Everyone knows what a will is, but not everyone has one. A will is something that may make us uncomfortable to contemplate, but it shouldn’t.
If you have a will, and maybe with it, a trust, your property will go to whomever you choose, or to causes you believe in. A will lets you express your desires about a guardian for your children. A will lets you minimize that taxes payable on your estate, should you have that much money and property.
Without a will your property will go to your heirs. That may sound ok, but it doesn’t let you give your property where it might be needed the most.
Without a will someone else will decide about who the guardian of your children should be.
Without a will taxes on your estate will be greater than if you planned for maximum savings.
Without a will there will most likely be probate of your estate, leading to more expenses. With a will and a trust there could be very little property subject to probate, and a simplified, less expensive, procedure could be available.
It’s not expensive to have a proper estate plan prepared by an attorney. A simple will could be as little as $500, and adding a trust could be about $600 or $700 more. Wills and trusts prepared for a couple, with reciprocal provisions, might add $200 or $300 more. All told, your estate planning could be under $2,000.
It is important to have professional help with your estate plan!