Why Do You Need a Will?
Death is inevitable. Your death will be an emotional and chaotic time for your loved ones. In order to avoid conflict and confusion regarding the disposition of your money and property you leave (who receives what), have a will. A last will and testament (hereafter referred to as a “will”) is a legally binding document. It specifies who will receive your money and property. If you do not write a will, State law of intestacy will set forth who receives your money and property, and State law may conflict with your wishes.
A will puts your wishes in writing and tells your family, the courts, and the world how your property is to be disposed of when you die. A will benefits your loved ones and often prevents lawsuits and disputes among family members about who should receive what. You have made those decisions already. Thus, in the difficult time for your loved ones following your death, they will face legal obstacles. A will enables you to dictate how your estate is to be divided, who is to inherit and not inherit your estate, and who is to care for and raise your children if they are minors, or under the age of eighteen. There may be a family member that, for personal and private reasons, you choose to disinherit, or do not want to receive any money or property, when you die. In addition, you can change your mind and alter the terms of your will.
Moreover, a will may provide tax benefits. If you choose, you can give part of your money or property to charities as donations. You select the charities. Donating to the charity of your choice furthers the interests, values, and morals you hold, and your donations typically are exempt from estate taxes.
Ultimately, whether you want to have a will is your choice. However, I strongly encourage you to have one. Also, do not try to draft and finalize your will by yourself. It is better to have a lawyer assist you in drawing up your will. If you do not follow the technical legal requirements for executing a will or are not particularly careful about the wording in the will, you may invite a challenge in court. Those challenges are costly and often tear families apart. For more information, contact Nashville Attorney Perry A. Craft.
