Here are the top five reasons you need a Will
1. Protecting your child with special needs
If you have a child with special needs who requires public benefits to access adult services, your child must have to very little in assets. If your estate passes by intestacy (without a Will) it is very likely that your child with special needs would inherit assets. Inheriting money would be disastrous because it could knock your child off precious public benefits. Currently, the asset threshold for receiving public benefits is $2,000. Thus, even if you have a small estate a Will is necessary
2. Having a Will saves money, time and heartache
Even if you do not care about the details once you are gone, appreciate how terribly difficult it would be during bereavement for your loved ones to deal with your estate without a Will. Your loved ones will be required to go to court to appoint an administrator (someone to handle your estate) when this could have been easily done in a Will.
3. Having a say in how your estate is to be distributed and who will become guardians.
If you die intestate (without a Will), your property will be distributed by a judge according to the laws of the state in which you reside at the time of your death. If you have a minor child at the time of your death and the child has no living parent, the judge will also choose the guardian for your child and the trustee to manage the minor child’s inheritance.
4. You are not invincible
Many people feel that because they are young and healthy, nothing is going to happen to them any time soon.Do not wait until it is too late to do the planning. If you are reading this article you are ready to do the planning. Mahatma Gandhi said “Learn as if you were going to live forever. Live as if you were going to die tomorrow.” We cannot be sure what tomorrow will bring. The time to plan is now!
5. Leaving your family with no guidance
This is the most important of all the reasons to have a Will and other necessary documents to plan for your special needs child’s future.