Do I Need a Will?

What Is a Will?
The most basic estate planning tool, a will is the legal document that states the actions you wish to be taken after your death in regard to:

  • the disposition of your property;
  • the guardianship of your minor children; and/or
  • the administration of your estate

 

Do You Need a Will?

If you have a spouse, children and/or property, the answer is most definitely YES!The alternative is to allow the state in which you reside to determine:

  • how your property will be distributed among your heirs, including who those heirs are;
  • who will serve as the guardian of your minor children; and/or how your estate will be administered.

Who Can Make a Will?

State statute determines who can make a will.  Generally, you must be “of age,” as defined by state law, and of sound mind.  In addition, state law generally requires that your will be written, signed and witnessed by a required number of witnesses.While you can draw your own will, the preparation and execution of this important legal document is generally best left to an attorney.

Your estate plan, including wills, trusts and life insurance, should be periodically reviewed to ensure that it continues to meet your needs and objectives.
 

 

About The Author

Richard Eddy

Founder of Rates4Term.com and Cona Financial Group Richard Eddy has been assisting clients with their life insurance needs since 2005. He is an expert helping people find the right policy to fit their specific situation. In addition to insurance planning, he is also experienced in a wide range of financial planning topics including investment and portfolio analysis, tax planning, retirement planning and estate preservation strategies. You can call Richard toll-free at (877) 883-3561.