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When do I need a will?

On Behalf of | Oct 29, 2022 | Estate Planning

Drafting a will might sound like something for the very wealthy. However, if you have any assets, you need a will sooner rather than later.

According to CNBC, only 33 percent of Americans have an estate plan. Leaving your affairs for your loved ones to deal with is not a good option. Continue reading to learn why a will is essential for almost every American.

Choose your beneficiaries

If you die without a will, your assets will pass, according to Pennsylvania Intestate Succession. With a will, you have the option to circumvent the order of succession to a certain degree. You cannot disinherit your spouse. Pennsylvania Legislature grants one-third of your property to your spouse regardless of what your will says. After your spouse receives the legally required share, you can distribute your property any way you wish.

Protect your property

Both parties need a will when you jointly own property with your spouse. You cannot predict when you or your spouse will pass away. If someone dies unexpectedly, the surviving spouse becomes the outright owner. Having a will in place for each spouse ensures the property passes to the desired beneficiaries without any issue.

Protect your children

Parents need to draft a will, regardless of their wealth. A will designates the guardians of your children if both parents suddenly pass away. This fact alone should convince you to create a will as soon as possible.

Besides taking care of your children and managing the property after you die, a will allows you to enact your final wishes for your family. Do not neglect your will and leave your legacy to chance.