Many mistakenly believe that drafting a will is something that only needs to be done by old, retired people who have families and are facing their end of life decisions. There are, however, many reasons to draft a will no matter what age you are. It is really never too early to make your will.
1. Serve Your Family
Unfortunately, death is a sure future for everyone. There is no way to predict exactly when you will be leaving the Earth. If you are a young person, with no children, then a will can help ensure your current possessions go exactly where you want them. It will also ensure that your funeral and burial arrangements are done according to your wishes. Having a will is a great way to help your surviving relatives. Forcing them to guess at what your wishes might be and worry about getting it wrong is simply unnecessary. Making a will serves your family just as much as, if not more than, it serves you.
2. Limit Sibling Rivalry
Inheritance is one of the key reasons to make a will. Remember that the government has already put in place laws controlling the disbursement of assets upon a person’s death. The only way to supersede these laws is with a written will. It is unlikely that the government will be allocating your estate the way you intend. There is also little to keep siblings from suing and arguing in court over matters of inheritance. By clearly stating how things will go in a will, you can eliminate many legal hassles and infighting.
3. Child Care
If you have a minor child, then you probably have a specific person in mind to care for that child if something should happen to you and your spouse. Most states will automatically turn a child over to the next of kin relative or, if none can be found, place them into the foster care system. No non-family member is legally entitled to take the child unless you specifically name that person in your will. Also, if you would prefer a specific family member to be the caretaker, then they must be named.
4. Things in Your Life Have Changed
Change is a part of life. Even if you have drafted a will in the past or didn’t think you needed one, several life changing events can have a huge impact on the handling of your estate after death. These events include marriage, having children, having grandchildren or developing a serious illness. If any of these events have occurred it is very important to make a will or to update your last will.
5. The Family Business
A will also ensures the continued operation of a family business by appointing chief operators and properly handing over the business ownership to another person. Without this, the business may simply cease to exist unless someone takes ownership of their own volition. The law may also default ownership to someone you would rather not have it.
Andrew Lamkin is principal in the law firm of Andrew M. Lamkin, P.C., where he focuses his practice in the areas of elder law, estate planning and special needs planning, including Wills and Trusts, Medicaid planning, estate administration and residential real estate transactions. He is admitted to practice law in New York and New Jersey.
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