The most common reason people give for not having a will is that they have nothing to leave to anyone. While that may be true Today, that is rarely the case when someone passes away. A will is not a document to divide up what you have right this instant, but rather a plan on how your assets will be divided up in the future.
Let’s work with an example. Let’s say you have a couple, just married, in their late 20’s. They have a house they just bought, with little equity, and a few thousand, each, in retirement plans, and maybe a thousand or so in the bank. They each are the beneficiary on the other’s accounts or they own everything jointly with survivor-ship. A will seems to be unnecessary.
But it’s not. A will grows with you as your circumstances change. Think of it this way, what happens if they have no will, the couple die in a car crash, and now they have the house with 100,000 in equity, retirement plans with several tens of thousands of dollars in them, and $15,000 in the bank. The determination of who know inherits this property will now go through a complicated interstate determination, instead of a simple direction, the couple could have coordinated through their wills, a decade ago.
Finally, doing a will now, instead of waiting until you think you have assets to leave will avoid trying to rush to create one if you have a health crisis. Or that you have waited so long you are no longer competent enough to make a will.
While a will today seems unnecessary, it is the first step in a long term plan in handling your assets in the future. Making one now, means, down the road, you only need to review your plan for any adjustments and it gives you peace of mind that if something does happen, your wishes will be followed.
Call my office today to discuss preparing a will or to review your current one.