How Important Is A Will

How Important Is A Will

How Important Is A Will

HOW IMPORTANT IS A WILL?

Some parents believe the handling of the will is going to be legally protective of their children. But they don't think about what the will is going to do to their children later on in life. Pending on the ages of the children, there could be arguments over the estate, bank accounts. They could argue the will. Avoiding family fights over money and belongings is one reason why we all need wills,

1. The Children:

When you stop and think about it the consequences of no will it can involve your relatives fighting at the funeral home or the wake on who will take the children. How do I avoid that? You will need to think of a will and guardian. If both parents die without a will or an established guardian, in most jurisdictions the court will step in and appoint a guardian.

2. Your home, bank accounts, personal belongings:

What do you think is going to happen to everything that you worked for when something happens to you? If you do not have a will, then everything will be held in trust by the state until they figure what to do with it. During this time you will have family member fighting over every item that you have worked long and hard for. By the time the state and lawyers are all finished there will be next to nothing left for the family left behind. Your assets will be liquidated and no trusts can be set up for your children. It's complicated and expensive.

Having a will lays out your wishes and keeps everything in a straight forward manner so the family does not have to guess on what to do with your belongings. This way there is no fighting within the family about how to divide everything. With a will you will name an executor to handle all of the affairs for you. Living wills are also very helpful as they clarify to the family of your wishes.

3. Get professional help:

As for do-it-yourself will kits, they seem like a cheap alternative but they're not very self-explanatory. Most people, including myself will look at the blank form and still not understand what the questions mean. There are questions on issues like, income tax, probate tax, family law and real estate law. Unless you are a lawyer or have legal back ground this can all be a different language to you and there is no "how to" explanations in the form. You don't want to mess up the lives of your family with trying to do this one on your own. This can mean the lives of your children at stake here.

Think about this:

A young couple with two young children ages 9 & 12. They just bought a new home fully furnished and each has a vehicle. The children are into sports and different outside activities. The parents have thought ahead a bit and started a college fund for the two children. Things are going very well as both parents have a good jobs and are making good money. Then one day the parents are involved in a traffic accident and are hospitalized for a while but they do not make it. Now, this is where it gets scary, there is no will. The first thing that gets moved from the house is the children. The state puts them in a foster home, not a good place for children of any age especially when they have just lost their parents. Then the state will take over the house and everything in it including the vehicles. The bank accounts are frozen including the college funds. Now with the state involved and their lawyers it can take years to finish it all. But they liquidate everything and of course they get their fair share first and by the time they are finished there is very little left, if anything. So, what happens to the children? Now they have nothing and no one.

Having a will drawn up will guarantee that ALL your wishes are granted when the time comes. As everyone knows that things change from year to year, like another child or divorce or the unfortunate a death of a child. You need to think about all of this and take charge of your future and your family's future. There have been so many families that have been left in despair because of a death of a parent and no will. It is hard enough on the ones that are left behind with losing a loved one but when they are left with bills and everything taken away from them it can be like they have lost the world and who can they count on now that they have no one and nothing to remind them of their loved one that they lost.

For more legal protection advice click here for more information.

Jessica Bates

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