Procrastination is one of the biggest hurdles we all face in getting our estate planning done. Most Tennesseans know they need a will and other coordinated documents in place. We intend to get to it at some point, but feel too busy, or lack the pressing motivation, to contact an attorney and complete this essential life step. Some people even mistakenly believe they have no need for a will, maybe because they don’t own much, or because their “kids will get it anyway.”
If any of that sounds like you, this post is written with you in mind. Here are six (6) important reasons why you need a will (and 2 reasons why you shouldn’t wait).
- Be in control of naming your heirs. Without a will, state law determines which of your family members will receive your property. A recent probate client was left administering an estate to which the rightful heirs under Tennessee law were more than 25 cousins and 2nd cousins, many of whom did not even know the decedent. If you want your property to be chopped into dozens of shares and distributed to people you don’t know or maybe don’t like, then be sure not to have a will in place!