Do you have a will? Here’s why you should:
Some say 2016 took all the good celebrities. I don’t know about all of them, but it did take Prince and rumor has it Prince passed away without a will. Maybe you don’t have an entire catalog of unpublished music that will be fought over upon your own passing, but certainly you have something that you want to pass to someone in particular. Perhaps it’s something small with sentimental value only, or maybe it’s the family ranch, passed down through generations. Did you know that if you die without a will, the State of Montana has already decided how and to whom your property will pass?
We know some of you are thinking “I’m too young to worry about that” or “I don’t really have anything that’s worth a lot.” News flash: bad things happen all the time and they don’t discriminate based on age. It’s never too early to be prepared, especially if you have a family! Better safe than sorry. And here’s the deal: even if you don’t think you have anything of monetary value worth putting in a will, we bet you have something that is important to a friend or family member – why not make your wishes clear now? Also, although you may not have much now, you will eventually. You don’t have to list every single item in your will; rather, you can state in your will that property should be distributed according to a Tangible Personal Property Memorandum that you can add to over the years as you accumulate valuable personal property.
As a final matter, it is hard enough to handle the passing of a loved one, but much harder still to cope with that loss while fighting over who gets what. This is perhaps the most important reason to have this conversation with those you love and put your final wishes in writing, knowing that you can update these wishes as your circumstances may change. By doing so early on, though, you may spare your loved ones additional grief and heartache.
If you have questions about whether you need a will, or revising your current one, we would be happy to talk to you. We offer initial consultations at no charge to determine whether we may be the right firm to help you with your estate planning.