The Importance of a Will

Despite the importance of the will in an estate plan, it is estimated that seven out of ten Americans die without a valid will.

If a will is such an important document, why don't more people have one? Unfortunately, creating a will forces you to come face to face with your own mortality - and dealing with death is difficult. But, it will be much more difficult for your loved ones after you are gone if you don't prepare a will.

A Financial Blueprint of Your Assets

A will is an instrument, an extremely powerful instrument, you can use to distribute your probate assets to your loved ones after you are gone. (Probate assets generally refer to those assets in your name only that do not pass to another at your death by operation of law.) Think of your will as the financial blueprint of your probate assets. Your will clearly states who will inherit your probate assets, when they will inherit your probate assets, and any conditions that must be met for them to receive your probate assets.

At death, the court rules on the validity of your will. If the will is valid, the court instructs your executor to carry out the terms of the will according to your wishes. (This act is known as an order of probate.) The executor is the person appointed by you in the will to supervise the distribution of your probate assets.

What Are the Consequences of Not Having a Will?

Without a will, you increase the likelihood of conflicts, bitterness, and after-death disputes between your children and other family members. Here's how: If you die without a valid will, the court does not have your financial blueprint to follow. Therefore, it has no way of knowing how to distribute your assets.

By "dying intestate," you lose the ability to direct the distribution of your estate. The state where you lived steps in at your death and makes the decisions for you, according to the distribution schedule set forth in its probate laws. The state's decisions are designed to pass property to those they think would most benefit. Unfortunately, the state's decisions may not conform to your

wishes or to what is best for the people closest to you. This can cause a multitude of

problems and misunderstandings, not to mention tying up your assets in the probate process for years.

Common Misconceptions

Here are some of the more common rationalizations for not creating a will, and the facts that quickly dispel those "myths."

Myth: "My assets are so small that a will is not necessary."

Fact: Think again. Few people are worth so little that a will is not necessary. Add together the value of your home, car, furniture, jewelry, savings account, and investment portfolio. Subtract from this total your personal debts. The bottom line is that you are generally worth more than you think. Even if some items do not hold great monetary value, they could hold an enormous amount of sentimental value. Failing to indicate who receives these treasures in your will can cause friction between family members that lasts for decades. Few families recover.

Myth: "When I die, my spouse will get all of my assets."

Fact: If you and your spouse own assets jointly, at death your share of the assets will automatically go to the surviving spouse. But, what happens when your surviving spouse dies? What will your children receive? Does your spouse have the financial know-how to manage the family wealth? If your spouse remarries, some or all of your spouse's assets may wind up in the hands of his/her new spouse.

Myth: "I can create a will on my own and save the legal costs."

Fact: "Do-it-yourself" wills often do not contain all of the necessary components as required by law and are frequently ruled invalid by the courts. A vaguely-worded clause can result in lengthy legal battles. Anyone who might benefit from the invalidation of your will can contest it, and if the courts decide in his or her favor your estate may be required to cover all legal costs. Remember, the few dollars you save now can cost your loved ones thousands of dollars later.

Myth: "I don't want my final wishes to be set in stone. I'll create a will later in my life."

Fact: A will is an extremely flexible document whose terms can be changed as often as needed. In fact, any legal expert will tell you that a will should be re-examined periodically to make sure it is up to date. A will should receive a checkup whenever there is a substantial change in your life. Remember, the terms of a will only become effective at death.

How Do You Create A Will?

Drafting a will is a highly technical task. That's where we come in. For only $99, we can make sure you get the will you need and want.

The Decision Is Up To You

You spent a lifetime building and gathering your assets. It's up to you to make sure your assets get distributed the way you want. A will is a tool you can use to achieve this goal. At 99 WILLS we can make sure you get the will you want and need, at a great price.

So what are you waiting for?

Don’t procrastinate, get started today.

For further questions about this topic or your Will or Trust, contact:

THE LAW OFFICES OF JAY A. ROSE
20335 Ventura Bou8levard, Suite 410
Woodland Hills, California 9136-24444
818-932-0200
888-99Wills
email: attyrose@99wills.com