Wills: Not Just for the Rich

When we think of wills and inheritances, we generally couple those thoughts with images of mansions and fancy dinner parties. Statistics prove this—about 70% of Americans don’t have a will. Most assume that after death, everything goes to their spouse or closest family member. In some cases that’s true. In others, laws determine a division of property between, for example, spouse and children. Either way, your will gives you the opportunity to distribute your assets in a way you find appropriate, according to your wishes and the needs of those you leave behind.

Wills are especially important if your children are minors, as the terms can be used to determine guardians while you wait for them to come of age. If you don’t appoint a guardian, court costs can apply to this, in addition to the obviously imperfect situation of a guardian who is not your choice. Your will is also the only official way you can effectively parent a child after your death. Appointing a guardian and applying stipulations to the inheritance will allow you to guide education and lifestyle.

Without a will, your family may feud over the separation of your assets. Your will has the potential to limit these fights. Even verbal agreements may be forgotten in favor of hurt feelings and greed. Additionally, wills allow you to leave money or assets to a wider variety of people—and even charities.

Even if you’re in perfect health, preparing a will can give you and your family peace of mind. To learn what you can protect with a will, contact the Everette Estate Attorneys at Duce Bastian Peterson today for a consultation.