A will is a cost-effective, secure means of ensuring your family’s financial future is taken care of after you’re gone. You can use a will to name your family, friends, charities, distant relatives or others as recipients of your property. A will can also be used to name a guardian for your children and to specify a personal representative (or executor) for the estate.
Without a will, your family members and friends are often left to face numerous and potentially expensive legal issues. If there is no will your estate will go through probate where all your debts and assets will have to be determined to pay off any creditors. The remaining assets are allocated to the heirs. Often disputes arise creating additional stress and expenses for your family.
If you already have a will it is important to periodically update the will. Because of the ever changing law, your financial circumstances, family circumstances, and your goals change over time, you should review and update your will periodically. For example, many wills do not take into consideration events that occur after the will was drafted, including divorces, births, remarriages, and deaths of named beneficiaries.
To schedule a free consultation regarding your Estate Planning needs Contact Us at the Law Offices of Stephen J. Hoffmann.