Most people understand – or think they understand – the purpose of a will. It's a document that tells others what you want to happen to your belongings after you die. Some people believe they don't need a will because they don't have a lot of money or property or because they don't think what happens to their things after they are gone matters much. These attitudes, though, are somewhat short-sighted and there are many good reasons you need a will.
Reasons You Need A Will
Avoid Family Conflict
When a loved one dies without a will, survivors often fight over money and property. Even things of little financial value become objects of contention. For instance, who gets Dad's Purple Heart from the Korean War or who gets Mom's favorite poodle? You can help your family avoid such squabbles by drawing up a detailed will stating your preferences. Also, if there is a person, such as an adult child, whom you do not wish to receive any of your belongings, you can make that clear by mentioning the person's name in your will and leaving them “my love and regard.”
Care for Minor Children
A will can deal with more than just your property. If you are the sole parent or custodian of minor children. One of the major reasons you need a will is to pre-arrange for their care. This is especially important if you want someone other than a close blood relative to care for your child or children.
Some parents, for instance, want an unrelated godparent rather than a grandparent or aunt or uncle to raise their children in the event of their deaths. Others may want their dependents cared for by an unmarried partner or a close friend. All of this can be arranged by leaving a will.
Protect Your Relationship
If you are in a relationship with someone but not married to him or her, that person has no legal right to any of your money or your property if you die. If you want your partner to inherit any of your property – your home, for instance – you need to write a will specifying your wishes.
Even if you are young and healthy, there are no guarantees in life. It's a good idea to visit with an attorney and have a will drawn up. One of the many reasons you need a will is to reduce conflict within a family, help provide for your minor children, and protect the rights of an unmarried partner.
Have you taken the time to create a will?