If you don’t have a will, make one. If you have one, review it to be sure that it describes your current situation. These are two of the most basic principles of estate planning.
5 Reasons Why A Will Is Important
Why are wills so important? Without a will, you have left your estate planning to your state government under its laws of intestacy. First, a surviving spouse, children or relatives could fight over who is in charge. Second, the amount of time required to settle your estate may be unnecessarily long at a time when the financial security of you or your family is particularly important.
Your will should serve a number of purposes. In a way, a will can be a very personalized roadmap of what you want done with respect to your property and your personal wishes. It is primarily responsible for describing how you want to distribute your property after your death. A will also lets you name a guardian to care for your minor children if you die or become incapable of caring for them. Finally, a will lets you name your executor, the person who will oversee the settling of your affairs after you die.
Your will allows you to give direction and authorization to others to act on your behalf after your death.