I am constantly surprised by the number of people that do not have a will. According to the most recent stats I have read, seven out of every 10 Americans will pass away without preparing any kind of estate planning documents. Estate planning is a necessary way to ensure that your wishes are met after your death.

By having a will, you can be certain that your assets will be distributed to the individuals you wish to receive an inheritance from you.

Second, who will receive your tangible personal property, such as family heirlooms, is addressed by a will, a crucial part of maintaining family harmony.

Third, any gifts you wish to be left to specific individuals or charities should be detailed in a will.

Finally, after debts and expenses are paid, the recipient of your remaining assets should be outlined by a will.

If you are a parent to minor children, it is even more critical that you have a will.  This allows you to name the individual you wish to serve as the guardian of your minor children, should both parents be deceased. A trust can also be established for minor children or those who have poor financial management skills to make sure the inheritance your child receives is spent the way you would want it for their benefit.

A will cannot control non-probate assets like joint bank accounts which means that upon your death, the joint owner becomes the full owner. For this reason, ensuring that all accounts and property are titled to your wishes is also very important.  Your estate planning lawyer should make sure your will, any trusts you have and your non-probate assets are all coordinated to carry out your true wishes.

In times when family members are in distress over a loved one’s death, moving on can be made easier by having a will in place.