Dear Trust Officer:
Do I really need to have a will? Do have to see a lawyer to have a will? —AFRAID OF ATTORNEYS
Dear AFRAID:
No, you really don’t need a will. If you die without a valid will, you are “intestate.” Every state has “laws of intestacy” which govern property distribution when a deceased owner did not take the trouble to have a will drawn up. This default rule will always reach a conclusion. Whether that conclusion is satisfactory is a different question.
But let me tell you about a lawyer friend who was well versed in trust and estate planning. He knew better than most why a will is important, yet he and his wife never did their wills. They were always too busy. After his wife died of breast cancer, after he had to settle her estate working within the law of intestacy, he finally did have his own will drafted. He recognized that the equalization regime provided by state law was not at all appropriate for his new circumstances.
August is “National Make-A-Will Month.” For the two-thirds of Americans who do not yet have a will, it’s a reminder that this chore should be undertaken by every responsible person who owns property or investment assets. You don’t have to see a lawyer to make a will, there are forms available on the internet. But we strongly recommend seeing an estate planning professional, to be confident that there won’t be any oversights in the development and execution of your plan.
By the way, one of our more important services to affluent families is the settlement of estates. You may nominate us to be the executor of your estate when you have your will drafted. To learn more, please make an appointment to see us at your earliest convenience.
Do you have a question concerning wealth management or trusts? For any inquiries, please contact us.
© M.A. Co. All rights reserved.