Wills, what are they used for?

Why is a will necessary?

A will is necessary because if you do not name who will inherit your property, our state statute will do so for you. Also, the statutory distribution plan (also known as intestate distribution) is quite likely to deviate from your intentions.

In most cases, the decedent's inheritance is divided between the surviving spouse and children under intestate law. Our intestacy rules have different distribution schemes depending on whether the decedent leaves surviving parents or children from a previous marriage. If your children are minors, the court will appoint a conservator to receive and handle any property that they inherit. This is a time-consuming and costly process that necessitates court oversight throughout the children's minorities.

Perhaps most importantly, a will allows you to name a guardian for your minor children. You know more than a court about which of your relatives or friends will be best equipped to care for your children emotionally and physically. Your will can put the structure in place, designating the best person for each type of function.

A will can also make the probate process easier for your heirs. You can appoint a personal representative (also known as an executor) to manage your estate, for example. You have control over how taxes and obligations are paid. You have the option to waive or demand monitored or independent administration if you so wish. You have the option of not requiring your personal representative to deposit a bond.