Should I Have A Will?
There are many reasons you should have a will. In a will you can name a person (a Personal Representitive), to handle your estate; you can nominate a Guardian for your minor children. A Personal Rrepresentitive is someone you appoint in your will to administer your estate upon your death. A Guardian is someone you appoint in your will to take care of the safety and well-being of your children upon your death. The Personal Representitive and/or Guardian may be a family member or friend.
When you have a will you can make sure your family heirlooms, for example, articles of jewelry, go to the person you want them to go to as stated specifically in your will. A will announces one's intention to pass property on and to minimize the disagreements among family members in reference to the distribution of property.
In a will you can make provisions for a gift to a church, school or other charity. You can leave items, whether they have value or are just sentimental objects, to a friend or relative as a remembrance.
Even if you intend to leave property equally, you can specify how the property is divided. For example, you may wish to leave your home to one child and leave another child all of your jewelry.
A trust can also be established within a will to fund future expenses for your children until they reach a certain age in order to provide for their education, maintenance, and support.
When a will is accepted by the court as valid (this is call "proved"), property is distributed by the personal representitive to the persons named in the will. With a will you have almost full control of the distribution of your property. Without a will there could be contentious and expensive legal battles over appointing someone to handle your estate, choosing a Guardian, and dividing assets.
You can change your will anytime. If there is a major change in your circumstances such as a divorce, marriage, birth of a new child, death of a Personal Representitive or heir, it is best to review your will and make appropriate changes. A will is a great investment into your future.