Everyone should choose their own disposition of their estate. The alternative is the state makes that choice for you. If you pass without a valid will then you pass intestate. That means the state has provided for that situation. The intestate provision by the state may be a good thing or a bad thing for those that pass without a will or their heirs. But, how will they know unless they have compared their wishes with that provision? The simple answer is they won’t, and don’t. Spending the time to put your wishes and plan on paper when it involves decades of your life is a small tradeoff to ensure their proper disposition. A will naming a personal representative and your heirs will accomplish this.
Establishing a trust through your will also will further protect not just your estate, but also your heirs. One of your heirs suddenly receives assets without limitation on spending those assets. Is that always a good thing? Of course not, but the possibility of it must be considered along with what limitations should be placed, who the trustee should be, and what and who must be protected.
Is a living will a good idea? That is a personal choice everyone should make for themselves and which they should help their parents make. But, it also must be considered and talked about.
Why are we talking about all of these? Because Kelly Cardon & Associates provides all of these services and can help you answer for yourself all of these questions.