Who Needs a Will, and Why?
A will tells how to distribute assets and debts, names the person responsible for settling the estate, names potential guardians for dependents, and hopefully resolves potential conflicts before they start.
A living trust does not replace a will, you still need a will even if you have a living trust.
Young parents especially need a will, even though they are often too busy to arrange for one.
Why do you need a will?
- determine guardians for children or other dependents, with assets allocated to pay costs
- make sure your favorite things go to people who will care for them
- arrange things for your pets, possibly compensating those who will care for them financially
- name an executor (often called a personal representative) and to handle the estate
Your will can be challenged, so it makes sense to prepare it with the help of an attorney who specializes in estate law. Using a form will may or may not be appropriate for your situation, and a mistake in the will can have serious consequences. Most lawyers charge from $300 to $1500 to draw up a will.
Your will should be updated if you move to a new state, or if you have children or a change of financial circumstances.
See: What if there is no will and no estate plan
One Response to “Who Needs a Will, and Why?”
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