A Will should be a basic tool in every estate plan

Consulting an estate planning attorney and writing a Will is all too easy to put off until another day. This is evidenced by the fact that only a third of all Americans have a Will. No one really wants to think about their own death, and many people assume that their family and friends will know them well enough to “do the right thing” when they are gone. The truth is, no matter what your age or financial situation, everyone needs a Will.
While few people may be aware of it, even if we have not engaged in estate planning and written a Will, one has effectively been written for us. Every state has a system by which your assets will be distributed if you die “intestate,” that is, without a written Will. States have statues that determine heirs and formulas that help figure out exactly who will get how much.
This process applies not only to your property, but also to your minor children. If you have not named a guardian for your children in your Will, the state will determine guardianship. If family members, who are much more knowledgeable about who will be best able to care for your children do not agree with the state’s decision, then they may face long and expensive legal battles in order to get the decision changed.
A guardian should be someone who you trust and who knows your wishes about how your want your children to be raised. A guardian should also know how you want funds that you have saved for your children to be distributed. Having a Will can ensure that money allocated for certain things, like college, will get spent on only that. Unfortunately, a state appointed guardian may not know or care about your plans.
A living trust is intended to supplement a Will.

A Revocable Living Trust is an important estate planning tool that allows individuals to transfer assets into a trust during their lifetime. These assets are then transferred directly to beneficiaries without going through probate, the court supervised distribution of assets according to a Will.
Understandably, the Revocable Living Trust is an attractive option. But it is intended to be used as a supplement to, not a replacement of, a Will. A Will can provide for the distribution of funds or property that has not yet been transferred into the trust at the time of your death. A Will also names guardians and trustees, a responsibility that you do not want to leave to the state.
Wills are living documents that can be amended at any time and should be reviewed regularly. There are no good excuses for not writing a Will, not matter what your age or financial situation. You will be saving your family from hassle, legal fees and arguments if you establish how you want your assets to be distributed after your death. Creating a valid Last Will and Testament is a critical part of any estate plan.

Bernard Krooks is a New York Elder Law and New York Estate Planning lawyer with offices in White Plains, Fishkill, and New York, New York. To learn more, visit Littmankrooks.com.