By most estimates, less than 50% of Americans have a Will or some other testamentary device.
Some compelling things to consider,
- Without a Will (or some other testamentary device) the state you reside in will decide for you who gets what and who’s in charge of your estate. Whether you have a small estate or a large one, unless you have a valid Will, Trust or some other testamentary device, the state formula outlining distributions for “intestate estates” (those with no Will) will be used for distributing your property to your heirs. For those married at the time of death if there are other living heirs (such as parents, children or grandchildren) in many states the surviving spouse will receive only a portion of the decedent’s estate. In Connecticut, what a surviving spouse receives under “intestate succession” laws (the leaving no Will formula) depends on whether or not there are living parents, children, grandchildren or great grandchildren. Needless to say, this can cause lot of unpleasant surprises for a surviving spouse, other family members and a lot of unnecessary inter-family conflicts. The formula used in Connecticut can be viewed at Conn. Gen. Stat. Sec. 45a-437(b) – 45a 438 www.cga.ct.gov and will give you an idea of just how many different scenarios you might be dealing with after the death of a family member who left no Will.
“Not having a Will leaves a great deal to chance
- When there is no Will (or the Will cannot be located) surviving family members and friends are often left behind with different views of your wishes. Stating your wishes in a legally binding way with a Will (sometimes in combination with other testamentary devices) will help avoid the contests, fights and uncertainty that often arises when there is no Will. For those who have a Trust or other instruments making beneficiary designations, having a valid Will can also help in situations where property wasn’t properly titled and transferred to the Trust or beneficiary designations or updates weren’t made.
- Why should everyone have a Will? Making a Will is not just for those in later seasons of life. For those who are married, widowed, have young children, have accumulated some assets, or are in, or approaching retirement having a Will is one of the best ways to ensure those you leave behind won’t be left with a lot of uncertainty and turmoil about what the future holds. Are you willing to leave it to chance? Having a Will benefits everyone.
- What should be in a Will? Specifying who’s in charge of handling your estate by appointing someone you have confidence in and an alternate to act as the Executor is a good place to start; when there are minor children appointing a guardian is recommended to help avoid inter-family contests and disputes over who should be given this important role; if there are special needs for particular family members this should be considered (if unequal distributions or provisions are being made it’s good to say so and why); if there are business interests at stake making sure the Will is compatible with the company’s succession plan is critical to avoid potential conflicts with business partners; identifying any special gifts that you’d like to make; and lastly specifying how you would like your real estate, personal property or other property divided and distributed to your heirs, others or charitable causes are among the most often included provisions of a Will.
- What will your legacy be? Your legacy is more than just what you’ve acquired during your lifetime and the property you leave behind for others. Leaving family members and loved ones with the confidence of knowing your wishes and settling your affairs without a lot of unnecessary problems is one of the most important reasons for preparing a Will. Too often this important topic and preparing a Will is put off for another day. Why wait – when one of the best legacies you can leave is having a valid Will describing your wishes so family members aren’t left with the additional burdens of sorting things out after you’ve gone or learning when it’s too late they won’t be entitled to what they expected from your estate. It’s extremely important that your Will be validly created and can be located when needed. It’s best to consult with a qualified estate planning attorney to ensure your Will isn’t subjected to legal questions about its validity and includes everything that’s appropriate for your situation. For those who created Wills sometime ago, it’s good to review your Will every few years to make sure it still meets your needs.
This article was written by Attorney Tegan Blackburn, who concentrates her law practice on Estate Planning, Wills & Trusts, Probate, Succession Planning, Business & Corporate Law, Real Estate and Family Law. This article is not intended to be and should not be construed as legal advice and the reader should consult with an attorney concerning their particular situation.