This question may be weighing on your mind for a variety of reasons: I don?t have a huge estate, why do I need a will? I don?t have any children so is there a need? I don?t want to give any of my money to my family, so do I need it? Regardless of if any of these questions ring true for you, there is immense value in having a will.
Perhaps you don?t have any kids. Regardless, most individuals will have some family members or legal kin, which is generally where your estate will go after passing. If you have a will, you can minimize taxes on your estate, making the value of what your family members or loved ones receive higher than without. You also get to decide the amount distributed to each eligible members, and who those eligible members are. Do you have an estranged family member who you want nothing to do with? Don?t write them into your will. If you don?t have a will, they may be liable for some of your estate, regardless of your personal feelings. This is also called “disinheriting” an individual.
If you have a large estate and want to leave your mark, you might consider writing donations into your will. There might be a charity which had a huge effect on you, something which you?d like to give back to in passing. If you don?t have a will, this isn?t really an option, and your family will have control over the probate administration. Having that level of control over what happens with your belongings can be very important to ensure peace of mind while you?re still here. The best part? You can change the will. Did your daughter disown you symbolically last week or vice versa? You can minimize value or even disinherit her from the will.
One of the main reasons many people get Wills is for peace of mind. Tomorrow won?t always come, even for the youngest of us, and having that control over what happens after our passing can be a boon. Having a will is a good part of that. Consulting with legal counsel will help you determine what type of will, and legacy, to leave behind.