Wills & Estates

A will avoids costs and complications for your heirs when you die. Besides providing instructions about gifts of your property such as your home, car, investments and jewelry-your will can provide instructions for payment of your debts, selection of an executor for your estate, and appointment of a guardian for your children. Without a will, your property will be distributed according to state law and a court may select an administrator for your estate and a guardian for your minor children. Your lawyer can help you prepare a valid will that minimizes taxes and reduces the time and expense of handling your estate.

DISADVANTAGES OF DYING WITHOUT A WILL
If you don't make a will, you will have given up your right to decide who inherits your property. Your property will be distributed according to state law, which might be quite different from what you would have wished. For example, if you are married with minor children, in some states your property will be divided between your spouse and children, even though you might prefer to set aside some property for the care of your parents. In most states, your property will be transferred to the state if you die without a will and are not survived by relatives, even though you would have preferred to leave it to a friend or charitable organization. And without a will, you can't disinherit heirs.
If you leave no will, you will lose the opportunity to select a guardian for any minor children and an executor for your estate. Court?appointed administrators and guardians may not be the family member or friend that you would have chosen to handle your affairs. Dying without a will can be costly and may complicate the transfer of your property to your heirs. For example, the estate may have to pay bond premiums if there is no will stating that you don't require executors and guardians to post a bond. In addition, estate administration proceedings without a will may delay transfer of your property to your heirs.

CHANGING YOUR WILL
You may need to change your will if you move to a new state, marry, divorce, have a child, acquire substantial property, or suffer the loss of a loved one. Tax law changes may also require a will update. Read your will at least once a year to consider changes. You can make the changes by writing a new will or by preparing an amendment to your existing will called a codicil. A new will is best if there are many changes. A codicil may be appropriate for a small change, but it must be made with the same formalities as a new will crossing?out or writing inserts onto your will might invalidate it.

APPOINTING AN EXECUTOR
You should appoint an executor in your will. An executor locates heirs, lists property, pays debts, and distributes property to your heirs. A relative or friend can serve as your executor, but you should consider using a professional executor (such as a bank or trust company) if you have a large or complicated estate. An executor should be someone who is familiar with managing property, financial matters, and record keeping. Before naming an executor, confirm that the person is willing to serve. Your lawyer can help you select the best executor. As noted above, your will can state that the executor is not required to furnish a bond, thus saving your estate this expense.

APPOINTING A GUARDIAN
If you have children under 18, you should appoint a guardian in your will. Otherwise, if you and your spouse die at the same time without such an appointment, a court will select a guardian to care for your children and manage their inheritance until they become adults. Your will can create a trust to control the property transferred to your children. A trust is useful if you are concerned that the children may lack the maturity to handle their inheritance after age 18. Your lawyer can help you to select a guardian and create a trust in your will that protects your children and your wishes.

KEEPING YOUR WILL IN A SAFE PLACE
Your will should be kept in a safe place so that it can be promptly located when you die. You may wish to have your lawyer keep the original to protect it from damage or loss. Although you are not required to give your executor a copy of the will, you should tell both your executor and a trusted family member where your will is stored.