The Importance of a Will - Why Everyone Needs One

Writing a will can be a daunting, sometimes painful task. No one enjoys pondering what may happen after you pass away, much less repeatedly acknowledging it through endless paperwork and legal jargon. You may also believe you’re too young to think about your estate, your assets are so negligible there’s no point in writing a will, or your other life circumstances (such as being unmarried or childless) diminish a will’s necessity.

Yet, a will ensures that you control how your assets are distributed after you pass away, protecting you and your loved ones from state laws that may distribute them contrary to your intentions— a protection that is well worth the burdens.

What if I Don’t Have A Will?

Without a will, your estate would be distributed under intestate succession laws, which assumes that you want your estate to go to your closest family members. If you are married with children, your property would likely be split between your surviving spouse and children. If you’re unmarried and childless, your collateral relatives—siblings, parents, cousins, etc.—would receive your assets according to your state’s intestate statute.

So, if the state has a plan for your property, why bother with a will then? Well, this “close-family assumption” comes with serious drawbacks:

• Individual financial situations are overlooked. How the state divides your property may not reflect your family’s economic realities. For example, a well-off child would receive the same share as one with a more modest income. Incapacitated family members, or those who simply need more financial support, are not allocated more than the proportional amount the state gives them.

• Government benefits could be put at risk. The state distributes inheritance outright. This immediate increase in an incapacitated or struggling family member’s assets can jeopardize their access to government benefits or subsidies, or the entire inheritance may be clawed back by the administering agency. Relying on the state in these instances can be disastrous.

• Unrelated loved ones are excluded. Non-family members you may want to provide for cannot receive your property or be granted other estate powers if you die intestate. This greatly affects unmarried partners (including domestic partners in most states), non-traditional families, collateral relatives, and close friends. For example, if you’re an older widow who found a long-term companion later in life but never married them, you will need a will to leave them any part of your estate.

• Philanthropic intentions are excluded. Without a will, your estate cannot support your favorite charity, your alma mater, or house of worship.

• Unexpected beneficiaries are considered. Estranged family members you have never met, or would have otherwise disinherited, may be beneficiaries under your state’s intestate statute, running directly contrary to your testamentary intent.

Why Write a Will?

The state model’s inflexibility does not account for inevitable familial complexities. This is especially true for non-traditional families and unmarried partners. It also does not account for the size of your estate, potentially leaving larger estates vulnerable to avoidable tax consequences. A will, conversely, allows you—not the state—to designate when and how much of your property is distributed, and most importantly, to whom.

In this sense, a will is extremely customizable, so you can draft one that is suited for your specific circumstances. For example, you could ensure that your close long-term companion will receive all your shared property, or that your child will have immediate access to a trust to finish paying for their college tuition. You can distribute a significant part of your estate to your long-distance third cousin once removed that you have a fantastic relationship with, while giving a nominal amount to the sibling you had a severe falling-out with. Or you could donate all your artwork to your favorite museum or make a sizable donation to your favorite charity.

Conclusion

To conclude, everyone should have a well-drafted will, regardless of life circumstances or the size of their estate. While writing one can be challenging both practically and emotionally, it best protects you and your loved ones from the reasonable possibility that the state will improperly execute your property rights after you are gone.

We are here to help you navigate this process and ensure your estate plan best realizes your testamentary wishes. Please call our office to schedule an appointment today.