Why wills are important.

Writing a will is something that many of us choose to avoid. Often this is because even sitting down and thinking about how to dispose of our property after we have passed forces us to recognize that we are mortal. Few people savor the idea of that, and as a result, many people do not have a will or one that has been updated in a meaningful way.

A will is important because it is the document that tells your family, your survivors, and the government what you want done with your property. It can also make provisions for children or for other special issues you would like to speak about. Without a will, no one knows exactly what your intentions were, and often cannot discover what they were.

The simple will is the most common will used. A simple will usually tells what property you have and how you would like it divided. It could also contain provisions to tell who should execute your will or be the "executor or executrix". It also allows you to make provisions for special things such as who should care for a minor child in the event you die before they reach the age of 18.

A simple will is not expensive to prepare and can often be prepared in less than an hour of an attorney's time. Usually it takes two visits to the office, one to tell the attorney what you desire, and a second to sign and notarize the appropriate documents.

Sometimes, if you have a large amount of money or property or if you have special provisions put in the will, a simple will is inadequate. For instance, parents who have a child with special needs, who requires lifetime care, can provide trust provisions in their will which would provide for the lifetime care of that child or create a fund to be managed for the benefit of that child in the future. One doesn't have to be rich to create such a trust fund, and even the value of a family home is enough to make this option worthwhile.

In addition, there are serious federal tax consequences if you have a large estate. An attorney would then work with you and/or your spouse to develop a program that takes care of your heirs, while minimizing the tax burdens applicable. That is to say, you and your attorney develop a strategy that allows you to live comfortably while minimizing the amount of money the government will take when you pass.

Aside from planning for the will, many people are now beginning to now do something called estate planning. Estate planning involves many different aspects of the law, and includes a solid will. However, it also includes other things like various tax strategies, life insurance policies, and investment trust strategies to minimize tax and other consequences to your wealth.

Persons with substantial estates should consider these options. For instance, nursing home care or other assisted living care can also eat up or exhaust even a substantial estate. However, by planning early, people are often successful in preserving at least a portion or more of their estate for their children and grandchildren. Further, the surviving spouse may be left with little or no assets, if prolonged illness or care exhausts the estate prior to the death of their spouse. Proper estate planning is designed to prevent these things from happening.

One question often asked is how often should one update a will. One should update a will whenever anything that went into creating it changes. That is to say, if you decide you'd rather have your children cared for by someone else, you should indicate that in a new will. If you wish to change who is to receive what in your will, you should write a new will. If nothing important has changed, you might want to look at your will every several years just to make sure that it still provides in a meaningful way for you. Further, if you have a complex will or an estate plan, regularly consulting with your attorney is important, as changing laws and tax consequences make reevaluating estate plans essential.

While wills are often difficult topics to deal with, they are important. It is your chance to let everyone know how you want your affairs settled. It's quick, easy and inexpensive, and well worth the time invested.

Contact Rominger, Bayley & Whare