As you begin to create your estate plan, you will likely create a will.  A will is an important estate planning document that allows you to do 4 important things.  If you are confused about the uses of a will, take a look at some of the information below.  We’ve outlined the 4 benefits of this powerful estate planning tool.  If you have any questions or if you’re ready to create your will, contact an estate planning attorney.

Choose who will handle your estate’s affairs

You want to make sure that your affairs are in good hands.  With a will, you’re able to appoint an executor who will handle your estate’s affairs after your death.  This allows you to have some control in your future affairs.  If you don’t have a will, the court will decide who will manage your private affairs and settle your estate.

Choose who will care for your children

In your will, you’re able to appoint a guardian for the care of your minor children.  This is a very important decision because you want to make sure that your children are cared for by a responsible and loving adult.  Without a will, the court will decide who will raise your children and it may not be who you’d choose.

Choose how your assets will be distributed

If you want to have control over how your assets will be passed on to beneficiaries, a will is an important tool.  Without a will, your state’s laws will determine how your assets are divided.

Give yourself and your loved ones a greater peace of mind

A will is a great way to give yourself and your loved ones greater peace of mind.  Knowing that your affairs are in order will allow you and your family to have less stress and feelings of uncertainty.

Take into consideration the many benefits of a will.  If you have any questions about the use of a will, or if you’re ready to execute your will, consult with a qualified estate planning attorney.

Ryan, Hicks, Cumpton & Cumpton LLP is a member of the American Academy of Estate Planning Attorneys.

Sadly, disagreements regarding inheritances are prolific even in the families of celebrities such as comedienne, Lucille Ball.  Ball’s daughter was unintentionally disinherited when many of Ball’s assets ended up in the hands of a virtual stranger.  That stranger was Ball’s husband’s next wife!!!

The famously funny Lucille Ball died at the age of 77.  Last year, her daughter, Lucie Arnaz Luckinbill went to court, hoping to protect some of the assets that her mother had earned and intended for her.  Lucie had previously never claimed her inheritance from the estate.

When Ball died, she left her belongings, which included photographs, lifetime achievement awards, and love letters between herself and Lucie’s father, Desi Arnaz, to Lucie.

However, Susie Morton ended up with the belongings.  Susie was the widow of Gary Morton, who was Lucille Ball’s second husband.  Many of Lucille’s belongings were passed to Gary after her death and once Gary died, these belongings went to Morton.  How crazy is that?

Morton attempted to sell the items, but Lucie’s attorney stopped the sale.  Lucie’s attorney ended up reaching an agreement with Morton and her legal team.  Lucie was able to receive the lifetime achievement awards which she donated to a museum in honor of her mother’s legacy.  Morton sold the remainder of the assets.

Encourage your parents and other loved ones to create their own estate plan so that you and your siblings are not unintentionally disinherited.   Create your own plan as well.  And, if something goes wrong with your parents’ plan, it’s perfectly appropriate to hire an estate planning/probate attorney to make things right.

If you have questions about an inheritance or if you’d like to fully protect your own assets from your husband’s next wife, consult with a qualified estate planning/probate attorney.

Ryan, Hicks, Cumpton & Cumpton LLP is a member of the American Academy of Estate Planning Attorneys.