Do I Need a Will if I Have No Assets?
July 28, 2021
One of the most common questions probate and estate planning practitioners receive is, “Do I need a will if I don’t own anything?”. The simple answer is yes. If you are a legal adult, you will need a last will and testament – even if it’s basic. Here’s why you should have a will, even if you don’t have any assets.
What Does a Will Do?
A will is a legally binding document that lets you determine how you would like your estate to be handled upon your death. If you don’t have a will upon your passing, it can result in things like:
- State laws governing who gets your property and assets
- Uncertainty for your spouse and/or children
- A complicated process if you don’t have a spouse or kids
When Do You Need a Will?
There are plenty of instances where you should have a will in place. Even if you believe that you don’t have any assets, a will can help in these situations:
If You Have a Spouse
If you are married, having a will in place is an important precaution to protect them. When people pass away, their spouses usually inherit your things even if they don’t have a will; but that’s not always the case. Having a will ensures that your spouse receives everything they are entitled to and won’t leave anything to chance. Additionally, if you have things that you don’t want your spouse to inherit, you can write that in your will too.
If You Have Kids
If you have kids, having a will is important. Most people believe that a will is simply about giving your “stuff” away when you die. However, that’s not the only thing they’re good for. If you have small children, you can have a will to designate guardians. Even if you don’t want to think about the possibility of leaving your small children behind, it’s crucial to designate a person who will take care of your kids if you pass prematurely.
You Own More than You Think
Believe it or not, you probably own more than you think. Very few people own absolutely nothing. Here are some things to consider:
- Your Car
- Personal benefits
- Checking or savings account
A lot of people overlook simple things that can be passed on to another person. Without a will, those items may not end up in the possession of the people you want to have your stuff. Even small items and savings can benefit your loved ones. That’s why you should create a will, even if you think that you have nothing to give.
Let Us Help You Create Your Will
Here at DK Rus Law, we understand the importance of creating a will. No matter if you need a basic will or a more complex one, our certified probate and estates professionals will ensure that your will protects you and your loved ones.
Contact us now to speak to one of our Marland estate lawyers.
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