Why Do I Need A Will?

People put off writing a Will because they believe it will be costly or difficult, or that it is unnecessary because their possessions will automatically pass to their spouse or children, or simply to avoid thinking about their own death. But writing a Will is critically important for all adults regardless of wealth, marital status, or age. A Will allows you to:

· Ensure that your possessions will be distributed as you wish.

If you die without a Will, the law decides how your possessions will be distributed. Although some assets will automatically pass to a spouse or children, exact distribution depends on the wording of titles or deeds. A Will is the only way to ensure that your possessions will pass in accordance with your wishes

(See the sample Will that the State has made for you in the event you don't write a Will located on State Will tab on this site).

· Appoint and determine rules and powers of an Executor and/or Trustee.

Writing a Will allows you to decide who will oversee and manage distribution of your estate. Designating a trustworthy and impartial Executor provides peace of mind that the terms of your Will will be honored.

· Appoint a guardian for minor children.

You can designate the guardian for your minor children in your Will. This is the person who is charged with the care of your children in the event of the death of both parents.

· Establish a trust for minor children or others.

In the event of their deaths, most parents do not wish for their assets to pass outright to their children when they reach the age of 18. With a Will, you can establish trusts for your children to delay the time when they receive their assets. While the trust is in effect, distributions can be made for your children's health, support, maintenance, education and for any other purpose which you feel to be appropriate. Trusts can also be established for spouses or disabled persons for assistance with financial management.

· Expedite the legal process.

It is generally faster and less costly to settle an estate with a Will. Reducing legal fees protects the value of your property and results in savings to be passed to your beneficiaries.

· Reduce stress and heartache for loved ones.

A Will that clearly outlines your wishes for property distribution will reduce confusion and family disagreements during that stressful and emotionally difficult time following your death.

For additional information or questions about any of the above matters, contact Jerre Mosley.

Wills

Jerre Mosley

Experienced Wills, Trusts &

Estate Attorney, Chattanooga, TN