Wills

In the legal sense, you do not need a Will. In a practical sense, you may want one. It allows you to make certain decisions with the force of law. The main decisions you make with a Will are: (1) name the person(s) who are to receive your assets; (2) direct how the person(s) is to receive your assets; (3) name the guardian of your minor children, and (4) name the person who administers your estate. If you do not have one, the state of North Dakota will make those decisions for you. A Will also allows you to decide how a person receives your assets at your death. You may decide to give your property outright to another person. If assets are distributed outright, the person can do whatever he or she wants to with the asset. You may decide you want to keep supervision over or exercise some control over your assets. For example, you may want to keep your farmland in your family for the next generation. One option would be to create a testamentary trust within your Will so that your family may enjoy the benefits of the farmland without having the authority to sell the property. With a testamentary trust, the Trustee would follow your directions and administer the farmland for the benefit of your family. It also allows you some flexibility on how your assets are distributed to others. If you do not have one, the laws of intestate succession generally direct your property to be distributed outright. A Will allows you to decide who will be the legal guardian for your children after your death. A court will usually give deference to your choice. If you do not make this decision, someone may petition to be a legal guardian. There is a much greater chance of competing petitions or disagreements if you do not make this decision. A Will allows you to decide who will administer your estate in probate. This person is called a Personal Representative (or sometimes referred to as an Executor). The Personal Representative pays your debts and carries out your wishes you have stated. Without a Will, state law dictates the order of priority for who will administer your estate. A Will is just a piece of paper unless it meets certain legal requirements. Hiring the estate planning department will give you peace of mind. Also, keep in mind a Will is just one piece of the puzzle. The estate planning department will guide you and help develop a comprehensive estate plan covering all of your needs and concerns while minimizing the risk of disputes.