Many people think that they don’t need a will, but this is almost never the case. Instead, almost all adults need to have a will in place. In fact, the real question that you should ask is why you are opposed to making a will?
There are many reasons why a person might need a will, but let’s take a look at some of the reasons you might think about right away.
What if I don’t have any high value assets?
You don’t need high value assets to need a will. Your will can cover anything that your family might fight over when you are gone. This could be a butterfly stained glass ornament or even silverware. The point of the will is so you can leave clear instructions for what you want to happen to anything that belongs to you. Some people choose to leave very broad instructions while others opt to leave very detailed instructions.
What if my children are minors?
If your children are minors, you need to use your will and estate plan to prepare for caring for your children in your absence. You will need to name a guardian who will raise the children when you aren’t here. You can leave assets for the guardian to use to care for your children.
What if my only thing to leave behind is a life insurance policy?
You need to make sure that the person who is named as the beneficiary on the policy is the person who you want to get the proceeds from the policy. You do have the option of placing the life insurance in a trust to distribute it.
Think carefully about how you are going to handle your estate so that you can get it all spelled out before something happens.
Source: Forbes, “Do You Really Need a Will?,” Rosie Wolf Williams, accessed Oct. 13, 2017
