Imagine what your family would be like if you were no longer here but you failed to provide a will outlining how things were going to be done and how you wanted your wealth to be transferred. What if your children were still underage and the courts appointed a guardian who they felt would be most beneficial for your children, but you would have chosen someone else? Sadly, without a will to provide these instructions, the courts are left with no choice but to follow procedure and carry out the state statutes that they themselves are required to abide by.
Of course your family can always contest the courts decisions, however, that takes a lot of time, patience, and even money to get accomplished that may be something your family isn’t prepared to handle. So, rather than wait for a time when you feel you are ready to get your will and estate plan drafted, why not do it now while your mind is clear and you are able to designate who will receive what. Remember, you always have the option of amending, also known as codicil, where you can add or delete provisions to it so if you decide you don’t want to include someone in receiving a portion of your wealth, then you can always go back and make that modification.
But having a will is crucial and rather important, especially if you have a significant number of assets and will require someone responsible for taking them on and managing them. While many elect to write up their will themselves, they often fail to acknowledge how beneficial a Maine estate planning attorney can truly be.
As you consider all of your assets that belong to your estate and think about all your loving family members who you wish to take over these assets once you are gone, you must also be aware of age, maturity, and ability as you don’t want to leave something to someone who simply isn’t fit to handle it. For instance, if you own a company, it wouldn’t be ideal to leave it to a young child at this point as they aren’t going to have the necessary knowledge to run it. Of course you can always go back and add them on the will where they will then have the privilege of owning it, but you have to plan for right now as you never know what tomorrow will bring.
Writing up a will and corresponding estate plan can be a bit emotional as you are planning for a time when you are no longer here. And the fact is, you want to be sure your last testament is carried out properly and no fallacies lie in the terms of it. Therefore, give us a call and allow us to place you in contact with a trust and estate lawyer today.