Estate Planning Basics: Top 3 Reasons You May Need a Will

When I meet with a potential new Estate Planning client, one of the first questions I hear is, "Do I really need a will?" That question is usually followed by comments such as, "I don't have tons of money," or "If I die, my spouse will just get everything," or "If my spouse and I both die, my parents will raise our kids."

Now, while it may be true that your spouse will inherit all of your assets upon your death, or that the person you want to raise your minor children will be appointed guardian, the only way to make absolutely certain that these things actually do happen is to have a will or trust in place.

The following are the top 3 reasons you may need a will or trust to protect yourself and your family:

  1. You have minor children, and you want to choose their guardian(s) in the event that both you and your partner pass. 
  2. You want to decide - instead of allowing a judge to decide - how to distribute your assets upon your death. 
  3. You want to distribute a portion of your assets to someone not in your family.

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