It’s never too early and never too late to draft a Last Will and Testament, if you don’t have one… get one! When it comes to Wills, you can make it as complicated or as simple as you needs require. It can be as simple as bequeathing all your worldly belongings or as complicated as adding provisions, requirements, etc. If you’ve been putting off having one written because you’ve been afraid of its complexity, don’t be!
Your Last Will and Testament carry the force of law and will rarely be overturned by a judge unless:
- It violates the law.
- Was written under duress or incompetence.
This is probably one of the biggest reasons why you want to have a Will. If you do not name an Executor of your estate, then the laws of the state will govern and the court will appoint an administrator. Having an Executor can simplify many problems (though it can introduce new ones) but is far superior than a third party administrator divvying up your belongings.
This part names the heirs, what they are to receive, and clears up all confusion. If there are no named heirs and no direction as to how things are to be disbursed, then it goes to state law which may or may not match what you believe. Sometimes the living spouse doesn’t get everything if there are children, sometimes the children get nothing if there is a spouse, the law of the state prevails.
Having a will clears up confusion, has the potential to prevent a significant amount of in-fighting, and generally makes life a lot easier for your family. While it forces you to face your own mortality, it’s certainly better than leaving your family in disarray after you are gone.