When And Why To Write A Will
The benefit to drafting a will is that it allows you to choose when, how and to whom your assets are distributed after your death. If you die without a will, you are determined to have died intestate. In such an event, the intestacy laws of the state where you lived at your death will dictate the distribution of your assets. Basically, your assets will be divided among your closest living relatives. If you want to avoid a state law deciding who inherits your wealth, you can instead name individuals and/or charities within a will.
Additionally, your will allows you to add terms limiting or managing the distribution to one or all recipients. One common example is to transfer assets which would have otherwise been distributed to a young adult into a contingency trust established within your will until they reach a more mature age of your choosing. Your will also allows you to nominate an individual (or individuals) to manage the administration of your estate after your death. If you do not pre-select these individuals, a court will choose them on your behalf after your death. There is an additional major benefit to drafting a will as a parent with minor children, as your will allows you to nominate individuals to care for your children’s physical and financial well-being in the event of your death.
Wills serve an important role in planning for your eventual death and offer an inexpensive and flexible way to make your own choices regarding wealth transfer and the administration of your estate after your death.
Start Creating Your Will
When you make a consultation with one of our Rochester attorneys, we will discuss your personal and financial needs; then, we can help you create your will. To schedule a consultation, call our firm at 507-200-2579 or send us an email.