What is a will?
A Will is a legally-binding document that lets you determine how you would like your estate to be handled upon your death. Wills are not just for the wealthy. Regardless of how much or how little money you have, a Will outlines your wishes regarding the distribution of your money, property, and personal belongings, as well as other important considerations like the legal care of your minor children upon your passing.
Do I need a Will?
If you are wondering whether or not you need a Will, ask yourself the following questions:
- Do you care who gets your property after you die?
- Do you care who gets your money after you die?
- Do you care who is appointed the guardian of your minor children if you die before they reach maturity?
If you answered yes to any of these questions, then yes, you need a Will.
Beyond your property and personal belongings, if you have minor children, a Will is very important. A Will ensures that you get to choose your children’s legal guardian should you pass before your children are of legal adult age.
Through a Will, you can also name your Executor, or the person who you trust to see your wishes are carried out and to ensure that all of your affairs are in order. For example, executors pay off bills, cancel credit cards, and notify the bank and other business establishments of your passing. Because executors play the biggest role in the administration of your estate, you’ll want to be sure to appoint someone you trust who is honest and organized (which may or may not always be a family member).