A will is essential for estate planning. It is a document that states your wishes and protects your interests after you can no longer do so. Sometimes, people assume that a will is only necessary for seniors or individuals facing a life-threatening illness. But life is uncertain, and it is best to be prepared if the inevitable comes earlier than expected.
An end-of-life plan can benefit your family, especially if you have young children. It is a way to continue protecting and supporting your loved ones and to avoid a lengthy court process in times of grief.
The consequences of not leaving a will
When a person dies without a will (intestate), the state’s laws determine the destiny of their property and assets. The family members established as heirs by the law may not match the deceased’s wishes, leaving important loved ones out. This can cause conflicts among the surviving family members and become a legal conflict.
The law establishes who will receive the deceased’s estate depending on the family’s structure. For example, imagine a family made up of a married couple and two children who unfortunately experience the sudden death of one of the parents. They did not anticipate the situation, so the deceased parent forgot to make a will.
In Massachusetts, the law dictates that if neither of the parents had any other offspring, the deceased’s estate will be passed on to the surviving spouse. This arrangement would work well for some families, but others may like to leave a part of their estate directly to their children or include other family members, such as siblings or nephews, in their will.
The benefits of a well-written will
A will can become the starting point of a more complex estate plan. Depending on your needs, you can personalize and complement it to protect your family. A will can dictate the division of your property and some of your assets, but it can also cover other needs, including:
- Designate a guardian for your young or disabled children
- Create trusts for specific family members or situations
- Select a representative (executor) to manage your will
If you are over 18 years old and you are concerned about what will happen to your household if you pass away earlier than expected, you can start planning your will. A well-written estate plan can protect your family when challenging times come and establish a fair division of your property to avoid legal conflicts.