There are a number of Tennesseans who do not have a will. There are a myriad of reasons as to why someone may not have a will. However, there are plenty of misconceptions as to wills and whether you need one. Whether you think that your estate is not large enough, you are too young to have one, or simply that a will costs too much, each of these misconceptions could not be further from the truth. It is important to understand the basics of what a will actually does and the benefits for having one to dispel any misconceptions that may be out there.
In its most basic form, a will designates where you want your assets to go upon your death. However, a will can provide much more than simply outlining where you want your stuff to go. A will can provide a number of benefits to people no matter where you are in life.
Wills Are Not Only For Those with Larger Estates
Many people automatically assume that a will is only necessary for those with a larger estate. However, a will can be just as useful for those just starting out in life or those with a smaller estate. By having a will and designating where you would want your assets to go, you ensure that those assets go to where they would be needed most. When a person dies without a will or otherwise known as “dying intestate”, the assets are passed to your relatives according to state statutes. In drafting a will, you are able to specify exactly who would receive what portion of your estate rather than allowing a general state statute to determine where the assets would be distributed. In other words, you can make sure that anyone who may need a larger portion gets what they need.
Wills Are Not Just for Older Individuals
While many younger people may think that a will is not necessary, a will can provide a number of benefits to younger individuals or younger families. For those with minor children, a will can designate a person who would serve as the guardian of the minor children in the event of your death. This can enable you to make the best choice for your children if something were to ever happen. Otherwise, the court would be left to determine who would care for any minor children.
Drafting a Will Does Not Have to Be Expensive
When many people hear about having a will drafted, they may assume that it is an expensive process with hidden legal costs. However, having a will drafted does not have to be an expensive process burdened with hidden legal costs. At The Higgins Firm Estate Group, our Nashville based office offers wills for a flat fee. There are no hidden hourly fees like at some law offices. We are upfront with our price and will not surprise you with a bill at the end. You receive the care and attention from one of our Tennessee wills lawyers throughout the process.
Contact The Higgins Firm to Draft Your Will
If you have any questions about how drafting a will can be beneficial to you and your loved ones, contact The Higgins Firm. Our Nashville wills lawyers would be happy to discuss what options you have in drafting your will.