This video breaks down what a Will is, why you may need one, and how vital it is for your estate plan.
A Will is a legal document that establishes your desires and the distribution of your assets when you pass. The other main thing a Will can do for you is it can establish who will care for your minor children upon your death.
When you die without a Will, the state takes your place in making these decisions.
Truth is, not everyone needs a Will. If you are young and single with no children and no real assets, it’s not necessary to have a Will.
However, if you are married, have children, and have any assets such as vehicles or property, you need a Will in place.
The biggest misconception we run into in the business of creating and designing Wills is the fact that people think Wills, or estate plans in general, are only for the rich.
A Will is a vital part of any estate plan and it is critical, especially for the average person, to have one in place.
In summary, a Will does these important things:
- Clearly defines who gets what and how much.
- Safeguards your assets from people you do not want to have them.
- Clearly identifies who you want to care for your children.
- Appoints an executor to carry out these wishes.
You should have a say over what happens with your stuff once you are gone and who looks after your children; not the court and not the state.