Why You Need a Will No Matter What You’re Leaving Behind

Many people think that if they don't have any significant assets, they don't need a will. Wills are often seen as a way to distribute all your belongings after you pass away, and they can serve that purpose. However, the reality is that wills are not just for the wealthy to give gifts after death. Wills exist to protect you and your loved ones, even if you don't have major assets to leave behind. It's crucial to understand what a will can do for you and your family before assuming you won't need one. Creating a will could be more vital than you ever thought.

You Probably Have More to Leave Than You Realize

Your estate might not be worth millions, but it’s almost certainly worth something. Assets that people regularly overlook for their will include:

• Bank accounts
• Life insurance
• Pensions or retirement accounts
• Savings bonds
• Vehicles
• Electronics
• Other personal belongings

It all needs to go somewhere when you die; making a will ensures that it goes where you want it.

What a Will Can Do for your Dependents.

Though you might not have a huge fortune to bequeath, if you have young children, a will enables you to choose a lawful caretaker for them. Your kids aren't the only ones you can provide for, either. A will can assist you in guaranteeing that any dependents you care for are properly looked after when you die. This includes any disabled relatives under your care, elderly family members you care for, and even your pets. Being able to appoint a guardian for them can help prevent turmoil after your passing and make sure your loved ones receive the care they require once you are gone.

Helps to prevent any arguments within your family.

You may think that your family will honor your final requests after you die without needing a will. However, losing someone close is an extremely emotional time and can cause family members to act in unexpected ways. Having a will provides them with a clear plan, states your desires, and gives legal direction for what must happen. This can prevent conflict over even minor possessions like your clothes, special collections, or even your car. A will can guide your family to follow your wishes during the difficult time after you pass away.

Cuts people in (and out of) your estate.

Families can be complex. Frequently there are remarriages, children from multiple relationships, step-children, and unmarried partners involved. If you want to ensure that a person either receives or does not receive a portion of your assets when you pass away, you must specify this in a will. There's a strong possibility your estate will have some value, even if just a few hundred dollars. Explicitly stating how those funds should be divided among your beneficiaries will prevent misunderstandings or anyone being excluded when that was not your intention.

Gives you control over what happens after you die.

Would you prefer to be buried or cremated when you die? Do you want to make sure a particular religious ritual is conducted at your funeral service? No matter what you desire to transpire after your passing, a will is the appropriate document to record those desires. Since a will is legally enforceable, those wants can be fulfilled. It can bring comfort knowing your final requests will be respected.

What Happens if You Don’t Have a Will

If you don’t leave a will, then it will be left up to the law and the court system to decide what to do with your estate. What they decide will depend on a number of factors, such as:

• Where you lived at the time you passed away
• Whether or not you were legally married
• Whether or not you had any children

If you are married, your assets will likely go to your spouse automatically. If you have kids from a past marriage, the law may split your estate between your current spouse and children. If you don't have a spouse or kids, your estate could go to your parents or siblings. And if they pass before you, it may go to more distant relatives. There are cases where someone has no living family, and then their assets would go to the government. Only if you specifically name an unrelated person or group in your will, like a friend or organization, would they get your estate. Otherwise it goes to family members.

Creating a Will Doesn’t Have to Be Complicated

Writing a will is not about relinquishing your belongings. Rather, it ensures your final wishes are respected and provides for your loved ones after you're gone. Creating a will doesn't need to be complicated or pricey. Working with an experienced lawyer can simplify the process and help guarantee all aspects are addressed. They can identify assets you may have overlooked or develop a plan that includes all the important people, charities, or groups in your life.

Everyone requires a will, and Gravis Law Office would be happy to assist you in creating one tailored to your situation. Please contact us today to schedule an appointment to draft your will. You can call us directly or use the form on our website to get in touch. We'll set up a meeting at a time convenient for you.