What do Picasso, Jimi Hendrix, and Abraham Lincoln all have in common? Not much, it would seem. But they do, in fact, have one big thing in common. They all died intestate, which means, they died without leaving a will, causing problems and expense for their heirs. And they are not alone.
One survey found that two out of three Americans don’t have a will. The primary purpose of a will is to ensure that your assets are distributed to whomever you choose in the amount and manner that you choose. Other functions include assigning guardianship to minors and appointing an executor to carry out the provisions of the will. But is a will enough? Probably not.
A will may not protect your assets from certain probate expenses. And it won’t help your loved ones make decisions in the case of catastrophic illness or injury. A will may be only one of the documents you need and one of the factors you should consider when it comes to managing your estate.
Watch the video to learn more, and contact our experts at MN Wealth Advisors with any questions or for help creating a comprehensive estate plan.