Wills and Estate Planning

Do I Need a Will - 3 Reasons Why Your Answer Should Be a Resounding 'Yes'

If you don't think you should be proactive in creating a will, think again. There are three main reasons why your only answer should be 'yes.'

Do I Need a Will? 3 Reasons Why Your Answer Should Be a Resounding “Yes”

Reason #1: You have special needs or minor children.

If you have young children or children with special needs, you should be especially proactive about making a will. If you were to die unexpectedly, it’s your will that determines who your children’s guardians will be. Without a will, the appointing of a guardian for your children will be left in the hands of the state.

Reason #2: You need someone to manage your estate after you die.

An executor or executrix is a trustworthy and competent individual who is responsible for inventorying your assets and property, making sure any lingering debts and taxes (including estate taxes) are paid, properly dispersing your assets, informing your banks and creditors that you are deceased, as well as guiding your case through probate court. If you die without an executor, the state will appoint someone for you. Even worse, just about anyone can petition the court to assume this position.

Reason #3: You want to be able to specify who gets what.

People often think that an “oral will” (final requests spoken aloud in front of witnesses) and a “holographic will” (a document drawn up by you without the presence of witnesses) is sufficient when it comes to doling out your property when you die. The fact is, these types of wills don’t have much legal bearing in court. A formally prepared will that is signed by two or three witnesses (who of which do not stand to inherit) is the ideal way to ensure that your money and assets are left to the heirs you intend to leave them to. If you don’t have a legally binding will and die with no remaining immediate family, your assets may be dispersed between your siblings and their children, or your grandparents, or your uncles and aunts and their children.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Do I Need a Will

Many people are unsure about whether or not they need a last will and testament. If you find yourself asking, “Do I need a will?” then this article may be able to help you answer that question with a resounding yes! For more information, visit our learning center.