Wednesday, June 1, 2011

Estate Planning Questions: "Do I Really Need a Will?"

Estate Planning Questions: "Do I really need a Will?"

Each week we answer all questions we receive from the public on various estate planning topics. Here is the most frequently asked question so far this week in its various forms:

1. Do I really need a Will? and 2. Does everyone need a Will?



This is actually a very good question and is not as simple as you might think. You probably thought I was going to answer that, "yes, everyone should have a Will". But that is not correct. Not everyone "NEEDS" a Will.

Since everyone's situation, family status and estate is different, the correct answer is "it depends". I know, a typical lawyer answer, but it is true. This is one of many reasons that internet Wills and estate plans don't work.

There are certain situations when a Will is mandatory. They include:

1. You want a specific result to occur if something happens to you.

2. You want specific people to handle your estate when you die.

3. You have children, especially minor children.

4. You are doing an estate plan anyway.

There is only one way to find out if you "need" a Will. That way is to meet with an estate planning attorney and go over your situation. You may find, like many, that you don't "need" a Will, but you "want" one in order to accomplish specific goals that you have.

There are dozens of different types of Wills and even more types of estate plans. So go ahead, and schedule a review meeting for yourself today. Find out about your situation and then make an informed choice to protect yourself and your family.

Bernie Greenberg

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