When do I need to get a Will?
Every adult should probably have a Will or some other estate plan that they have thought about and implemented. A Will is perhaps the most common estate planning device and is one of the simplest and easiest to implement.
Most people do not think about getting a Will until an event in their life causes them to feel the need to do so. Some of the most common calls, we at Perry Law Office often get are calls from newlyweds, couples or individuals that have just had or are expecting their first child, someone in bad or deteriorating health, or from an adult child regarding their mother or father who has put it off way too long. We have also had calls from people who did not consider the need for an estate plan until they were getting ready to go on a trip, cruise, other family vacation. All of these are great reasons to start thinking about a Will.
However, it is best, to consider some sort of an estate plan early in your adult life, but you are never too old to start this process either. A Will can be changed/improved to correspond with the changes in your own life. I have never heard someone say I got my Will done too early. But often times, family members and loved ones have approached us and asked what do we do, my father/mother, child, grandparent, sibling, or other loved one had no Will? It can be a bit more tricky and cause unnecessary delays and issues.
Who will get my assets?
You never know what the future might bring, and if you die without a Will or other estate plan, your assets might not be distributed to the persons that you want. Assets are anything you own at the time of your death. This could be money, real estate, vehicles, houses, stocks, etc. For example, an adult unmarried individual that has no children and dies without a Will or other estate plan would have their assets distributed to their parents, and their brothers and sisters. This may or may not be what they would actually want to happen. A Will is an easy way to dictate where your assets go and who gets them. People are often surprised at how easy, and inexpensive it is to create a simple estate plan. They often comment that if they had known it would be this easy they would have done it much earlier.
Naming a Guardian for your child/children:
If you have minor children, it is very important to have a Will. A Will allows you to name the guardian of your minor children. This person will care for your children until they turn 18 years old. There are many things to consider in naming a guardian of your minor children. The person you name must be able and willing to take your children in the event of an unexpected death. Also you may want to consider where your guardian lives or their habits. Does he/she spend their winters in Florida or another warm place? Does he/she live in a different city, county, or state. Your children will move to where your guardian lives. In your Will you can also dictate that you do NOT want your children to be split up or separated. These are just a few of the many reasons why naming a trusted person to be the guardian of your most valuable asset(s) is very important!
Call Perry Law Office today and speak to one of our experience lawyers for a free telephone consultation to determine if now is the right time for you to consider a Will, or some other type of estate plan.