Drawing up a last will and testament is often associated with old age or wealthy individuals who have to assign many beneficiaries. While these people benefit from creating a will, you don’t have to wait until you’re older to create your own – and shouldn’t wait that long, in fact. Anyone 18 and older, a legal adult, can create a will. However, there are times when making a will isn’t yet necessary. But who needs a will, and when should they draw one up? That depends on a few key factors.
You Need a Will If You Are Married
If you are married, your will is essential for putting down in writing what assets of yours get passed to your spouse. If you have assets you do not wish to leave to your spouse, a will can also help ensure that the correct beneficiary is assigned. If you want to make sure that your spouse is taken care of after your passing, a will is the best way to help them.
You Need a Will If You Have Kids
If you want your kids to inherit your assets after your spouse dies, you need to put that in writing, so there is no room for error or misinterpretation by the courts. Additionally, if you have several children and different inheritance wishes for each, that will need to be specified in your will.
A parent is someone who needs a will for many reasons. One key reason is that you can use your will to name a personal representative, or executor, of your estate and guardian of your kids. Naming a guardian is critical, especially for parents with young children. If you fail to name a guardian, the court will decide who your children will live with after your death.
You should update your will whenever you have a new child and can discuss with your Millman Law Group lawyer what to do in cases of blended families with multiple children.
You Need a Will If You Have a Positive Net Worth
Even if you are single and do not have children, you should have a will if you have a positive net worth. If you have assets that exceed $100,000, you will want a living trust which goes into effect after its signed.
When you have a range of valuable assets that need to be distributed after you die, creating a will is best to ensure minimal confusion and conflict.
Who Doesn’t Need a Will – Yet
A will’s primary function is to direct the distribution of assets. If you don’t have many assets to distribute, are not married, and have no children, you should be okay–for now–without a will. As soon as you get married, have a child, or come into money or property, you should draw up your will with The Millman Law Group.
However, it’s never a bad idea to have a will. Anyone who wants to keep their estate out of the control of the courts is someone who needs a will.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.