Why Do I Need a Will?
Q: "I'm young and in good health. Do I need a will?"
A: Yes. Everybody needs a will, and we consider it a part of taking care of business. If a person dies without a will, then the court will decide who receives your assets which could result in heavy court costs.
Also, when you have a will, there is language that can save your estate thousands of dollars in court costs, bond fees, etc. Most wills are simple (e.g. “I leave all my assets to my spouse” or “I leave all my assets to my children, share and share alike”), but passing away without one is simply not taking care of business.
When we meet with clients about a will, we always encourage creation of a Power of Attorney and Living Will at the same time. A Power of Attorney allows your designated person to handle all of your business affairs if you are incapacitated, or are unable to handle your business affairs. Unfortunately, clients too often come to us to create a Power of Attorney AFTER the person is incapacitated—and then it’s too late. The Power of Attorney must be created when a person is competent and in their right mind. Again, simply taking care of your business now will save your loved ones much grief, time and money.
A Living Will (also known as an Advanced Medical Directive) is a document which instructs your doctors regarding your final medical wishes if you are unable to communicated those wishes. Many people refer to a Living Will as “telling my doctor whether or not to pull the plug.”
The cost of these three (3) documents is minimal compared to the money saved in court costs, etc. if you are faced with unexpected and unfortunate situations and are not prepared.
Our firm consults and prepares these documents for our clients every day. Give us a call at 251-968-2320 for your free consultation.