Some people may assume that they do not need a will if they do not have any kids or if they are single. This simply is not true. Many people think they only need a will so that they can ensure that their children are taken care of after they die. While this is a great reason to get a will, it is not the only one. Below are some reasons why single people and married couples without children should also have a will.
1. Asset Distribution. One of the most important reasons to have a will is to make sure that your assets are distributed the way you want them distributed. Almost everybody has at least some assets. A car, a home, retirement accounts and more can be distributed to members of your family or other individuals. Without a will stating who will receive what assets, the law will decide where they go and this may or may not be where you want it to go.
2. Minimize Taxes. When you die, your estate will be taxed. By creating a trust along with the will, you can reduce this tax burden. This will ensure that much more of your assets will reach your loved ones without being taxed. You will be able to gift some of the assets to family and to charities so that the value of the estate will be diminished and will be taxed much less. This is a great reason to have a will.
3. Disinherit Individuals. Some state laws may determine that your assets go to your parents or siblings if you die without a will. Maybe you do not want your assets to go to a specific individual. Perhaps one of your parents has not been around for your whole life and you prefer those assets to go to a different individual, you can disinherit people in your will.
4. Take Care of Death Expenses. Another way to make sure that you do not add a burden to your family and friends is to use your will to allot some of your estate to pay for death and funeral expenses. This will ensure that it is taken care of before you ever die.
All of these are great reasons to have a will even if you are single or have no kids. It is important for everyone to be prepared for whatever may come. To learn more about estate planning, contact a company like Begley Carlin & Mandio LLP.