Tuesday, October 16, 2012

Why YOU should have a will

What if something were to happen to you tomorrow?  Do you know where your belongings would go?  Who would inherit your money?  Your house?  Your car?  Who would take care of your children? 

A will is an important thing for anyone to have, whether they currently have assets or not.  With a will, you have the power to determine where your assets go when you die.  You have the power to decide how to take care of your loved ones past your death.  In this blog, I will address some of the reasons people believe they do not need a will.  In a later blog, I will discuss the benefits of having a will.

"I have no assets."  While you may not have any assets today, you could win the lottery tomorrow.  Or, more likely, you will gain assets over time and never stop to think of creating a will.  If you create a will today, even with little or no assets, you will be able to protect your future assets and determine who you want to obtain those future assets.

"I have no children."  When you do have children, it is essential that you have a legal document which sets out who is to take care of your children should something ever happen to you.  While you may not have children today, it is important to prepare today.  When a child is born, it is amazing how hectic your life becomes.  With a new born baby creating a hectic life, the creation of a will can be overlooked.  If you create your will today, with contingencies on what will happen if you have children, you can protect yourself and your future children. 

"I want my assets to be distributed according to statute."  It is understandable to not want to go through the cost of creating a will if you are happy with your assets being distributed according to the default statute.  However, you need to keep in mind that the law is constantly changing and may be very different when you pass away.  A will can protect your wishes even if the law changes in the future.

I believe a will is an important legal instrument and is underused by Americans today.  I hope after reading this blog you will reconsider your need for a will.