What are the Top Reasons That You Need a Will?

| Aug 10, 2020 | Wills |

What are the top reasons that you need a will?

If you were to die without a will in place, it will be up to the state to create a will for you. Dying without a will or dying “intestate” means that the state will determine how your property is distributed upon death which includes bank accounts, real estate and any other assets you own.

You do not want the state to determine who your beneficiaries are. You as an individual are in control of your own destiny, and can determine your own beneficiaries. Let us explain with a perfect example of how creating a will is one of the most important things that you can do for yourself and your loved ones.

There was a woman that lived with a man for 30 years and during that time, she did not put her name on the deed. She took care of this gentleman, and the gentleman died. Unfortunately, he did not have a will. Was this woman entitled to the property? The answer is no, there was no common law marriage and she was not related to him. This man was an only child and died without any heirs. Technically, his house is now going to the Commonwealth of Pennsylvania because even under the intestate laws, they only go down to first cousins, not second cousins. Creating a will and naming your own beneficiaries is a very simple procedure that will not only protect your loved ones, but write out exactly how you would like your assets to be handled after you have passed.

Individuals and couples who want to create a will should speak with an experienced estate law attorney. This attorney will be able to review the case and recommend the best course of action on issues regarding the distribution of assets, appropriate language to use in the will and protecting their estates, such as through trusts.

Let our trusted team of legal and accounting professionals help you determine whether a will or trust is best for you and your family. Contact the experienced attorneys at Bononi & Company, P.C. for help with all of your estate planning needs.

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