At its most basic, a will directs the distribution of certain property at the time of your death. Most people know that a will belongs on a shortlist of essential documents for estate planning.
However, you might not know what factors make it beneficial to have a will, especially if you do not hold massive financial assets or own a company.
Situations that require a will
According to information from Money Under 30, nearly all married individuals will benefit from having a will. Two main reasons make this true: the first ensures your spouse will get the appropriate assets, without leaving it up to chance, and the second allows you to make arrangements for assets you want to direct elsewhere.
If you have children, a will further directs your assets in the way you desire, without leaving it up to state laws or a court’s interpretation. It also allows you to direct specific items to individual children if you so wish. A will also plays an important role in selecting an executor of the estate and appointing a guardian for the children.
If you have more assets than liabilities, a will also serves an important purpose. In addition to directing the distribution of your assets, a will makes things easier on surviving loved ones by providing clarity during a difficult time.
Situations that might not require a will
Individuals who have few assets and do not have a spouse or children can probably get by without a will. These individuals should keep in mind that situations change and they could soon benefit from this foundational legal document.