Do I Need a Will? Article by LegaLees’ Attorney Lee Phillips Answers this Question
Orem, UT (PRWEB) July 27, 2013 -- One costly mistake folks often make is to ignore their estate planning. New Legalees Article on wills clarifies a few important issues. Most people think that they don’t need a will yet. As a result, less than half of Americans have a will in place when they die. Having a will in place can make a big difference in the final outcome of an estate. Attorney Lee Phillips claims that there is more to it than that. He observes that, “a correctly structured estate can make a difference not only in the final outcome of an estate, but in the asset protection and tax planning benefits people can enjoy throughout their lives.”
In his “Do I Need a Will” article, Attorney Phillips reviews the story of a young family who loses a wife and mother. He points out that while the family is young and has few assets, a will is important because it names the guardians for the minor children. It is so much better for the parents to pick the people who can best serve as a guardian, than for a judge to do it. The judge doesn’t know the children or the people who would be the guardians. He cannot take into account personality conflicts or nurturing traits. Lee then describes how to outline qualifications for the guardians.
As an example, in the article Mr. Phillips notes, “a guardian who may work for the children today, may be unable to serve because of health considerations in ten years. If the will does not take this into account then the family will be forced back to square one and the judge will choose the guardian.” Mr. Phillips, observes, “Estate planning mistakes in writing a will are problems I see all too often in my job as an attorney and I’m on a mission to shield folks from these problems.”
The bottom line is life is uncertain and every family needs to put a proper asset preservation and estate planning foundation, including a will, in place. It does not matter whether they are young and have few assets or whether they are in good health, with no prospect of dying. A proper estate plan let’s people move forward with confidence regardless of what is happening around them. The family can save on taxes and not be as fearful of eventualities that can change their circumstances. This will give them more confidence and security. As an added benefit, when people have an aura of confidence, they often attract more opportunities for success in life.
Mr. Phillips is an attorney who serves as a counselor to the Supreme Court of the United States. He enjoys helping other people apply the law, not only to provide asset protection, but to use the law to structure businesses and save taxes. He is the author of 11 books, including his latest book, Protecting Your Financial Future. He has written hundreds of articles for professional publications.
LegaLees is a legal self-help publishing company that was founded in 1982. It produces products designed to help people understand the law and better structure their personal and business affairs. Their mission is to help people protect assets and prevent legal disasters that can strike at any time.
Lee Phillips, LegaLees, http://www.legalees.com, 801-802-9020, [email protected]
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