If you have items that you want to leave specifically to a person or group, you need to indicate this is writing. Not doing so could mean the people you want to have your things might not get them. This is why it is so important for people to craft wills; the document ensures that your request are granted and gives outsiders less of an opportunity to try and take what they want.
Many people think that unless you have millions in assets, a bunch of houses or other expensive items that a will isn’t necessary. But this isn’t the case. Even a small estate owner should have a will. If you want to make sure your prized coin collection goes to your grandson and not your brother that should be documented in your will. If you want all your children to share in the ownership of the family home, that, too, should be included in the will. If you have special requests that might be deemed as odd, such as dividing your china amongst your daughters and daughters-in-law, you’ll want to include that as well. A will isn’t just for rich people; it’s for anyone who has something they want to bequeath upon their death.
If you pass away without a will, then you will be considered deceased intestate, which means your assets will be distributed in descendant order, starting with your spouse. If you don’t have a spouse, or your spouse predeceases you, then it moves to your children, then your children’s children. So, if you wanted your grand-nephew to have a certain item, but you didn’t provide for that in a will, there is a chance he might never see it.
This is also an issue in the event you remarry. Without a will, your entire estate goes to your second wife and her descendants, meaning your first wife and your children might not receive any part of your estate.
Everyone should have a will. It protects your family and ensures your final wishes can be carried out. For assistance in crafting a will, you can speak with a legal professional experienced in handling wills and estates.
Source: Main St., “Estate Planning Horrors: Don’t Let Strangers Snatch Your Inheritance” Juliette Fairley, Oct. 26, 2013
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