subject: It Is Important to Have a Legal Will [print this page] It Is Important to Have a Legal Will It Is Important to Have a Legal Will
When someone passes away, the court will first determine whether or not that individual had a will. According to Ron Nevin, an attorney in Nashville, Tennessee, technically speaking, everybody does have a will. If a person doesn't have a will that he or she prepared with the help of an attorney, he or she has a will that was written by the state. That will is called "the law of descent and distribution."
If you're like two out of three Americans, then you don't have a legal will in place. While we all have our own excuses ("I'm too young," "I can't afford legal fees," "My family already knows my wishes"), few of us dispute the fact that having a will is important.
Benefits to Having a Legal Will
A will normally includes the designation of a personal representative (an executor), the appointment of guardian(s) for minor or mentally incompetent children, and instructions for distributing a decedent's property and assets to his heirs. If a will is present, barring any unusual circumstances, the will is "proved" and the instructions within it carried out.
There are certainly many benefits to having a legal will in place. First, a will allows you to choose the specific assets and amounts that will be distributed to each of your heirs. Second, a will allows you to select someone you trust to administer the affairs of your estate. If you do not have a will, a representative will be appointed by the state. Third, a will allows you to set aside funds to help with your children's support and education. Lastly and perhaps most importantly, a will allows you to select someone to be the guardian of your children in the event of your death.
Cases without a Legal Will
In the event that no will is present, however, the state determines how to distribute an individual's assets regardless of that individual's wishes. In Tennessee, if you are married but do not have children, your estate will pass entirely to your surviving spouse. If you do have children, they receive a portion of your estate. If you are not married and don't have any children, your estate will pass to one or both of your parents if they're still alive. If your parents are not alive, your estate will pass to your siblings, then to their children, and so on.
Usually, rights of inheritance are given only to blood relatives, adopted children or adoptive parents. Ultimately, if no living relative can be found, your estate will pass to the state. There are some exceptions to this rule, however. One notable exception is property you own jointly with someone else. If you own property jointly, that property will pass according to existing contracts, likely to the surviving co-owner. The same situation will apply to a joint bank account or joint title on a vehicle. Likewise, if you have a life insurance policy and have designated a beneficiary, the life insurance payment will be made according to the instructions you've already set forth.
Given those exceptions, not having a will won't be a problem for everyone. For example, if everything you own is owned jointly with your spouse, assuming that you want your estate to pass entirely to your surviving spouse, the law of descent and distribution will ultimately serve your intentions.
While having a will may not be as important to everyone, parents with minor children should consider it a must. In order to ensure that your will is legally binding and to eliminate the potential for challenges, it's essential to have a practicing attorney prepare and supervise the signing of your will.
This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.
