5 Reasons to Have a Will. Avoiding Probate Isn’t One of Them
I was standing in a light drizzle on the sidelines of my son’s soccer game, chatting with another parent, when she mentioned that she’d done an overwhelming amount of adulting in the past week, including signing her Will. That is great. Everyone should have a Will, but especially parents of young kids. However, she said that the best thing for her was knowing that now there will not need to be probate if something happened to her and her partner. And I had to tell her that having a Will does not avoid probate, but that does not mean that it’s not super important to have a Will.
Let’s start with the basics: A Will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children after your death. Probate is the legal process for enacting the plan set out in a Will when the person who made the Will dies. In probate, the deceased person’s assets are gathered, and, after their debts are settled, distributed to their beneficiaries. Think of a Will as a map to guide your loved ones through what you want to happen after you die.
There are a lot of really good reasons why it is important for everyone to have a Will. Here are my top five:
1. Clarity and Control: A Will allows you to state what you want to happen to your assets after you die. Without a Will, your assets will be distributed according to Washington’s law of intestate succession, which is found at RCW 11.04.015. This may not align with your personal wishes. In addition, if you wish to make a charitable gift on your death, you can provide for that in your Will. The bottom line: A Will gives you control over who inherits when you die.
2. Guardianship of Minor Children: If you have children under age 18, a Will allows you to designate a guardian to care for them in the event of your passing. Without this designation, a Court will decide who will be responsible for caring for your kids. If you want to have a say in who will be responsible for your kids if you die, you need a Will.
3. Minimizing Family Disputes: By stating what you what to happen to your assets in a Will, you can help prevent conflicts among surviving family members. A clear directive about what you want to happen on your death can reduce misunderstandings and disagreements.
4. Simplify Probate: A Will won’t avoid probate, but it can streamline the legal process of settling your estate. It can make probate easier and often less expensive for your loved ones. Probate can be straightforward and simple where there is a well-drafted Will.
5. Peace of Mind: Life is unpredictable. A Will is a proactive measure you can take now to prepare for whatever may come. A Will gives you peace of mind that your wishes are known and can be followed by your loved ones.
Having a Will does not avoid probate, but it does make probate a lot simpler for your loved ones, because they will know who you want to be in charge of your estate and how you want your estate to be distributed. Take the first step by talking to an estate planning attorney about drafting your Will.
To learn more about Washington Estate Planning, please contact Beresford Booth at info@beresfordlaw.com or by phone at (425) 776-4100.
