Wills

You may recall the Oscar-winning film The Grand Budapest Hotel. The movie begins with an attorney reading a will to greedy inheritors all hoping to take ownership of a prized painting. Eventually we learn there is actually another will which has gone missing, and the missing copy causes a great deal of family chaos that carries on throughout the film. While hilariously funny, the movie is also an excellent reminder of the importance of properly updating your will and keeping clear records of updated wills while properly revoking previous wills.

The Grand Budapest Hotel (2014)

So What IS a Will – and Why is it So Important?

A will is a simple legal document that allows you to communicate your wishes for distribution of your property, and the care of your minor children, clearly and precisely in the event of  your death. It is also revocable and editable during your lifetime.

When There is No Will

Without a will, the state in which you reside decides how to distribute your assets to your beneficiaries according to its laws. This is known as dying intestate, and the resulting settlement, or probate, process may not produce the results that you would prefer for your survivors. You can prevent this from happening by having documents drafted that reflect your wishes.

Wills aren’t usually complex legal documents, nor are they difficult to draft. Regardless of your age or relative wealth, everyone should have a will – and amend it often as your assets grow. Once your personal wealth reaches the probate threshold, then a revocable living trust should be considered. We’re happy to answer any questions you may have. Simply schedule a free consultation with our of our estate planning team members.