“Do I Need a Will if I Don’t Have a Lot of Assets?” 5 Reasons Why the Answer is Yes
Do I need a will? This is a question that everyone asks themselves at some point or another, especially when they hear about the unexpected death of a celebrity or family member who left their loved ones unclear about what to do with their assets following their death.
You may be under the impression that you have no need for a will if you don’t have many personal assets or much wealth. This is a common misconception. A will protects the ones you leave behind, even if you don’t have much to leave them. Read on to learn where a will can be of use.
If You’re Married
If you’ve recently gotten married, or even if it wasn’t recent, having a will in place is necessary for any real estate property ownership issues. Many fights are had after a loved one dies in regards to who gets to claim a home and property.
If you’re married for the second or third time, and there are children from a prior marriage involved, complicated family situations can arise regarding estate assets.
Having a will in place dictates who inherits property so that there is no misunderstanding in the event that something happens to you. It’s a great way to protect your newlywed in the case of an emergency.
Do I Need A Will? If You Have Children You Definitely Do
Once kids enter the picture, a will becomes necessary as a way to determine who will become the guardian of your minor children should you pass away. If you’re asking yourself, even as a young parent, “Do I need a will?”, the answer is yes. You want to ensure that your children are in the care of someone you trust to do the job in your absence.
You might want to consider leaving money to your children in your will that they can inherit once they’ve reached maturity. This ensures that they are at an age where they are mature enough to manage it. You can determine your own rules in your will for when they can claim their inheritance.
If You Have Elderly Parents
Taking out a will, even if you’re young and don’t have much to your name, could end up benefiting your elderly parents if you die unexpectedly. If your parents claim government benefits and you leave them a lump sum, that payout might make them ineligible to receive government aid.
Setting up a will with a provision where your parents receive scheduled payments instead provides them with the benefits of a financial boost without putting their other benefits at risk.
As You Age
Even if you don’t have a lot of assets right now, you’ll continue to accumulate more with age and experience.
Consider the benefits of a living trust that you can manipulate during your life but becomes irrevocable once you’ve died. The actual will is still important, however, to cover any and all assets not included in the living trust.
Get Legal Help
If you’ve been asking yourself, “Do I need a will?”, hopefully, the above insight has made it clear how important having a will is, regardless of your current financial situation.
To have your will drawn up properly, contact our expert legal team. We’ve been in the business of preparing wills and trusts for our clients for years. We understand the importance of having your wishes carried through after you’ve passed.
Contact us to schedule a meeting or to ask any questions about the process of having your will drawn up.