There are some people that believe that they do not need a Last Will and Testament.  They might feel this way because they do not have substantial assets at this point in their lives, or maybe they mistakenly believe that all their property will automatically transfer to their spouse who will handle the administration of their estate by default.  Here are a few reason why it is important to meet with an estate planning attorney.

A Will allows you to decide who will raise your minor children, and who will handle the funds for the benefit of your children.  Without a Will, the court will decide by choosing one of your family members, or there could be a state-appointed Guardian.  We can all agree that choosing a Guardian to care for your children is a very personal decision, and not one you will want to leave for the court system.

Without a Last Will and Testament, the court will decide how to divide your property without your input.  When you die without a Will, it is called dying “intestate”, and will create unnecessary delays in the administration of your estate.  There are intestate succession laws that dictate who the heirs of your estate will be, and it is not likely what you would expect.  As an example, you might assume that your spouse will be the sole heir to your entire estate, with or without a Will, but this is not necessarily the case.  The amount and share of your estate that your spouse is entitled to depends upon such factors as the number of children that you have, how long you have been married, and the value of your estate.  Having a Will in place ensures that your money, personal property, and real estate will be given to the parties of your choosing.

A Last Will and Testament allows you to appoint the person who will wind up your affairs, such as paying off bills, notifying banks, and distributing personal property.  This individual is called the Executor.  If you die intestate, any family member may apply to the court to be the administrator of your estate, instead of you appointing someone that you believe to be honest, trustworthy, and organized.

Aside from discussing your Will, meeting with an Estate Planning Attorney can also help you decide if there are other estate planning vehicles that may be beneficial to you, such as a Revocable Living Trust, General Durable Power of Attorney, Healthcare Power of Attorney, or a Living Will.

Potential family disputes, delays in the administration of your estate, and additional costs can be avoided by having a Last Will and Testament.  This is true whether you are single, have adult children, have no children, or you are a young couple early in your careers and just starting a family.  Estate planning will provide you peace of mind knowing that you eased the burden on your family by preparing for the future before it is too late to plan.