Who should have a will?
Anybody and everybody.
What is a Last Will and Testament?
A will is instructions on how to pay the final expenses, who should take care of wrapping everything up, and who gets your stuff.
A Last Will and Testament is only one of the many estate documents of a complete estate plan. If you die without a will or trust, you are said to have died “intestate.” The state will determine who gets what in that case. You really want to put your plan in place of the default state plan.
When should I have a will drafted?
If a will is what you want, then immediately.
When should I have a will updated?
Anytime you have a major life change such as the birth or adoption of a child, buying or selling real estate, major inheritances, etc.
Why have a will?
Answer these 3 questions and you will have a good idea of what your estate plan needs to be:
- Who should get my stuff?
- How much should each person get?
- When should they get it?
Making a will, even a “simple will” is better than nothing in making your wishes known. At the very minimum everybody should create a will. Creating a will is not the hard task you may think it is if you keep the 3 questions in mind. However, writing your own will is not suggested as legal wills are complex legal documents in the area of estate law.