You and Your Legal Will: Are You Prepared?

A young woman, embarking on a company sponsored trip to India, stands in a small office prior to her flight, "Witness this for me, please?", she says to her colleague. "No way! That's morbid!" her colleague replies. She shrugs and finds someone else willing to sign the document. She sighs a breath of relief and puts the document in an envelope to be mailed back home.

It's a disturbing thought; a young woman hurriedly completing her will before getting on a plane to a remote destination in a violence-stricken third world country; but realizing mortality is a moment that eventually comes for all people. Usually the revolution comes late in life. People tend to do their estate planning in their later years, but waiting too long might be waiting till it's too late.

Writing a will is an important obligation we have to ourselves and others. Without a will an estate is left intestate and the resources of that estate are divided by the probate court. The process of determining your wishes without a will is slow, arduous, stressful, and expensive for your survivors. Unexpected laws and regulations might apply that make the processes even more unbearable.

Parents, especially single parents, need a will. The will does more than determine what property is dispensed to whom. It also determines who will care for minor children after you are gone. Should there be a custody dispute after your death the court will only acknowledge the written instructions in the will. No other documents will be valid to show your wishes to the court.

Married couples should have wills to help prevent any issues with property transfers. Wills can also be used to make charitable donations after you die. Those who have no surviving relatives should consider where they want their assets to go and prepare a will accordingly.