Most adults should have a will or at least consult with an estate planning attorney to see if one would be beneficial.
Simply put, a will is a legally binding document that outlines how you would like your property and assets distributed after you pass away. If you maintain an up-to-date will, you can ensure that your wishes will be followed and your loved ones will be taken care of. If you do not have a will, the State law will decide who gets your property and assets. This can create a complicated outcome for someone without a spouse, children, or close relatives.
The most recommended times to consult with an estate planning attorney about a will are if you get married, have children, are getting a divorce, or there are other family issues that need to be addressed. As your family changes and circumstances change, so should your will.
However, if you are an adult with wealth, you should highly consider getting a will. A will puts you in charge of the future of your assets. If you do not have a will and the State handles the distribution of your property and assets, there is the risk that your assets will be distributed to relatives whom you may not even have a relationship with, or they will just go to the State itself. Beyond a will, there are even estate planning opportunities to leave your assets to your favorite charity.
It is worth noting that a will is different from estate planning. Estate planning is a broader subject that includes wills, as well as trusts and power of attorney, among other things. If you would like to determine the best way to distribute your assets at their maximum potential, you will definitely want to consult with an estate planning attorney.
If you are seeking guidance on estate planning and wills, please contact us at email@example.com or 410-296-6777. We would be happy to answer your questions or concerns.