Everyone should have a will. Even people of modest means should at least have a simple will, for two reasons: There are two reasons to have a will. Wills typically contain specific information for wrapping up a persons affairs. To name an executor to wrap up their affairs, and To specify who gets what from their property, to avoid family squabbles. In the absence of a will, the state law of intestacy determines how the decedents property is to be distributed. In many situations, the law dictates exactly what the decedent would have wanted anyway if he or she had taken time to write a will. But many times the law does just the opposite. Too often, one mistakenly thinks that ones heirs know what they are supposed to do, know what theyre to get, or will act appropriately. Family squabbles regularly occur because siblings cannot agree on how to distribute moms candlesticks, ashtrays, or microwave oven. When big-ticket items are involved, things can get bitter and ugly. A will, therefore, should be used to either name a particular person to receive each item of property or to set out a procedure for making the distribution—e.g., alternating selections by the two children, beginning with a coin flip.
Posted on: Mon, 10 Nov 2014 14:52:42 +0000
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