Do I Need a Will?

Wills 101: What Everyone Should Have in Place 

Many people assume they do not need a will because they are young, unmarried, or do not own significant assets. However, a will is not only for wealthy families or older adults. It’s for everyone. 

Without a valid will, state law determines who receives your property, who handles your estate, and, in some cases, who may care for your minor children. Creating a will gives you greater control, provides guidance for your loved ones, and can make an already difficult time a little easier. .

What Is a Will? 

A will is a legal document that provides instructions for the administration of your estate after your death. 

A will can be used to: 

  • Identify the people or organizations that should receive your property 

  • Name the person who will manage your estate and assets 

  • Nominate a guardian for your children 

  • Provide instructions for property left to children or other young beneficiaries 

  • Address personal belongings and sentimental items 

  • Direct how certain expenses and taxes should be handled 

The person appointed to manage the estate is often called an executor or personal representative. That person is responsible for working through the probate (court) process, paying valid debts and expenses, and distributing the remaining property according to the will.

Why Do I Need a Will, Even Without Many Assets? 

Even if you do not own a house or have a large investment account, you likely have more to plan for than you realize. 

Your estate may include: 

  • Bank accounts 

  • A vehicle 

  • Furniture and household items 

  • Jewelry or family heirlooms 

  • Digital assets 

  • Business interests 

  • Money owed to you 

  • Life insurance or retirement benefits payable to your estate 

A will addresses more than money. It can direct who receives sentimental items, who manages your estate, and who should care for your minor children. It provides clear instructions, which reduces uncertainty for the people you leave behind. .

What Happens If You Die Without a Will? 

When someone dies without a valid will, that person is said to have died “intestate.” State intestacy laws then determine who inherits the estate. 

The result may not match what the person would have chosen. 

For example: 

  • An unmarried partner may receive nothing 

  • A spouse may have to share the estate with children or other relatives 

  • Stepchildren may not inherit 

  • Family members may disagree over personal belongings 

  • The court may appoint someone to manage the estate whom you would not have selected 

  • There may be no written guidance regarding a guardian for minor children 

A will allows you to replace the state’s default plan with your own..

What Else Should an Adult Have in Place? 

A will only becomes effective after death. A complete estate plan should also address what happens if you are alive but unable to make decisions for yourself. 

In addition to a will, most adults should consider having: 

A Financial Power of Attorney 

This document authorizes someone you trust to handle financial and legal matters if you cannot manage them yourself. Depending on the document, this may include paying bills, managing accounts, signing documents, and handling property.

A Health Care Power of Attorney 

This document allows you to name someone to make medical decisions for you if you are unable to communicate or make those decisions yourself.

An Advance Directive 

An advance directive allows you to provide instructions about certain end-of-life medical treatments and communicate your wishes in advance. 

Updated Beneficiary Designations 

Beneficiary designations on life insurance policies, retirement plans, and certain financial accounts should be reviewed regularly. These designations may override instructions contained in a will. 

When Should You Update Your Will? 

A will should not be created once and forgotten. It should be reviewed regularly and updated when you experience major life changes. This can include: 

  • Marriage or divorce 

  • The birth or adoption of a child 

  • The death of a beneficiary, guardian, or personal representative 

  • A significant change in finances 

  • The purchase or sale of a home 

  • Starting or selling a business 

  • Moving to another state 

  • Changes in family relationships 

Changes in estate planning or tax laws 
Even without a major life event, reviewing your plan every few years will ensure that your will is tailored to your wishes. 

A Will Is About More Than Property 

You do not need to be wealthy, married, or retired to benefit from an estate plan. If you are an adult, creating a will and related planning documents is one of the most practical steps you can take to protect yourself and the people you care about. 

If you’re ready to take the next step, you can call us at (803) 764-9555 or schedule a free consultation with us today by clicking here.

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This article is a service of Simpson Law Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. We offer a free Estate Planning session, during which you will get more financially organized than you’ve ever been before and we will assist you in making all the best choices for the people you love. You can begin by contacting us here, https://simpsonestatelaw.com/contact-us or calling us at 803-764-9555, and our friendly team will help you set up your consultation.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Holly Simpson