What Circumstances Dictate The Need For A Will?

A person`s age, marital status, and financial holdings weigh heavily into the decision to draft a Will. In general, every adult should think about making a Will, and the need grows as your assets and family ties increase. Wills are especially crucial for parents with children who are minors (under 18 in most states), since you can name a guardian in a Will and make arrangements for financial support of children even past the age of 18. Couples also have each other to think about. If your spouse dies without a Will, state law might force you to split the assets of the estate (the deceased`s property) with your children, leaving you without enough assets to support yourself. Also, any property going to a minor child in such a situation would be subject to an expensive courtappointed guardianship, which could eat up any inheritance. In addition, in some states, if you were married and childless, your parents could split your property with your spouse.

Other Wills FAQs

Q: What Is A Will?
A: A Will is a written instrument containing directions for how the property of the person making the Will (called the testator) shall be divided on his or her death. … More
Q: If I Set Up A Living Trust, Do I Still Need A Will?
A: Yes. Your Will serves as a back up for assets that you either don`t or are not able to transfer to your Living Trust. Any asset not transferred to the Trust will not … More
Q: If I Set Up A Living Trust, Do I Still Need A Will?
A: Yes. Your Will serves as a back up for assets that you either don`t or are not able to transfer to your Living Trust. Any asset not transferred to the Trust will not … More
Q: What Are Some Of The Disadvantages Of Using Preprinted Will Forms?
A: Preprinted will forms usually do not fulfill the needs of the person writing the will. Also, if part of the form is preprinted, part of it is typed and another part of … More
Q: What Are Some Guidelines In Writing Up A Will?
A: The following are some guidelines in writing up a will. The first one is to try to avoid using preprinted forms. The second one is to use the same typewriter and … More
Q: Who Can Prepare A Will?
A: Anyone of sound mind and body can prepare a Will. This generally means someone who is an adultover the age of eighteen or the age of majority of the state where … More
Q: What Happens If A Person Dies Without A Will?
A: If a person dies without a Will, he/she will be considered to have died intestate. In this case, property will be distributed by the states laws. Often, the surviving … More
Q: What Happens If A Person Dies With A Will?
A: In general, after the testator (the person with the Will) dies, the person named in the Will to carry out its terms (an executor or personal representative) files the … More
Q: What Is An Executor?
A: An executor is the person who makes a list of all the assets and debts of the estate and seeks to carry down the directives of the Will.
Q: Do Executors Get Paid?
A: Usually executors are paid according to state laws that provide for commissions depending on the size of the estate. However, they may be paid an amount based on the … More