I Don’t Have a Lot of Assets, Why Do I Need a Will?
There’s a lot of debate (especially amongst the millennial generation) surrounding the need for a Will, or the importance of estate planning in general. Even some older demographics neglect to put a Will in place for varying reasons—from avoidance, to not believing they have enough assets to warrant one. However, as uncomfortable a thought as it may be, everyone must plan for the inevitable reality of death. Having a Will in place, no matter how many or few assets you may have now, can potentially save your loved ones time, frustration, and money in the long run.
Below are just a few reasons why, even with minimal assets, a Will is a critical document for everyone to have:
- You have children or are planning to have children in the future
If you have children now, it is likely that your children will inherit your things, after your spouse, but it isn’t guaranteed. This is especially true if you have a mixed family or if this is not your first marriage. Including your children in your Will removes any discrepancies in interpretation about who you want to inherit what. Even if you don’t have a lot of money, you may want to make sure your children inherit sentimental items such as family heirlooms. If you have minor children, stating your wishes for who will care for them in the event of your passing should also be included in your Will.
- You have money in the bank
If you have a positive net worth, that is, money in checking or savings accounts, and minimal debt, you need a Will. Even if you aren’t married and don’t have children, someone will be responsible for, both, distributing and receiving your assets. Without a Will, your assets would go through the probate process, where the court decides what happens to your belongings. With a Will, you can name a Personal Representative and beneficiary of your choosing, and keep your estate out of the lengthy and expensive probate process.
- You’re a giver
Many people overlook the fact that you can donate to charity through your Will. If you’re unmarried, and not keen on the idea of leaving your assets to anyone else, you can make a gift to a charity or organization of your choice. It is not uncommon for people to leave furniture, vehicles, or money to charitable organizations that align with their personal values and interests. And, charitable organizations are always happy to receive donations, no matter how big or small.
Sometimes the most difficult part of getting a Will in place is beginning the process. Estate law can be complex and intimidating. But an experienced estate law attorney can iron out the process, and make sure any assets you may have go to the right place. If you have questions about a new Will, or making provisions to an outdated one, contact Garner Law PLLC at (202) 627-6809 or http://garnerlawpllc.com/contact/. We are here and ready to help you with all of your estate planning needs.