It is estimated that every day in the world there are over 320,000 births, and 250,000 deaths. One of the inescapable truths about life is that eventually we will all die. Another inescapable truth is that during our lives we accumulate and collect things that we own that have to be dealt with after we die. Having a Last Will and Testament provides a number of advantages for individuals who own property that needs to be distributed upon their death. The purpose of this blog is to discuss 3 advantages of having a Last Will and Testament.
- AVOIDS INTESTACY
My clients are often shocked to learn that even if they don’t have a formal written Last Will and Testament, they do actually have a will. The will they have is created for them by default under the laws of intestacy. The problem with the laws of intestacy, and the default will that it creates for individuals, is that it usually does not transfer property the way the person really would have wanted to have had it transferred when they die.
By having a formal Last Will and Testament written, you can avoid the laws of intestacy and fully control the distribution of your estate upon your death. Without a last will and testament, the statute will control this distribution.
- IS EASY TO CREATE AND TO MAINTAIN
The good news is that creating a Last Will and Testament is very simple. Our firm provides a simple Estate Planning Questionnaire that you can fill out that allows us to create an estate plan customized for you, which includes a Last Will and Testament. Once a Last Will and Testament is created it is easy to maintain it by simply reviewing it from time to time to make sure that it still accomplishes what you want. If changes need to be made these can be done quickly and easily.
- PROVIDES PROTECTION FOR MINOR CHILDREN
The most important advantage of having a written Last Will and Testament is that it provides the ability for you to protect your minor children and to provide for them in the event you die when they are still young. You have the ability in your Last Will and Testament to select Guardians who will then take your children and care for them until they become adults. You also have the ability to set up trusts to take care of your children financially and provide for them in a way that will protect the money and yet give the ability for a person you trust to provide for their maintenance and welfare.
If you have questions about completing your Last Will and Testament as part of your estate planning, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at email@example.com. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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