A will is your opportunity to designate how you wish your estate to be distributed upon your death. Without a valid will, the distribution of your property will be determined by law in a manner that may be inconsistent with your wishes. This can be true even in the case of married persons or registered domestic partners. A well-drafted will can also substantially decrease the cost of administering an estate.
A will is especially important in certain circumstances:- If you have minor children, a will is necessary to designate your choice of legal guardian. A will can also specify the terms and conditions of the distribution of property left in trust to minor children.
- If you wish to leave a bequest to a disabled heir, a will can be used to establish a special needs trust. This type of trust lets disabled individuals benefit from bequests while maintaining their eligibility for government benefits such as Medicaid and Social Security.
- If you and your partner are not married or registered, a will can ensure that your partner is provided for after your death.If you and your partner are not married or registered, a will can ensure that your partner is provided for after your death.
Even if you already have a valid will, it is important to keep it up to date. For example, you may need to update your will if you marry, divorce, or register as a domestic partner; if the size of your estate changes significantly; if you move to a new state; or if the law changes.