We often get asked by clients and friends if they need a will or not. The quick and easy answer is usually, “Yes,” with a few exceptions.
Wills allow for your property and assets to be distributed according to your wishes. If you don’t have one, state law dictates who gets your property and assets. And even though your spouse or children will usually take priority in this situation, that’s not always the case. In fact, if you don’t have a spouse or a child, it gets even hairier.
You Need a Will If:
You Are Married: As stated before, even without a will your spouse is most likely to receive your assets if you pass away. However, there is no reason to leave that to chance or technicality, especially when they are someone who is tied so closely to you.
You Have Children: Your kids are usually next in line to inherit your property and assets, however, this isn’t always the case. If you have specific instructions for how your property or assets should be distributed between your children and your spouse, or even if they should not be distributed in certain instances, you need to have that in writing.
If You Have a Positive Net Worth: This simply means that, when you pass away, there will be people who need to know how to divvy up your assets. If you die, a will can provide a roadmap to those executing it on where those property and assets are going.
You Don’t Need a Will If:
You’re single, do not have kids or dependents, and do not have a positive net worth.
Please be sure to contact Steel Valley Investment Group of Raymond James for more information on how to get started on your will or for more information.