Why You Need a Will

Julio Negron offers some advice on why drafting a will is such an essential process for every individual and how to go about it.

I’m Julio Negron of Kiplinger’s to talk about something you probably don’t even want to think about. Do you have a will? That’s estimated a 70% of all American have never drafted a will to plan for how they want there minor children to be taking care of or how there asset should be divided among there IRS. But in reality and this is what’s really scary your state has a one size fits all plan for you already like already made suit it might fit just find or it might be awful. If you’re married you spouse might get everything or maybe not. If you’re not married your parents might get some of your assets and your siblings maybe even nieces and nephews. One thing is certain, without a will no friend of yours we’re inherit at time no matter how friendly you are. There are some pretty good will reading software out there or you might need to hire a lawyer. Some people uses software and have an attorney to review there hand work. However, you do it you need the will. One final and critical point, event he best will can control the disposition of some assets. If you own a property jointly with the right of survivorship the way husbands and wives often own the family home it goes automatically to survivor when the first joint owner that. And if you’ve name someone to beneficiary about bank account or IRA or 401k that’s person gets the money when you die no matter what will you says. So, make sure your beneficiary forms are up to date.