Does every adult need a will? In most cases, the answer is yes. A will is a legal document that transfers your property after you die and names the person who will settle your estate. This person is the executor. The will also covers who will care for your minor children and who will administer any trusts that the will establishes. For parents of minor children, a will is the only way to legally name a guardian for them.

If you die intestate, without a will, you give up control over who gets what. While state law does provide distribution of your assets to your relatives, your family may not benefit, as you want them to benefit, because money, property and assets are divided according to your state’s laws of inheritance.

Children, for example, would receive the same amount with no consideration for their individual needs. People outside of your family, as well as charitable institutions, are not included. If no heirs are found after a reasonable search, the property passes to the state. Depending on the laws of your residing state, some form of estate tax may still be due.

By making your will, you express your wishes about:

* Beneficiaries

* An executor to administer your estate

* A guardian for your children

* Your charitable wishes

* Avoiding, or minimizing taxes, fees and expenses


Without a will...

Some friends and relatives for whom you would like to provide may be excluded.

The court appoints an administrator who may not understand your wishes and the administrator can charge an exorbitant fee.

A larger portion of your assets passes to the government and to administrators instead of your desired beneficiaries.

And if the other parent is not alive, the court will appoint a guardian. This may not be the person at all that you would have selected to care for your children.

Institutions that you want to support will not be remembered.


With so much at stake, why do two-thirds of all Americans die without a will? Most financial planners agree that the answer is simple denial. No one likes to think about death, especially his or her own. Try to think of estate planning this way: You are helping your loved ones by drafting a will because settling an estate without a will can be a legal nightmare.

Remember your own grief. At a time when your loved ones will be grieving you, you will decrease their burden because you have taken care of the details. Good estate planning is your legacy of love.

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