11/15/2019
“What happens if I don’t have a Will?”
There are many common misconceptions people have in answer to this question. Recently, people have thought if they don’t have a Will, everything they own goes to the State.
Not true!
If you don’t have a Will, the State has a statutory plan that says where your property goes: spouse, kids, parents, etc.
“So why have a Will if the State already says it goes to my family?”
There are cases in which the statutory plan doesn’t cover every little nuance in your family dynamic. For instance, if you have minor children or grandchildren, property passing to them would go directly to them in somewhat of an unrestricted manner. However, with proper planning, that property can be protected for them and saved for use when they are ready to have it.
Speaking of minor children, the State also has preferences in who would be a Guardian over your child should you pass away in their youth. Proper planning allows you to choose who that Guardian would be. No one wants their siblings fighting over who gets the kids (or worse, who gets stuck with them). Make that designation for them so your wishes can be made known.
The State has a preference who would be your Personal Representative as well. This person is the one in charge of making sure the people who are entitled to property get that property. Without designation in a Will, you may not like or agree with who the State prefers.
With Christmas just around the corner, give yourself, and your family, the gift of peace of mind by planning for your future.
