Did you know that 51% of Americans between the ages of 55 and 64 do not have a Last Will and Testament? What is worse is that 62% of Americans ages 45-54 have not even drafted a Will. Whether we like it or not, tragedy can strike at any time, at any age. None of us live forever. When 64% of the public does not have a Last Will and Testament, it is easy to say that most of our wishes will not be granted after our deaths. You can change that by visiting with our Lake Geneva Estate Planning Lawyer, Shannon Wynn.
Lake Geneva Estate Planning Lawyer, Shannon Wynn, will help you create a Last Will and Testament. When discussing your last wishes with a lawyer, the task becomes easier than you think. All of your questions will be answered. Legally declaring your wishes, in the unfortunate event of your death, will help give you peace of mind. Below we have outlined some important reasons as to why you absolutely need a Last Will and Testament.
Lake Geneva Estate Planning Lawyer Explains Why You Need a Last Will and Testament
1. Without a Last Will and Testament, the government will make all decisions regarding your estate. This includes who receives your property and who will raise your children.
2. You have control over who raises your children. As a parent, it is imperative to possess a Last Will and Testament if you want a say so in who will raise your children after your death.
3. You decide who obtains your property and possessions. Property bequeathed in a Will does not have to be of high monetary value. If you have photographs, knickknacks, paintings, clothing, tools or furniture, these can all be bequeathed to certain family members or friends. Maybe your niece always wanted that blue afghan you made. If you want to make sure she gets it, you need to have a Last Will and Testament. Otherwise, there could be family disputes after your death.
4. Your pet will have a safe home. Never assume your family will automatically take in your pet. Many pets end up in shelters after the death of their owner. The majority of these shelters have a brief holding period of a couple days, and then your beloved pet will be euthanized. You need to arrange for a guardian of your pet. It would also be a good idea to set aside some funds for the care of your pet.
5. Your last wishes are granted in a timely manner with no unnecessary fees. If you do not have a Last Will and Testament in place, the probate court will appoint an administrator to settle your affairs. This can be expensive, possibly up to 10% of your estate’s value. In addition, your estate can be tied up in the court system for years. There may also be no funds immediately available to cover your funeral expenses. Do you want to lay the financial burden of funeral expenses and other debt on your family?
6. You define the details of your funeral. If you do not want a traditional funeral, you get to say so in your Last Will and Testament. Maybe you want other music played instead of organ music, such as heavy metal, rap, country, jazz, etc. Do you have certain songs you want played at your funeral? What about types of flowers? Are there certain items you wish to be buried with? What outfit do you want to wear? Would you rather be cremated? These are all decisions you may want to include when you create a Last Will and Testament.
7. Donate to causes you care about. If you would like to donate money to any causes near and dear to your heart, you can outline the details in your Last Will and Testament.
8. You name the person responsible for carrying out your wishes. When you create a Last Will and Testament you get to name an Executor of your Will. This person is legally responsible for carrying out your wishes outlined in your Last Will and Testament. They will pay debts, distribute property, and distribute money according to your wishes.
9. You decide who retains your digital assets. Ever wonder what happens to email accounts and social media accounts when a person dies? You can have control over the situation. A Last Will and Testament allows you to bequeath digital property, such as: email accounts, blogs, social media profiles, websites and domain names, hosting accounts, photo sharing websites, document sharing websites, business accounts, computer files, etc.
10. Make things easy for your family. Without a Last Will and Testament, a burden is placed on your family to try and fairly handle your personal property and money. Family conflicts often ensue. After your death, the last thing you want is your family fighting. If you clearly define your wishes in your Last Will and Testament, you will be doing your family a huge favor.
11. Tomorrow could be too late. You can make all the decision regarding your affairs now, today, while you are healthy and of sound mind. We do not know what tomorrow may bring. Death or mental incapacity could happen at any time.
12. You get to distribute your assets fairly. Without a Last Will and Testament, the state could divide your property in an unfair manner. Family members who do not need extra money could end up with a majority of your monetary funds. This could leave children without the proper funds to be cared for by other family members. You may have family with special needs who require a greater share of your estate. Don’t let this happen. Have peace of mind that your family members are cared for and protected by creating a Last Will and Testament.
As you can see from our above list, a Last Will and Testament is not just for seniors or the rich. Without one, your property and assets will be distributed by the state and could potentially be held up in court for years. Have peace of mind that your last wishes will be granted.
Contact Our Lake Geneva Estate Planning Lawyer
Our Lake Geneva Estate Planning Lawyer can help you get your affairs in order. If you already have a general idea of how you would like your property disbursed, why wait? Do not procrastinate and risk everything by not creating your Last Will and Testament today. Contact our Lake Geneva Estate Planning Lawyer via phone by calling 262-725-0175 or via email on our website’s contact page. Wynn at Law, LLC has convenient estate planning offices located in Lake Geneva, Delavan, Muskego, and Salem, Wisconsin.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.