Death can come unexpectedly. If you were to die suddenly, do you know for certain who would receive your assets or who would care for your children?
Many people delay estate planning for reasons such as believing they have plenty of time, thinking their assets are too small to matter, or not understanding what happens if they die without a will. As a result, a large share of adults do not have a will in place.
Without a will, state intestacy laws determine how your estate is distributed, which may not match your wishes and can create additional expense and delay for your heirs.
A will lets you name a representative, or executor, to handle your affairs after you die and to carry out the instructions you include. Naming an executor ahead of time can reduce disputes among family members.
Within a will you can name a guardian for any minor children to ensure someone you trust will raise them if both parents die. Before naming a guardian, confirm that person is willing and able to accept the responsibility.
You can also use your will to establish a trust for minor beneficiaries so assets are managed for their benefit until they reach an age you specify.
Specific personal items and bequests can be clearly designated in a will so family members know your intentions. If your holdings are substantial, it may be worth discussing a living trust with an attorney to reduce probate costs and preserve privacy; you might also review options such as Long Term Care and Estate Planning Insurance to understand how long-term needs and estate planning can interact.
When making a will, plan for possible incapacity as well. Designate someone with power of attorney who can make medical and financial decisions for you, and specify that authority takes effect only after a doctor certifies your disability if that is your preference.
Relying on an experienced estate planning attorney can help ensure documents are valid and tailored to your situation; for organizations that offer dedicated legal support, consider resources such as Full-Time Attorney (in-house) Estate Planning Insurance.
If you want help preparing or reviewing documents, you can talk to an agent who can connect you with appropriate professionals.
Frequently Asked Questions
What happens if I die without a will?
If you die intestate, state law determines who inherits your assets and who may be appointed guardian for minor children, which may not match your preferences.
Can I name a guardian for my children in a will?
Yes; a will is commonly used to name a guardian, but you should first confirm the person is willing and able to serve.
What is the difference between a will and a living trust?
A will directs distribution of your estate and can name guardians, while a living trust can hold assets during your lifetime and avoid probate for those assets after you die.
Should I include a power of attorney in my estate plan?
Yes; a durable power of attorney allows someone to manage your financial or medical decisions if you become incapacitated and is an important part of comprehensive planning.