As many of us are sheltering in place, we find ourselves with extra time on our hands to take care of the things we have been putting off. If you are one of the many who has delayed in creating a Will, now may be the time to take this crucial step to protect your loved ones.
5 REASONS TO CREATE A WILL NOW
- To choose those who will inherit your property: If you die without a Will, assets pass to your heirs according to state intestacy laws. A Will not only names beneficiaries, but can set up Trusts to direct when and how your beneficiaries receive the assets. Declaring your wishes in writing also helps avoid future fights between family members.
- To appoint guardians for minor children: Who will raise your children if you die? You can nominate guardians of your choice to care for your children through your Will. Without such a designation, a court will choose.
- Blended families: If you plan on getting re-married, you will likely want to update your Will to specify what assets you want to pass to your new spouse and to any children from a prior marriage.
- Children with special needs: Without a plan, a child with special needs risks being disqualified from receiving Medicaid and SSI benefits. A properly crafted Will should include a Supplemental Needs Trust to preserve the child’s benefits, while using Trust assets to pay for non-covered expenses.
- Taxable Estates: If your estate exceeds the $5M mark, your Will should include Trusts to eliminate or mitigate estate tax liability.
Our attorneys at Ansanelli Law Group, LLP are available to answer your questions, and help you to create a Will that reflects your values and wishes. During these trying times, we are able to handle the entire process – from initial consultation through execution – via video conference.
To begin this important step toward protecting your loved ones, contact us at (631) 598-0337 or click below.