WHY SHOULD HAVE A WHY yot SHOULD HAVE A LAST WILL & TESTAMENT

While many people do not have a will, and intestate succession laws have been developed in most states to address situations when people do not have a will upon death, it is advisable for most people to have a will—especially if you have young children and even if you don’t have significant assets. Along with a will, it may be advisable to have a trust as well, either separately or as part of the will, to manage property for beneficiaries after a person’s death. There are plenty of examples of people dying without a will (like the musician Prince), which provide lessons as to why we should take care of these things during our lifetime—so that others don’t have to struggle with it after we are gone.

A primary example of when someone should have a will is if the person has young children. Even if parents don’t have significant assets, the guardianship provisions for your children are something that can be set out in a will and should be taken very seriously by parents. Typically, if the husband were to die without a will, his wife would receive his assets. But what happens if both mom and dad die in a car accident or if there are stepchildren involved? These scenarios are why it is imperative to have a will, so a husband and wife can have the serious discussion of who will raise their children if they are gone. The decision can be memorialized in a will, and the same will can set up a trust for managing the assets that mom and dad leave to their children. This is an advisable method because if your children are young, a trust can prevent the child from receiving a full inheritance earlier than the child is ready for it. It also allows the parents to pick a trustee to make prudent decisions for the children with regard to the assets left for them. It is possible to designate life insurance proceeds to a trust set up in your will for the benefit of your minor children.

In the case of parents who are not together (and therefore the risk of both of them dying simultaneously is reduced), it is still advisable to have a will with guardianship provisions, and to establish a trust for the benefit of minor children. Take the example of divorced parents where the mother dies and all of her assets go to her minor children. The ex-husband, as the remaining parent of the children, will effectively have control of the minor children’s assets under state law if they were not left in a trust to regulate them. Even if parents don’t agree who should be the guardian, it is advisable for both parents to list who they desire for the guardian(s) of their children to be. It is best for the parents to make that decision during their lifetimes to avoid the burden on, and potential disputes among family, after their death.

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