09. The Need For Wills

Many couples have never prepared Wills, although they recognize that this is something that should be done. Perhaps the rather morbid title, "LAST WILL AND TESTAMENT", has caused them to delay taking action. If you don't prepare your own Wills, the State will draw them for you, and you probably 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, normally the surviving spouse. However, at the second death, the Court might appoint a family member or some local attorney. Then after a complicated procedure, all your assets will be distributed according to the state formula.

Your estate consists of personal property (furniture, jewelry, clothes, automobiles), investment (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.

You can't rely on joint property title as a substitute for a Will because it doesn't solve problems at the second death. Some forms of joint title do not pass entirely to the surviving spouse.

Having Wills drawn can prevent family disputes, and you will be certain that your property will be distributed promptly to the parties you have designated as beneficiaries.

Having Wills prepared will also help establish 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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