Why Should You Have a Will?

Why should you have a will? Here are a few reasons:

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    • The primary purpose of a will is to guarantee that your assets are distributed according to your wishes. Even if you don’t have money now, you may die in a car accident that leaves your estate with millions of dollars. This money will be divided up by the state if you don’t have a will.
    • You can choose people to fill the positions of executor of your estate and guardian of your minor children.
    • If you don’t have a will, the court will appoint an administrator who must post a bond, the expense of which comes out of your estate.

While you’re discussing your will with your attorney, it’s smart to also discuss a power of attorney, a living will, a separate document for burial instructions, and possibly a living trust.

“Despite advances in medical technology, the mortality rate for humans remains stubbornly fixed at 100 percent. So why is it that millions of Americans still die without a valid will?”

Ken Kurson, Should You Have a Will?, Bankrate.com, Oct. 4, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.