A referral for a Lawyer to draft a Last Will and Testament is a popular question on the Chesco Moms Facebook Page. Steven Porreca, has been a personal family friend for 20 years and drafted my Will. I highly recommend him and asked him to write this post to help those with questions understand the importance of a Will.
A Last Will and Testament (“will”) is very important regardless of your wealth. It can be, and generally is, a very simple document. Despite this, the majority of Americans die without one.
The purpose of the will is to specify who gets what from your estate and who is in charge of it. Without a will (a.k.a. “dying intestate”), you are trusting the government to appoint the right person to allocate your assets.
Perhaps you say, I want everything to go equally to my three children and that can be done without a will. While this is true, what if you want your wedding ring and the china set passed down over four generations to go to your daughter? Can you count on the person appointed by the government, the person who may have no knowledge of this wish, to do that? Asset allocation is not the only thing that can be set forth in a will. What if both you and your spouse pass away while your children are still minors? Do you want the court to appoint the person who will be their guardian or do you want to choose who will take care of them? These are only two examples of what wills can do for you.
If you would like learn about how a will could benefit you, please contact R. Steven Porreca, at www.porreca-law.com