Do I Need a Will?
Everyone has an estate plan whether they know it or not. Every state legislature has created a uniform estate plan by default though commonly referred to as the "intestacy statutes." Generally speaking, the intestacy statutes mandate who assumes custody of your minor or disabled children, who administers your probate estate, who inherits your probate assets, and when they inherit such assets. If an individual fails to execute a valid will, or will substitute, that individual is said to have died "intestate." Through the intestacy statutes state legislatures essentially took their best guess as to how average people would desire to distribute their properties, who would administer their estates, and who would assume custody of their children. Further, if an individual dies intestate, all of that individual's property and assets are administered through the probate courts and distributed pursuant to the terms of the intestacy statutes. Therefore, by failing to execute a valid instrument directing the distribution of your property and assets, your property and assets will not likely be distributed in the manner, or to the beneficiaries, that you wish.
However, this problem can easily be avoided by executing a will or a will substitute. One main function of a will is to direct a court of law how to distribute your assets. Practically, when an individual dies with a validly executed will, title to all of the property and assets controlled by the will shall be distributed to the beneficiaries in the manner so specified pursuant to the terms of the will. In addition, when leaving a will, an individual can direct who they would like to administer the estate (the executor), name a guardian for minor children, and reduce the burden and cost of administration of the estate by waiving the need for court approval for particular actions.
Also, many parents, grandparents or relatives would like to transfer assets to minors or disabled individuals but realize that the minor or disabled individual is incapable of managing and making good use of the asset. In these cases, by adding a contingent trust (a trust that pops up upon death) to a will, the asset will be managed by anyone that the decedent chooses and distributed to the minor according to as the decedent's wishes.
