Who will take care of your children if you can't? This is probably the most significant reason that you must have a will--to provide guardianship. A will is also useful to individuals and families who have not accumulated enough to worry about probate. A will is a very inexpensive option to ensure that what you have goes to those who matter. However, a will does not avoid probate.
Special deal: If you purchase a will and later need a trust, what you spent on your will is applied to the current trust pricing.
Maybe you've heard of wills and trusts, but aren't sure which option is right for you. Here's a little to think about. If you have over $75,000 in personal property or over $100,000 equity in real estate, your estate will have to go through probate. Someone with less in assets, most likely only needs a will. And a will is especially important for appointing a guardian for minor children.
For those who have accumulated assets that require probate, please know that a will does not avoid probate. However, it does help to direct the process. There will still be at least a four-month process that allows creditors to stake a claim. During that time, assets are locked and the family can receive only a statutory provision for living expenses, which may not be enough.
A trust avoids the probate process altogether, saving your family from the challenges or additional time, expense, and hassle when they are grieving.
Still unsure what works for you? Schedule a free consultation.