When wills are necessary

On Behalf of | Sep 7, 2016 | Blog

Many Nevadans understand the importance of having a will. However, some middle-class residents may not be sure if having a will is really all that necessary. This may be because they don’t have many material possessions or minor children who need to be provided for. As a result, going to the expense and trouble of writing out a will isn’t a top priority.

It should be noted that settling an estate without a will can be complicated for people of any income level. When somebody dies without a will, the estate automatically goes into probate. A judge will then decide what happens to the funds and property. The final decision may be contrary to what the deceased might have requested had a will been drawn up. In addition, the cost of probate can eat up what little property and funds are in the estate.

Wills, even when written for small estates, address many issues beyond the distribution of major assets. These issues include providing for the care of domestic pets, the distribution low-value personal property and creating trusts for adult beneficiaries who might not be able to manage funds appropriately. A lack of a will has led to unfortunate outcomes, including beloved pets ending up being euthanized and family members becoming estranged over valuable heirlooms.

Many people may benefit from speaking with an experienced estate attorney. A lawyer might be able to review a client’s financial situation and make recommendations regarding creating or updating a will. This could be particularly important if the client is worried about maintaining family harmony.