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July 8, 2011
There are certain questions that attorneys find ourselves answering more frequently than others. Perhaps none is more common than the question of whether an individual needs to have a Last Will and Testament or similar estate planning document drawn up.
My standard answer to this question is that if you wish to control where your property goes when you go to the Great Beyond, you need a will. Many people fret about what will happen to grandmother’s antique sideboard when they are gone. These people usually derive some tranquility from having a will and should get one for their own sanity, if for no other reason. Also those who wish to make gifts to charity (or to friends to whom they are not related) need a will, as these groups do not get a share of your assets otherwise.
Perhaps foremost among those who need a will are those with minor children. A will allows you to designate your children’s guardian should you die. Many parents assume that if anything happens to them, their spouse will still be there. However (and this is a gloomy proposition, but please stay with me), given the number of places you go with your spouse, and the time you spend together, there is a significant chance that you may both go to meet your maker at the same time and from the same place. In that case, a Court would be required to determine who becomes the guardian of your children, unless you have a will. If you have children under the age of 18, you need a will. End of discussion.
If you are a "high net worth" individual (that is, you have personal assets in the millions of dollars), you may also need a will to help avoid potential estate taxes. Many people mistakenly think that they do not need to consider estate taxes because they are not "rich". However, with some baby boomers owning large retirement nest eggs, life insurance policies, and homes worth half a million dollars alone, well drafted Wills are no longer just for the well-to-do. While there is always some talk in Congress of repealing or reforming the estate tax, you should not count on it. That discussion has been going on for years, and a lot of people have been going on to a better place during that time. To review, if you have significant assets, you need a Will.
A final category of people who need a Will are those who own a business. Nothing throws a small business into flux like determining what happens when one of the owners passes away. It is critical that you have a business plan in place for when the unthinkable happens, and that you have a will that meshes with the business plans. You owe it to your partners and employees.
 Jeremy Attaway has practiced with Anderson, Walker & Reichert, LLP since 2005. His practice is primarily focused on civil litigation, including business, probate and tort issues along with general representation of small businesses and small business owners.
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