Why You Should Have a Will

You’re in your 20s. You are not married. You work a minimum-wage job. You have very few assets. Should you worry about estate planning?

While not everyone needs to spend thousands of dollars on a complex estate plan, every adult — even those who are young and not wealthy — should have some will in place. A will is a legal document that details what will happen to your assets when you die. It will include instructions for distributing property to your chosen beneficiaries, including making charitable donations that you want. If you have children, a will should also name guardians for them.

When you die, your estate will go through probate, usually; sometimes even when you have a trust. The probate process can be lengthy and costly, but a will can simplify this. It provides the executor, the state, and your heirs (or other beneficiaries that you choose) with intentions for your assets. Your estate may take longer to settle without a will; your assets could even go to family members you do not like.

Benefits of Having a Will in Place

Regardless of financial situation, everyone can benefit from a will. The main benefit of a will is that you can distribute assets and property according to your wishes. In your will, you can name things you own and say who they should go to. Here are some other benefits of a will:

Appoint Guardians for Minor Children

If you have minor children, a will allows you to name a guardian to care for them. Without this, the court will decide who assumes this responsibility, and it may be a person whom you do not like or who you do not want to raise your child.

Avoid Family Disputes

You do not want family members fighting over your property. A clear will can help prevent disagreements among family members. It reduces the likelihood of conflict or legal challenges.

Reduce Stress for Loved Ones

By planning, you make it easier for your loved ones to manage your affairs, reducing their emotional and logistical burden during a difficult time.

Allow for Charitable Giving

A will enables you to leave part of your estate to charities or causes you support, ensuring your legacy aligns with your values.

Minimize Taxes

A well-crafted will, in combination with other estate planning tools, can help reduce estate tax or other taxes and maximize the inheritance for your beneficiaries.

Include Specific Wishes

You can include personal wishes, which might not be legally binding without a written will.

Experienced Guidance for Estate & Probate Issues

You may think a will is not necessary for your situation, but having one can bring peace of mind for yourself as well as your loved ones when you die. A will can save time and money for your family members who are grieving your death.

Wills are not necessarily complex, but you want to make sure yours is done right. Count on Brentwood probate & estate administration lawyer Judy A. Oxford, Attorney at Law, to assess your situation and create a will that fits your needs. Fill out the online form or call (615) 791-8511 to schedule a consultation.