Why are wills and trusts important?

If you die without a will, your property will pass Intestate (a fancy word for dying without a will). When this happens, your property will pass to your heirs according to operation of law. This is what the legislature assumes most people want done with their property. That may or may not be true for you. In fact, this may cause your property to go to the people you would least want to have it.  

Having a will assures that your property goes to the people you want to have it upon your death.

Do young people need a will?

Many assume that young, healthy people do not need a will. Unfortunately, this is simply not true, because anything can happen to anyone at any time. Even the young and healthy must consider what will happen in the event of a tragic accident or sudden illness.  

Young people with minor children should have a will stating who they want to raise their children if something were to happen to both of them. If you do not have that expression in your will, it could be that the person or people you would least want raising your children end up raising them.  

A number of years ago, our firm had a case in which two young parents were tragically killed in a head-on collision. They left no will. Both sets of grandparents were convinced that the parents would have wanted them to care for the child. So they got into a lengthy (and expensive) battle over the minor child. This was a painful time for everyone involved, and it was made even more difficult by the lack of a will.

While wills can be scary to think about, they’re inexpensive and fast to set up with a little legal help. Plus, they can save you and your family a lot of time, money and heartache in the long run.

What is the difference between wills and trusts?

A will is a legal document that allows you to outline how you want your property distributed after your death.

A trust is a lot like a will; you can use a trust to determine how your assets will be managed after your death. It also allows you (the grantor) to assign someone to manage your assets during your lifetime should you become unable to do so.