Demetrius J. Karos, Ltd. Tax Representation From A Former IRS Employee

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Understanding the importance of a will

Having a validly executed will is the basic foundation of a good estate plan. A will provides a cornerstone for the estate planner's overall estate plan and directs how property will be divided to beneficiaries. Personal property that may be distributed in a will can include real property such as a home, household items, bank accounts, jewelry, clothing, cars and books, as well as other items of personal property.

There are important legal requirements for a will to be valid, including that the estate planner making and executing the will must be of sound mind, so it is important for the estate planner to be familiar with and understand the rules in their state for a will to be considered valid. In addition, a will can also appoint a guardian to take care of a minor children in the estate planner's absence which can be a valuable resource for parents.

A will can provide certainty for grieving family members during a difficult time and peace of mind for the estate planner. In the absence of a will, the estate planner's assets will be distributed according to state laws and probate laws which may not be how the estate planner wishes for their assets to be distributed so a will is important for an estate planner to have. A will can provide the estate planner with the peace of mind that their loved ones will be cared for according to their wishes.

A will is important to have as part of an overall estate plan. Because of how valuable it can end up being, everyone should consider having a will to ensure their family is cared for and their wishes are honored.

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