Why should I have a will?

You should have a will whether or not you have any significant assets. There is a common misconception that wills and estate planning are only necessary for the wealthy. Consider the following:

1. You cannot name a guardian for your minor children except through a will. If both you and your spouse die without a will, the courts will decide who should act as guardian for your minor children.
2. Without a will naming an executor, the court will appoint an administrator for your estate who will not know your intentions and will distribute your assets according to state law.
3. After the administrator of your estate has distributed your assets in accordance with state law, your spouse may not have enough funds to live comfortably.
4. The administrator of your estate may be unaware of your desire to leave funds to your favorite charity and will have no authority to do so. 
5. If you have no surviving spouse, your assets will be divided equally among your heirs. If you have one heir who is financially secure and another who is perpetually on the brink of financial disaster, you may not want your assets divided equally.
6. Depending on applicable state law, your grandchildren may not receive anything.
7. Also, depending on state law, your stepchildren may be completely excluded as beneficiaries of your estate (unless they have been legally adopted).
8. You cannot leave a stamp collection to a nephew and a family Bible to a first-born son. With a will and an accompanying letter of intent, you can specify who gets the stamp collection and who gets the Bible.
9. You cannot establish trusts, etc. to shelter assets and minimize estate taxes.
10. Division of your estate without your specific direction could result in unintended loss of benefits for a family member. For example, a family member whose nursing home care is being paid by Medicaid could lose those benefits after receiving a distribution from your estate.

For a further discussion of the need for a will, please contact us, contact an attorney, or read on.

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Last modified: January 06, 2005

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