Do I Need a Will?

Do I Need a Will?

Yes.  Let me count the ways:

1.  When you die, even though your children or spouse or sisters or brothers may be entitled to your assets under the laws of intestacy (when someone dies without a will), having a will lets you decide in advance who gets what.  When a family member or friend dies without a will, often expensive and protracted battles occur over something as major as who gets the house, to as small as who gets certain pieces of jewelry or who gets the dog or cat.  Wills can prevent such battles, the cost of which can eat up the value of the estate.

2.  If you die without a will that would name a person as “executor” (if male) or “executrix” (if female), someone has to ask the Surrogate’s Court to appoint someone as “administrator” of your estate in order to transfer your assets to your heirs.  That person had then has to post a “surety bond” in order to do this, which means that this person has to go to a surety company (a type of insurance) and purchase insurance to guarantee that the administrator will not run off with the assets of the estate.  The amount of the premium paid for this surety bond reduces the amount of your estate that can be transferred to your heirs.  In a will, however, you appoint someone you trust to be the executor or executrix, and can state that this person does not have to purchase a bond.

3.  Even if gave someone power of attorney over your financial affairs, that power ends on your death, after which only an executor (named and appointed in a will) or an administrator (appointed by the Surrogate’s Court) of your estate can manage the financial and other affairs of your estate.

4.  Disposition of your remains and funeral arrangements can be included in your will.

5.  Speaking of pets, if you want to make sure a pet is taken care of after your death, you can set aside a certain amount of money in a simple pet trust to be used for the care of 1 or more animals while the animal(s) is still alive, and with anything left over after animal dies to be given to a charity or person(s) you choose.

6.   Giving to charities after your death should be done in a will.

7.  Although regretful, disinheriting someone is sometimes necessary to make sure that some family member (other than your spouse) does not getting any or a limited part of your assets.  Or, in some cases, if you give money or something else of value to a family member while you are alive, instead of that person having to wait until you die, you may want to make sure that he or she does not also inherit an equal share of your estate that you did not intend.