DO I NEED A WILL?
If you wish to designate how your estate is disbursed upon your death, you probably need a will.
Your estate is generally considered to be your money, property and other possessions.
The laws vary considerably from state to state and if you die without a will, the state may decide who gets what, without regard to your wishes or your heirs’ needs.
A will is a legal document that sets forth your wishes regarding the distribution of your property upon your death. Wills are also the best way to transfer guardianship of minors. A will can also be used to inform people about any other special wishes you would like carried out upon your death.
Also, in your will, you can name your executor, the person who you are designating to make sure that your wishes are carried out as outlined in your will.
You need for a will depends upon your specific circumstances. If you are a young person with no minor children and no assets, a will may not be beneficial to you. If you have minor children and extensive assets, a will may be beneficial to you and also your beneficiaries when you pass away.
If you have a small family with very few assets and you want to leave everything to them, creating a will is to meet your needs is fairly simple. If your situation is more complicated you’ll need to plan more carefully. A will can help make sure that what you leave behind passes to the people you intended.
To maximize the likelihood that your wishes are carried out, you want a will that is set forth in writing, and signed by you and your witnesses with your executor named.
As the laws do vary state by state, you may want to use an attorney to prepare your will to make sure it is legally valid and meets all the requirements set forth by the laws of your state.