Adoption 101: The Legal Fundamentals

3 Reasons It so Important to Have a Will—Even if You Don't Have Many Assets

8 April 2021

Brayden Miles

People often believe that they do not need to draft a will unless they have substantial assets to leave behind for their loved ones. However, this common belief could not be further from the truth. In fact, it is a good idea for all adults to have a will even if they do not have a single asset. Below you will learn more about the three most important reasons you should visit an estate planner or attorney as soon as possible to ensure that you have a legally valid will on file.

Prevent A Stranger From Being In Charge

Whenever someone dies probate law requires that an executor or administrator is assigned to oversee the deceased's estate. This law applies to all estates even if there are no significant assets to be distributed among potential beneficiaries. 

When you leave behind a valid will, you will be able to name a family member or friend to act as the executor of your estate. However, if you die without a will, the court will be in charge of assigning an administrator to assume this role. This individual will often be a stranger to you and your family and will operate solely based on the letter of the law rather than on your wishes. Drafting a basic will is not a time-consuming task and can help to prevent this from happening. 

Ensure That Your Family Knows Exactly What You Want

One of the things that lead to fighting among family members when a loved one dies is a disagreement about what the deceased would have wanted regarding issues such as burial or cremation. Issues regarding the guardianship of minor children can also be hot button topics if your wishes are not made clear before your death. Even if you are not able to leave real property or money to your family at the time of your death, you can leave them with the peace of mind which comes along with knowing they have handled things in precisely the way you wanted. 

Provide Instruction For Sentimental Items

Just because you do not have many items of significant financial value does not mean that you do not have anything to leave behind for those you care about. In addition to allowing you to name beneficiaries for major assets, a will also give you the ability to provide instructions for the distribution of items that hold sentimental value. These items can be as significant as family heirlooms that have been passed on from generation to generation or as simple as leaving behind a specific knick-knack to a family member who has always admired it.

For more assistance, contact services like Wright Law Offices, PLLC.

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