Question:
Do I really need a Will? I own everything jointly with my husband. Why should I even have a Will?
Answer:
Everyone should have a Will. A Will allows you, rather than the State, to determine who gets your assets. The State’s plan may not be the best plan for you.
In your particular case, joint property does not go through probate. At your death, jointly held property belongs to the other joint owner, your husband. However, a Will addresses who would get the property in case both you and your husband die simultaneously, in an accident or common disaster. In such a case, you may need to name a guardian, if you have minor children or disabled children.
Also, a Will allows you, instead of the Court, to name an Executor to make sure estate administrative responsibilities are handled. This includes any inheritance tax form filing and last income tax form due.
Finally, even if you believe you hold everything jointly, there may be items overlooked including beneficiaries under an insurance policy or 401K. Is your Estate named? If so, who do you want to take under your Estate? If you die as a result of the negligence of another, the legal suit is considered to be an asset of the Estate. Once again, who would benefit from these assets, you can decide under your Will or the State can impose its Intestate Law, the law applicable for those who die without a Will.
Have your question answered by entering a comment or go to http://www.ythlaw.com/ and email us your questions.
Do I really need a Will? I own everything jointly with my husband. Why should I even have a Will?
Answer:
Everyone should have a Will. A Will allows you, rather than the State, to determine who gets your assets. The State’s plan may not be the best plan for you.
In your particular case, joint property does not go through probate. At your death, jointly held property belongs to the other joint owner, your husband. However, a Will addresses who would get the property in case both you and your husband die simultaneously, in an accident or common disaster. In such a case, you may need to name a guardian, if you have minor children or disabled children.
Also, a Will allows you, instead of the Court, to name an Executor to make sure estate administrative responsibilities are handled. This includes any inheritance tax form filing and last income tax form due.
Finally, even if you believe you hold everything jointly, there may be items overlooked including beneficiaries under an insurance policy or 401K. Is your Estate named? If so, who do you want to take under your Estate? If you die as a result of the negligence of another, the legal suit is considered to be an asset of the Estate. Once again, who would benefit from these assets, you can decide under your Will or the State can impose its Intestate Law, the law applicable for those who die without a Will.
Have your question answered by entering a comment or go to http://www.ythlaw.com/ and email us your questions.
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