Who Needs a Will

Approximately 55 percent of all adult Americans die without a will, affecting about $100 million in assets per week in U.S. probate courts. This on average would reduce the amount to heirs by $3 million per week, assuming a three percent (3%) average cost of probate.

The costs of probate, not to mention the lost assets to litigation [especially in blended families, e.g., second spouse, children from the first marriage], and state and federal estate and inheritance taxes, which can still reach 55% if the Federal Estate tax is reinstated at some level.

For those who don't have wills, state law determines who gets the assets. Assets owned jointly between Husband and Wife, or others when held joint tenants with right of survivorship pass to the survivor. Those assets that are subject to a beneficiary designation pass to the beneficiary. However, even these situations may not fulfill the wishes or intent of the decedent.

Almost all other assets — real property, cash, and personal property — are distributed according to state statute. Such estates are said to be "Intestate", or without a Will.

So, who needs a will?

Anyone who owns property with no co-owner or beneficiary or who has children young enough to need a guardian, or anyone with a potentially taxable estate, or heirs that need creditor protection [whether nursing home, "special needs", or other financial creditors] needs a will.

Someone who has a complicated family situation, such as children by a former spouse, or a taxable estate (in Tennessee, any estate over $1 million dollars), especially needs a will.If the estate isn't large or the planning is not complicated, the cost of a will is not prohibitive. Although I rarely encourage people to "shop around" for lawyers, you might check with respected friends and obtain two or more names of lawyers who practice in this area.

You can hand write your own will, which is better than getting the "free" or cheap online Wills that are not tailored to state law, and often cause more problems than they solve. Most lawyers, who specialize in estate planning, trust, probate, and tax do simple wills too, for much less, and the peace of mind is worth something. The benefit to heirs is definitely worth it.

A valid, holographic will must be written entirely in your own handwriting and be signed by you, as the testator. It should deal with all of your property. Put a heading on the will, such as "Last Will of (your name)," and date it.

However, you get a Will, keep it in a safe place, and destroy an document that is not the most recent, it will only cause headaches if found after death.

One additional suggestion, prior to death it is very handy and reduces stress on family to have valid Powers of Attorney who can make decisions and tend to financial matters, if you are incapable of handling these matters.