When music legend Prince passed away, the news reported a number of times about the legendary icon’s estate and who would inherit the millions of dollars in assets. To make matters worse, Prince died intestate, meaning he did not have a will (at least one that anyone knew about). When someone dies intestate, the Probate court essentially makes the decisions regarding who gets what, and those individuals are almost always direct family members, whether they were a part of the decedent’s life or not.
Why a Will is Important
A will is an important legal document, not just for someone who has millions of dollars in assets, but for anyone, regardless of the value of the estate you’ll leave behind. A will directs who inherits your assets and it also establishes who will care for any minor children you have. Also, if you establish a trust fund for those children, you will indicate who you wish to serve as trustee of that fund.
A Will is Necessary at Any Age
As we mentioned in the above paragraph, a will can name guardians you wish to care for your minor children in the event of your death. It’s important to have a will drawn up as early in life as you can, and an estate attorney can word the document to name guardians of any future born children, to cover yourself in the event you start a family before you have time to update your will.
Having a will drawn up is not a time-consuming process and, unless you have a very complex estate, is not very expensive. The time and cost that you do wind up spending are worth it, knowing that when you pass away, your wishes are granted because you had a will. Make an appointment with our office to learn more about wills and to start the process of writing yours.