The Importance of a Will, Why do I Need one?
The recent death of musician Prince provides a good example of why one benefits from having a Will. At the current time, no will has been presented or is believed to exist. Therefore, the future of his estate including his business, multiple properties, published and unpublished music, his publicity and likeness, any money distribution, and taxes will have to be determined in probate court and could take years to sort out. This could change if a Will is produced.
A Will or Last Will and Testament is a document in which a person specifies the method to be applied in the management and distribution that person’s estate after death. In addition to distributing your property, this is where you name an executor/personal representative, name guardians for children, forgive debts and more. The document needs to be signed and either witnessed or notarized in the manner proscribed by the laws of your State. You can update your will whenever you need to. Rules may vary state to state.
If a person does not leave a Will, or the Will is declared invalid, the person may be deemed to have died intestate, resulting in the distribution of the estate according to the laws of Descent and Distribution of the State in which the person resided.