There’s a lot of talk about wills and how everybody needs one, but do you really? When do you know it’s time to get a will? The following are some things to think about to get you started.
Married Individuals Need Wills Now
When you get married, you are committing a lot of things to another individual. You want the best for that person, and that includes after your death. If you don’t have a will in place, it’s possible your spouse will not inherit everything you own. Be sure your will clearly states your intention to leave all your assets to your spouse. If that’s not how you want it to be, then clearly state your plan to have other beneficiaries for your estate.
Parents Need Wills Now
As a parent, you do everything to make sure your kids are protected. One aspect you could be missing is creating a will. Do you know what would happen to your children if you died today without a will? If you are married to the children’s other parent, they would generally just stay with the parent. If you have full custody after an ugly divorce, or the other parent has passed away before you, the court may be the entity to decide where your children will go. They could end up in state custody, in the hands of a relative you don’t trust, living with an abusive former spouse or anywhere else if you haven’t named guardianship.
Individuals With a Positive Net Worth Need Wills Now
The number ranges from expert to expert, but many will tell you that if your net worth is $100,000 or more, you should have a will. You may not have a spouse or kids, but you do have property, and you should be able to say what happens to it after you die. Name exact beneficiaries in your will so your parents, siblings or other family members don’t have to fight over what to do with your assets.
Single, Broke Individuals Don’t Need Wills Yet
Someone who is single, broke, childless and possibly in great debt doesn’t need a will, but he or she will need one in the future. If this sounds like you, look ahead to the future realizing you’ll need a will after any life changing events. If you come across a large sum of money and are able to pay off your debts and put a large amount into savings, you’ll need a will. If you get married or have a child, you’ll need a will as well.
Getting Your Will Started
Whether you’re married, single, rich or poor, there’s a great possibility you should be thinking about a will. Contact an estate planning lawyer in Melbourne, FL today to get yours started.
Thanks to the Law Offices of Arcadier, Biggie & Wood for their insight into estate planning and when to create a will.