No Will? No Say!
A will is an important legal document which can help to ensure the division of your assets in accordance with your wishes. It is important in relationships not bound legally, such a domestic partners. Dying without a will may create a lot of complex issues - for example, assets may be awarded to your aged parent, preventing them from qualifying for Medicare. They may cause conflict and strife within the family, as the courts will follow the bloodline. Some states will only award a portion to the spouse without a will, so it is important to know the estate laws where you live. A will can not only help you outline who you want to leave money to, but enables you to spell out essential items such as to whom you wish to be guardian over your minor children or it may enable you to expressly state why you are not giving assets to someone, such as if they have a gambling or substance abuse problem and refuse to get help. Perhaps you have charitable intent and want to support a charity when you pass, you need to spell that out. Without a will, you have no say. Don’t put it off, it’s an essential part of your financial planning. Contact an attorney for assistance.
This information is provided for educational purposes and not as specific advice for any individual.
Seek professional advice before taking any action in regard to your finances.