I often receive calls asking if the caller is "old enough" to prepare a will. Any competent adult needs a will. What about a 20 year old who has no assets, spouse or children? I say, "What if the 20 year old was killed in an auto/motorcycle accident by another motorist who was at fault? What if the family of the 20 year old received a million dollars in the settlement?"
When someone dies without a will, the state writes it for the deceased person by use of the law of intestate succession, the family tree. In this case, each parent would receive $500,000. What if one of the parents hadn't seen his/her child since the child was two years old? In this situation, had the 20 year old permitted me to prepare his/her will, do you think my client would have wanted half a million dollars to go to the parent who deserted my client when he/she was a child? Adults of all ages need an estate plan.
Tuesday, October 27, 2009
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