WHY YOU SHOULD HAVE A WILL

Have you ever wondered "Why you should have a Will? To understand the importance of a will, you must understand what happens to your property if you die without a Will.   What follows is a summary and there are exceptions to the discussion.  For application of the laws to your specific situation and location you should always consult an attorney.

Ten Common Reasons for Having a Will:

 1. To give a treasured heirloom or gift to a particular person;

 2.  To devise one's own scheme of property distribution instead of the method dictated by the State's laws of intestate succession;

 3. To create a trust to manage assets and financially care for minor children or dependents:

 4. To ensure a present spouse, children from an earlier marriage, and step children share assets or the estate in a manner considered more fair or realistic;

 5.  To equalize at death the inequities that may have been caused by  more support or gifts going to one child during the life time of  the parent.

 6. To equalize at death the benefit one person may receive because they have joint ownership  of property compared to those who will only share benefits of the probate estate after death.

7. To give to charity;

 8. To advise the court as to who  should  care for minor children:

 9. To control who handles financial affairs after death:

 10.  To plan in such a way as to reduce tax consequences of after death transfers.