7 Important Reasons Why You Need A Will and Estate Plan

I’m constantly amazed about how many people still believe they don’t need to have an Estate Plan (Will or Living Trust) in place in their lives…it’s actually shocking to me. Yet there are many people who don’t believe they need any level of Estate Planning, regardless of their current position in life.

They mistakenly believe that everything will still go well for their loved ones even without a Will or Living Trust that was designed as part of their Estate Plan. Unfortunately, that is rarely the case and they end up being surprised in the end (or their loved ones are surprised). The reasons for going through an Estate Planning process are compelling and shouldn’t be ignored. And when most see the reasons why this is so important, they are usually shocked.

Recently, The Bellingham Herald listed some of the most common reasons in "Here are seven reasons you want to protect your family with a last will and testament."

The reasons include:

1. Without a will, you have no say in who inherits your property. Everything is determined by state laws of intestate succession.
2. No will also means you do not get to decide who manages your estate after you pass away. The court will appoint someone to do so and it may not be the same person you would have chosen.
3. If you have minor children, then a will is where you nominate who their guardian should be. If you do not have a will, then the court appoints someone who might not be the same person you would have wanted.
4. Without a will, it is impossible to plan for the impact of potential taxes on your estate.
5. Wills generally make going through probate much faster than without one.
6. If you want to leave anything behind for charity, then you need a will to do that.
7. While you are visiting an estate planning attorney to get a will, the attorney might suggest even better options, such as trusts for your estate. You will not know if that is the right option for you, unless you go to the attorney.

While there are other reasons, this should hopefully get you thinking differently about WHO and WHY you need to have a will and an Estate Plan. If you are still wondering if this applies to you, just shoot us a question and we’ll give you a straightforward and honest answer as to whether or not you need to have something in place for your situation.