Wyoming,Wills,Why,Everyone,Sho law Wyoming Wills: Why Everyone Should Have a Will in Wyoming

When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a

Normal 0 false false false EN-AU X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0cm 5.4pt 0cm 5.4pt;mso-para-margin-top:0cm;mso-para-margin-right:0cm;mso-para-margin-bottom:10.0pt;mso-para-margin-left:0cm;line-height:115%;mso-pagination:widow-orphan;font-size:11.0pt;font-family:"Calibri","sans-serif";mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";mso-bidi-theme-font:minor-bidi;mso-fareast-language:EN-US;}There are diverse reasons for not writing a Last Will andTestament. The most common reason of all is simply that many people don’tbelieve they need one. This article explains the impact of such a decision ifyou live in the State of Wyoming.It is a common misconception that you only need a Will ifyou have some assets behind you. Nothing can be further from the truth.Consider Sarah, who is a single 25 year old with no children. Her primaryassets are her car and $2,000 in the bank.If Sarah dies without making a WyomingWill, her assets will be distributed in accordance with Wyoming’sIntestate Succession Law, which is contained in Chapter 4, Title 2 Wills,Decedents’ Estates and Probate Code.According to section 2-4-101(c)(ii) of the Code, Sarah’sassets will be distributed equally between her mother, father, brothers andsisters (and the children of any deceased sibling). What if Sarah wanted the$2,000 and the car to go to her parents? What if she wanted her brother toinherit her car? Consider if Sarah had previously inherited her grandmother’s weddingring and wanted her niece to have it? Nobody would ever know Sarah’s wishes andher family could end up distributing the assets between themselves as they seefit.Then, there’s Michael, a 51 year old office worker. Hehasn’t made a Last Will and Testament because he just wants his wife to inheriteverything. He assumes this will be the case even without a Last Will. Frankisn’t aware that his children will end up having a claim to his estate.Section 2-4-101(a)(i) requires that his wife share his probateestate (any property not limited by marriage settlement) with his children. Hiswife will only inherit half. The children share the other half. Michael alsohas a son from a former partner (which he hasn’t seen for years). That son willbe entitled to share the children’s half of the estate. This could be adisastrous outcome for Michael’s family.The family home is usually the biggest asset. If Michael hadbrought the family home into the marriage, then unless it’s held jointly by himand his wife, the family home would form part of the probate estate and willneed to be split up between the wife and children. Would his wife need to paythe children out? Pay them rent?Michael also doesn’t realize that dying intestate (without aWill) would cost the estate more to administer due to higher probate fees.Would he want his family to pay this extra cost?Finally, consider Tracy. She is a widowed grandmother. Shehad three children (2 have already died). The surviving child, John, has 2children, Joe and Joanne. Of her deceased children, one left behind a daughter(Christine) and the other left behind two grandsons (Thomas and Terrence).Tracy doesn’t see it necessary to make a Will.If Tracy dies without making a legal Wyoming Will, section2-4-101(c)(i) requires her estate to be split into thirds (representing each ofher children). John, her surviving child, will receive one third. Christine,the single-child granddaughter receives a third. The two grandsons receive asixth (since they would share the remaining 1/3). Thomas and Terrence wouldfeel disadvantaged as against Christine’s share. Also, what about John’schildren Joe and Joanne? They would also feel deprived, since they wouldn’tinherit anything from their grandmother.Is this the lasting impression the grandmother would havewanted to leave with her grandchildren? Tracy probably would have wanted hergrandchildren to be treated equally, but without a Will, she’ll never get thechance to make things right.As you can see, having a Last Will and Testament isextremely important in any situation. With larger estates, a revocable livingtrust may take care of the majority of the assets; however a will is stillneeded to pour over any assets to the trust. In short, everybody should make aWill, there is no excuse, no justifiable reason.