Loss is quite difficult on the deceased’s loved ones. In times of grief, the last thing you want is for those you leave behind to fight or be stuck in a long legal battle. A will can resolve a host of issues.
For example:
If one spouse dies, who will be the representative of the estate if the second spouse is to die?
If both spouses have died leaving minor children, who will be the guardian(s) of those children? Who will manage money for these minors until they are old enough to manage it themselves? Do you want your child to obtain total control over the estate assets when s/he turns 18, or do you want to ensure that money is available for his/her education rather than a convertible? A will can dictate the management and use of the money in your estate several years after your death.
Suppose you want to donate a fixed sum to a charity, or leave a specific amount to a particular person? Without a will, you have no control over whether and to whom those distributions are made. A word of caution, however: Charitable donations and “specific bequests” must be distributed first. If those payments use up your estate, then family members may be left with little or nothing. These provisions must be drafted carefully.
Who gets tangible items of sentimental value, like your Hummels, your stamp collection, or your Fender guitar autographed by Bruce Springsteen? You can set the terms in your will (or, more specifically, in a memorandum attached to your will – I call this the “tchotchke clause”); otherwise, your survivors may get into a tug of war that will cost everyone money and cause resentment.
It may feel morose, but creating a will is an act of love and kindness. The Rosenthal Law Firm specializes in wills and estate issues. If you need a hometown lawyer you can trust, call 781-784-9595 today.