Why Do I need a Will?

Many of our clients pose that question to us. And our simple answer is: If you own property, you need a will.

In this case, property isn’t limited to an entity that is passed by a title or a deed (like a car or a piece of real estate). If you want that priceless vase to go to your favorite cousin, you need a will. To make sure you get the final say on who gets what, you need a will.

A will also gives you the opportunity to make your wishes known about who you’d like to be the guardian of your children upon your death. A difficult decision? You bet. A decision you’d like to make on behalf of your child? Well, you know the answer to that question.

There are some who feel comfortable drawing up their own wills. They feel that as long as it’s in their own handwriting, they don’t need a formal, notarized will. Occasionally, this is true. But state laws and conditions that apply to wills can differ. That leads to so many questions. For instance, how many witnesses will you need? Does a will need to be notarized? How will you know if something is missing from the document? How can you change the will after it’s been finalized? Does the will have to be filed before you die, in order for it to be official? So the real question is: Why take a chance that your will won’t be valid upon your death?

There are so many things to consider when putting together your will. Who will you appoint as your executor or executrix? What if you are a part of a joint tenancy with right of survivorship arrangement? What if you might be leaving behind a girlfriend, boyfriend or fiancé who is not recognized as an heir by the state? And what about a domestic partner? What about a living will and advanced directives? What about a Power of Attorney?

There are so many things to consider when putting together your will. Who will you appoint as your executor or executrix? What if you are a part of a joint tenancy with right of survivorship arrangement? What if you might be leaving behind a girlfriend, boyfriend or fiancé who is not recognized as an heir by the state? And what about a domestic partner? What about a living will and advanced directives? What about a Power of Attorney?

And then there are trusts. A trust is created when property or money must be distributed by a third party, from the grantor to the beneficiary. Trusts can be set up by attorneys for minors, for those with special needs and for asset protection.

So much to think about.

But here is a comforting thought. Not only are Steve Slotnick and Len Schwartz thorough and precise when it comes to the nuts and bolts of wills, trusts and estate planning, they are also compassionate when sensitive subjects need to be discussed.