When and why you need a will

On Behalf of | Jan 5, 2021 | Estate planning

In general, it is better to have a will than to not have one. If you die without a will or some kind of estate plan in place that determines how your assets will be distributed, such as a trust or beneficiary designations, the state of Wisconsin decides what will happen to your assets.

Who doesn’t need a will

Who needs a will? The simple answer is that anyone who is at least 18 should have a will. However, if you are young, single and lacking any significant assets, such as a home, a will probably does not need to be your top priority.

However, you should keep a couple of things in mind. One is that you may have items of sentimental value that you want distributed a certain way. The other is that you may want to look into other estate planning documents, such as powers of attorney, to give people the ability to make legal and health care decisions on your behalf if necessary.

When to make a will

Essentially, everyone else needs to make a will, and this is particularly important if you have children or a spouse. Things will be a little less difficult for your loved ones if you have a will that explains what you want to happen to your assets, and you also want to ensure that they are taken care of as you intend. If you are single and have significant assets, you also need a will.

It is recommended to work with an attorney to prepare a will because it can be easy to make simple errors that render the will confusing or even invalid. An attorney may be able to suggest solutions to estate planning issues that you would not have otherwise been aware of.