Wills

A will is your primary instrument for directing the post-mortem distribution of your assets. It typically dictates:

• Which debts and liabilities (such as mortgages or personal loans) should be paid off.
• Which assets (including real estate, business interests, and personal property) should be liquidated or distributed in-kind.
• The specific beneficiaries of your assets, including residuary beneficiaries who receive the remainder of the estate.
• The timing of distributions—whether immediate or deferred until specific conditions are met.
• The nomination of a guardian for minor children.
• The appointment of an executor (or personal representative) to administer the estate.

A letter of last instructions should accompany your will. While not legally binding, this letter provides family members with practical details: funeral and burial preferences, the location of important documents, account access information, and a list of contacts. This document relieves survivors of making administrative decisions during a period of grief.

Studies indicate that 56% of Americans recognize the value of estate planning, yet only 33% of U.S. adults have documented their plans. If you die without a will, your estate is distributed according to the default intestacy laws of the state where you resided (a situation known as dying intestate). This statutory distribution plan rarely matches personal wishes. For instance, if you have children from a previous marriage and die intestate, some states allocate only 1/3 of your assets to your surviving spouse, with the remaining 2/3 going to your children. Furthermore, the probate court will select a guardian for your minor children without your input.