08. Your Need For a Will

Many single persons have never prepared a Will, even though they have a nagging feeling that it should be done. Perhaps the rather morbid title, "LAST WILL AND TESTAMENT", has caused them to delay taking action.

But if you don't prepare a Will, the State will draw one for you, and the chances are very good that you won't like the provisions. The legal term for dying without a Will is "Intestate", and the distribution of your property will be based on the Intestate Laws of the state in which you reside at the time of death.

In the absence of a Will, the Probate Court will appoint an Administrator such as a family member or local attorney. After a complicated procedure, all your assets will be distributed according to the state's formula.

Your estate consists of personal property (furniture, jewelry, clothes, automobiles), investments (cash, savings securities), real estate, employee benefits (group insurance, retirement or profit sharing), and other items such as the proceeds of a law suit against someone who accidentally caused your death.

Having a Will drawn can prevent arguments and will give you the opportunity to be certain that your property will be distributed promptly to the parties you have designated as beneficiaries.

Your Will should designate an Executor to carry out your requests efficiently and promptly and with less expense than if there had been no Will.

By having a Will prepared, you will also be establishing a relationship with an attorney, which could be extremely valuable to you in the future. Naturally, your Will should be periodically reviewed to reflect your changing circumstances.


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