and you fear conflict between them and your current spouse.
- You think someone might contest your will, claiming that you were not mentally competent when writing it, or that the will was procured by fraud or duress.
How troublesome is probate?
Avoiding probate is often a justification for estate planning. Setting up something more complicated than a will may be the best solution for your situation, especially if you have property scattered around the country.
