You’re 35 with your whole life ahead of you.
Who cares for a will….here are some reasons why you might
If you pass away and have a will your property and assets will be distributed according to your wishes. If you don’t have a will, it’s called “dying intestate” – basically the state law governs who will get your property and assets.
If you’re married with children, they will usually take priority and inherit your possessions, but that’s not always necessarily true. Without a spouse or kids, it’s more complicated.
When do you need a will?
There’s a lot of debate among professionals about who needs a will. While you can make the argument that it’s always better to have a will, here are the specific categories of people who need (and who don’t need) a will.
Married? You need a will.
If you are married, it’s important for you to put in writing whether she or he gets your assets upon your death. Don’t leave that up to chance. Additionally, if you want anyone other than your spouse to receive anything, you need to include that in your will because that isn’t the default.
Children? You need a will.
If you have children, you need a will as they are likely to inherit your things if you die intestate, after your spouse, but not necessarily. If you want your children to inherit after your spouse, you need to put that in writing so there is no room for error or interpretation by the courts. Additionally, if you don’t want one of your children to inherit, then that needs to be in writing. You make the decision not the state.
Another reason a will is important with children involved is because you name an executor of your estate and the childrens’ guardians. The executor is responsible for distributing your assets, and the guardian is responsible for raising your children. We suggest you make a will and keep it up to date.
Well off? You need a will.
If you are single and don’t have children, but you are well off, then you should have a will. Specifically, if you have assets that exceed more than $100,000, you may want to have a living trust which goes into effect right after it’s signed.
Are you young, broke and single? You don’t need a will (yet).
If you don’t have many assets to distribute then you may not need a will. If you get married, have children, or come into assets (money or property), then it’s a good idea to get a will.
When it is time for you to get a will in place, Salerno Law have Estate Planning specialists who can draft it for you. A will can help your distribute your assets according to your wishes instead of those of the state and avoid unnecessary family conflict.