Why do I need a will?

When you die, your property is going to be transferred to your heirs by some means.  That means is up to you.  Your heirs can have to file for in testate devise in probate court, you can directly transfer assets before you die,  and so forth.  Probate court costs money.  In addition to court costs, court appointed attorneys and  administrators to manage various aspects of the probate court estate cost money.  

No one wants to think about death, but if you do not do some financial planning now, your loved ones may suffer financially.

Your surviving spouse or a stranger may be appointed to administer your estate.    Your administrator will have to post an expensive bond to provide insurance in case they mishandle your estate.   Whoever administers your estate is entitled to be paid for their efforts.  Some of your assets could be paid to a stranger.  

The state may choose someone to be conservator for your child's assets besides who you might have chosen.  If you have not provided for the conservator, a bond will have to be purchased annually to provide insurance for the child's assets.  The conservator will have to account regularly in court as to how any money is spent.

At the age of majority your child will be given the remaining funds regardless of maturity.   If you are not survived by your spouse, the state decides who the best person or institution is to care for your child or children.   You can indicate a preference in your will although you cannot will your children.

If your surviving spouse remarries and predeceases their new spouse, then the assets may go to their spouse as opposed to your child.  Each state laws are different and you need an attorney comfortable with the laws of your state to assist you in your estate planning.

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