Knowing who needs a will and when you should create a will is an important step in preparing for you future. A will is a legal document that spells out what will happen to your assets if you die. It also lays out who will be in charge of managing your assets. If you are married, you should create a will. If you have any children, you’ll want to create a will for their benefit. And anybody with positive assets should have a will in place. Having an experienced attorney guide you through the process of creating a will should give you peace of mind about your loved ones after you pass.
Who Needs a Will? When do I Need a Will?
Married
If you are married, then you’re someone who needs a will. When you die without a will, your assets would likely pass to your spouse, but it’s not a guarantee. Therefore, a will can ensure that your spouse receives your assets if that is what you wish. If there is anybody else that you want to give some assets to, this would be included in your will.
Children
Parents definitely fall into the category of people who need a will in place. In general, children inherit after your spouse has also died. So if you’d rather they inherit assets differently, you’ll need to spell that out. You can choose how to divide assets and property among your children however you’d like. In addition, a will lays out who the executor of your estate will be. It will also designate guardians for your children. This is obviously a huge part of why you need a will. The guardian will be in charge of raising your children after your passing. You’ll need to update your will if you have more children, or if anything changes with your guardianship plans.
Positive Assets
Finally, the question of who needs a will also depends on your assets and debt. If you have positive assets, you’ll want to create a will. Having positive assets means that your assets are greater than your debts. Therefore, if you’ve made and saved a lot of money and it exceeds any debts then you’ll want to designate what happens to it. Similarly, if you’ve inherited large sums of money or property, you’ll need to spell out what should be done in the event of your death.
If you’ve been wondering who needs a will, the answer really depends on whether or not it’s important to you to designate what happens to your assets or property after you die. For example, if you’re married and want to make absolutely sure your spouse inherits, or want to prevent that for any reason. If you have children, a will is important so that you can designate how they inherit assets and property from you. It also will spell out who should care for them after you die. And finally, if you’ve managed to save a bigger sum of money than your debts, you’ll want to designate who it goes to. By creating a will, you’ll be able to take care of loved ones even after you pass away.