Everyone Needs a Will… Here’s Why
As a probate and estate planning practitioner, one of the most common questions I receive is, “I don’t own anything, so I don’t need a will, right?” Wrong. If you’re a legal adult, you need a last will and testament – even if it’s just a very basic one.
Providing for Minor Children
Many people think wills are simply about giving your “stuff” away when you die. If you have young children, it’s important to consider who will care for them if something happens to you. Accidents happen, even if we don’t like to think about the possibility of leaving our loved ones behind. Whether you have a spouse or you’re a single parent, you never know what the future holds. If you don’t name a guardian for your children in your will, the probate court will appoint someone. A will allows you to designate the person you would like to raise your child on your behalf.
You Probably Own More than You Think
Wills are not just for the rich and famous – or even the moderately wealthy or middle class. Very few people own absolutely nothing. Consider the following questions:
- Do you own a car? What about a motorcycle?
- Do you have any furniture?
- Are you entitled to receive pension benefits?
- Does your employer have an employee stock option program?
- Do you have a life insurance policy, even a small one?
- Do you have a checking or savings account?
- Have you ever received a settlement or an inheritance?
- Do you receive bonuses from your employer?
Even savings bonds you received from your grandmother faithfully on every birthday count as property. The computers, TVs, and furnishings in your apartment are things that you own. As people get older, get busy, and move from job to job, it’s easy to forget little investments or small insurance policies. Maybe your employer at your old job offered a small 401(k) that you never bothered to rollover to your next company. The point is, you might not be a millionaire, but you probably own much more than you think. A will allows you to leave the things you own to people you care about.
Who Will Wrap Up Your Final Affairs?
Whether you own a lot or very little, someone must step forward to settle your final affairs after you pass away, including paying your last bills, taking care of funeral expenses, and distributing your property. Without a will in place, the court will appoint someone to handle these things. A last will and testament allows you to name a personal representative – called an executor – you trust.
An estate planning attorney can help you draft a will that suits your needs, whether your assets are extensive or modest. The important thing is that you have a plan in place to ensure your property and your loved ones are properly cared for. Call my office today at 772-220-9699 to discuss your estate planning needs.