A Will and estate documents are not only for wealthy individuals. People at all economic levels can benefit from a Will and other estate planning documents because they legally protect and distribute property based on your interests, your wishes and the needs of your family. 55% of Americans don’t have a Will. This is a tremendous mistake. You worked all of your life, saved all your life and have plans; don’t let these plans and wishes be disregarded.
Why Write A Will
Here are three very good reasons you should write a will.
1.Your Children: If you haven’t made a provision in your Will for their guardianship upon your death the Courts will make that decision for you and it is NOT automatic that it will be a family member.
2.Your Assets: With no Will your assets will be divided up regardless of your wishes and intentions. Will your long lost cousin from Europe who you have never met inherit your estate? It is very possible, I have seen it happen.
3.Estate Taxes: Without proper planning your estate may have to pay estate taxes that can be very high, very costly and significantly decrease the amount left to your loved ones.
Be sure to leave nothing open to interpretation, be exact and don’t leave too many surprises. Have “the talk” with loved ones so they know what to expect and be choosy; don’t pick just anyone to be your Executor, Trustee or Guardian.
Attorney or Internet Form?
Why should I use an Attorney to draft my will instead of using one of those fillable forms from the internet companies?
Here are 5 Good Reasons:
- That company is not an Attorney and not a law firm. They are sure to tell you that all throughout their literature; there is a reason for that; they do not want to be liable if you make a mistake.
- You get what you pay for - you know it’s true.
- You have to do more than just sign a Will under CT law for it to be valid.
- Estate taxes.
- Would you consult WebMD if you are sick rather than go to your doctor? Of course not!
You shouldn’t leave your legacy at risk by not speaking with a professional who will sit face to face with you, discuss your family dynamic, your family situation and draft your Will based on all of those personal things.
If you don’t have a Will or have questions about a Will, Kapusta, Otzel & Averaimo would be happy to sit down with you at no cost to discuss your options.
If you have a Will that is more than 5 years old you should pull it out of that safe, desk drawer or safety deposit box and make sure it still reflects your wishes accurately. If it needs to be updated, Kapusta, Otzel & Averaimo would like to hear from you. We can discuss the required changes in person at no cost and make suggestions based on your current situation to be sure your wishes are carried out.
