How Do I Know if I Need a Will?

A will is a formal document, recognized by the state where it is made, that disposes of a person's property upon his or her death. In future posts I will discuss the legal formal requirements for a will, but right now, I will answer the question of how to know if you need a will at all?

If you can answer yes to any of the following five question, you definitely need a will:

1. Do you or your spouse have any children that are not children of the present marriage or partnership? This question applies even if one of the spouses is already deceased. The question also includes the situation where you have children but were not legally married.

2. Do you have any items of sentimental or monetary value that you wish to give to a specific person or organization?

3. Do you own more than one parcel of real estate? This especially applies if the real estate is located in more than one state.

4. Do you wish to give more than a proportionate share of your estate to one of your children or other heirs? This applies also if you do not wish to give someone less than their proportionate share or nothing.

5. Do you have a very large estate worth more than the current Federal Tax Lifetime Exemption amount? In 2009 this amount will be $3,500,000. In 2008 it is presently $2,000,000. If the U.S. Congress does nothing, the exemption will drop to $1,000,000 in 2011. Come back to see more about this subject. A will doesn't solve all of your estate tax issues, but it is a necessary part of an estate plan.

If you answered yes to any of those questions, you most certainly need a will. If you have minor children an wish to designate a guardian in event of your death, you may also need a will.

I would be happy to assist you in preparing a will. Please visit our Website at JacksonWhite.