The statistics are staggering. A recent study found that 58% of American adults do not have a Last Will and Testament prepared- the most basic component of an estate plan. A person who dies without a written will is declared “intestate.” The court then names a personal representative for the estate, and state laws often determine how assets are distributed. Why anyone would allow the laws of the state and the decisions of a probate court to determine how their estate is to be settled and distributed, as well as the care for any minor or adult-handicapped children, is troublesome.

 

Why Write a Will?

 

A traditional will is a legal document that becomes public at the death of its maker. It contains instructions that take effect after an individual’s death to distribute property, pay debts, and make arrangements for burial, estate and inheritance taxes. It also names the executor of the deceased person’s estate, who will supervise the distribution of assets and the payment of expenses...