Why You and your Loved Ones Should Have a Will

By: Alex Smith

Many people wonder whether it’s necessary that they have a will, wonder if it’s worth the cost of having a will drafted, or may think that wills are only important for those with vast estates to manage. To the contrary, wills can be of tremendous value to estates of all sizes and can be completed with minimal complexity and at an affordable price. As discussed in this article, the benefits that a will can provide are important for estates of all sizes and can provide significant financial and emotional relief to yourself and your family. 

Minimize Stress for Your Friends and Family

A will is your opportunity to provide certainty to your loved ones regarding the disposition of your estate. Without a will, your estate will go through probate and a process called intestate succession, by which the court will appoint an administrator and dispose of your assets as directed by state statute. Such a process may cause undue stress for your loved ones who may not believe your assets are being distributed as you intended or feel that the administrator was improperly selected. 

The creation of a will specifically outlining the distribution of your assets will remove any doubt as to your wishes or intent. Your loved ones will be at greater ease knowing that your estate will be handled as you directed. 

Choose who will Care for Minor Children

A will is also crucial to ensure that legal custody of any children is granted at your direction. Much like the estate assets described above, legal custody of minor children will be granted as directed by Minnesota law if not expressly provided for in a will. To ensure that your minor children will be cared for consistently with your wishes, it is essential to have a will in place. 

Make Specific Gifts

It’s possible that your estate includes certain items of significant commercial, sentimental, spiritual or other value. Given the significance of these items, there may be a specific person or organization that you feel should receive these gifts. By making specific gifts in your will, you can guarantee that these assets will go where you feel they will be best used. 

It should be noted that pets are also recognized as “property” of your estate, although you probably think of them more like family. A will can make a specific gift to ensure that your pets end up in the hands of owners who are ready to take them in and give them a loving life. 

Specific gifts in wills are also an effective tool for charitable giving, through which an individual can specify that certain assets be transferred to a social or charitable organization. 

Identify Assets

At a time when digital assets and online banking are commonplace, it’s possible that you have assets that even your closest family and friends are unaware of. A will is a useful tool in which you can identify those “less-visible” assets and describe how to access them (think investment accounts, health savings accounts, cryptocurrency ,etc.;). This way, your family will be aware of this gift that you have left them and will be able to take possession of these assets with ease. 

If you are curious about how your estate plan may benefit from a will, would like your will reviewed, or  are interested in having a will drafted, please contact me at (612) 361-6394, alex@smithpllcmn.com, or through our website portal.