August is designated as National Make a Will Month. Like life insurance, a Will is not a subject that most people want to talk about. However, a Will is necessary to ensure that your family, particularly your children, are taken care of when you are gone. Think of it as a gift to him/her or them. If your Will is in place and something happens to you, your children are protected in that you can name a person in your Will to act as their guardian and to oversee the assets you leave behind.
For adult children, you protect the family from having to make decisions that may cause emotional hardship. You can ensure that your assets are distributed according to your wishes.
If you die without a Will, the court decides who will raise your children and who will be responsible for administering your estate. Your money, real estate, and personal belongings will be distributed according to a formula decided by legislators, not you. This legislative formula is called intestate succession. Intestate succession is a one-size fits all, which the Court must follow. The Court does not have the authority to consider your particular family dynamics.