Who Exactly Needs A Will?

Who needs a will?

If you’re reading this, you probably need a will. If you have people you care about, or own any possessions, it’s wise to have a will. With that said, there are some who need a will more urgently than others.

If you’re married, you need a will.

This is because your spouse is someone who is so closely tied to you. It’s important for you to put in writing whether she or he gets your assets upon your death.

Traditionally, your spouse would likely inherit your things even if you die without a will. However, you shouldn’t leave that up to chance. Additionally, if you want anyone other than your spouse to receive any of your assets, you need to include that. This is because that isn’t the default.

If you have kids, you need a will.

This is because your kids are likely to inherit your things, after your spouse, but not necessarily. This means that if you want your kids to inherit after your spouse, then you need to put that in writing. This is to ensure there is no room for error or interpretation by the courts. Additionally, if you don’t want your kids to inherit, then that needs to be in writing.

Whether you want your kids to inherit your assets or not, it is likely that you have feelings about it one way or another. For this reason, it’s very important that you have a will in place so that the decision is being made by you, not the state.

Another reason why a will is important if you have kids is because you name an executor of your estate and a guardian of your children. The executor is responsible for distributing your assets, and the guardian is responsible for raising your children. Who you name as executor and as guardian is critically important to how your children inherit and how they are raised.

You can (and should) change your will over time. For example, if you have one child, create a will, then years later, have another child, you will need to update your will to include your new child.

If you have a positive net worth, you need a will.

This is because you have assets that need to be distributed when you die. It’s easier on your family if you put it in a will how you want your assets to be distributed.

Do I need a will if I’m single, young, and have no money?

If you’re single, young, have no children, and no money, you don’t need a will right away. However, if you have any last wishes, you can make it legal by having a will in place.

Contact us for a free consultation about drafting your will.

Read more about how wills work.