Death is a very painful subject that many persons prefer not to think about. It may occur unexpectedly or after a period of illness, resulting in tremendous pain and anguish for relatives and loved ones who are left behind. The family’s distress can also be magnified if the person did not have a well thought out estate plan in place. 

A very important aspect of the estate plan is the preparation of a Will. A Will indicates who should take care of your family and how your possessions and money are to be distributed if something were to happen to you. If you die without leaving a Will, the state will decide how your estate is to be divided and may also have to name a guardian to oversee any minor children (under 18 years) you have. If you are single with no dependents, your parents and/or siblings will get your possessions and if you have no relatives, the State will take over your assets. It is therefore important for you to prepare a Will, as the states’ decisions regarding your minor children and the distribution of your assets may not be in line with your wishes.

When preparing your Will you need to take a number of things into consideration.

1. You need to name an executor or personal representative to make sure your wishes are carried out.
2. If you have minor children, you need to name a guardian who will have responsibility for their care and a trustee to manage the money and property that is left to them until they are18 years of age.
3. You need to specify to whom and in what proportion your assets are to be divided/distributed.

Some of your assets may not be covered by your Will. These include such things as life insurance policies and retirement plans, which have named beneficiaries, assets that are owned with someone else in joint tenancy, such as real estate, automobiles and bank accounts; and community property which automatically passes to a spouse or domestic partner. Make sure you update your beneficiary designation if your situation changes as the named beneficiary will automatically inherit the asset in question, regardless of what your Will specifies.

A Will is a very important document that needs to be prepared by all persons with assets or a family.  It is your way of ensuring that your family is properly taken care of and your assets distributed appropriately in the event of your death. Your family’s future should never be left to the mercy of the State and you should be the one making the decision as to who gets your assets. It is always better to have a Lawyer advise you when preparing your Will, but software programmes and kits that can guide you are also available at most bookstores.

If you have not already prepared your Will why not take the time to write it now so that you can be sure your wishes will be carried out when you are no longer around.