If you’re wondering if you need to make a will, the answer is fairly simple. Anybody can choose to have a will, and it will direct what happens to your assets after you die. However, many put off making a will until it becomes necessary. You need to create a will if you are married. Similarly, if you are a parent, you need to create a will. If you have a positive net worth, then it’s also a good idea to make a will. However, anybody can make a will and probably should. Make sure that you find an experienced attorney to walk you through the process.
When Is It Important to Make a Will? Protecting Yourself and Others
How Does a Will Work?
When you make a will, you are protecting your future in a way. If you pass away and you have a will, then your assets will be distributed the way that you want. If you have certain things you’d like to designate to certain family members or money set aside for charities, you will make that possible. However, if you die without a will, the court decides what happens to your assets.
Married
You need to create a will when you marry somebody. When you die, if you have a will, your assets will go to your spouse and children if you’d like. However, it’s not guaranteed if you die without a will or intestate. The courts typically prioritize spouses and children but it’s not always the case. If you’d like to direct your assets to anybody else, you can also accomplish this through a will.
Parents
Anybody with children needs to make a will. This is incredibly important because the assets that you leave your children are all you can do to set them off on the right foot financially for the rest of their life. If you have important possessions that you’d like certain children to get, you can outline this in your will. Your will is also extremely important because it will direct who will be the guardian for your children. This is the person that you choose who will raise your children in your absence, so it’s important to get a will in place so that you have control over this.
Net Worth
Finally, if you have a positive net worth, then you’ll need to make a will. Positive net worth means that your assets and savings total more than your debts. Especially if you’re net worth is over $100,000. A will can also help you establish what happens to your assets if you’d like to leave certain things to certain people or charities. You can also include details about what to do with your business if you’re a small business owner.
If you’re wondering if you need to make a will, the short answer is that if you have any desire to have a say in what happens to your assets when you die, you need one. If you’re a spouse and want to direct your assets to or away from your husband or wife, a will can do this. Additionally, it’s important for parents to have a will as well. This will make sure that their children inherit their assets and can also direct who is their guardian. Finally, if you have a positive net worth, you need to make a will. Just remember to use an experienced attorney to help you make your will so that it is legally binding and covers all of your bases.