Little or No Property? A Will is Still a Good Idea

When is it important to have a will? Does it make sense for someone with very little possessions to make a will? The answer to that question depends upon whether or not the person is comfortable with the state they live in taking over and dividing their property in the event of an unexpected death.

Is a will right for you?

The purpose of a will is to distribute property and legally protect this distribution. A will can be a simple, typed out document that details the extent of property that individual persons receive in the event of a death. If a person dies without a will, property may go into probate, which may cause different distribution than what the deceased would have wished.

Many state laws will give a person's parents, spouse, child, or other close relative possession of a person's properties. In California, interstate succession laws will establish a person's heirs and determine how property will be divided amongst them. If a person wants their possessions to go to someone else or a charity, stating these concerns in a will is necessary.

A will can also allow an individual to designate who will oversee how property is handled. If there is someone outside of the state who is better suited to distribute property, a will can name this person the executor of the estate.

Deciding whether or not to make a will is a personal decision. As circumstances arise, such as having children or developing health problems, it may make sense to create financial planning documents. If a person is comfortable with how the laws of the state will distribute their property, then a will may not be necessary.

If a person is seeking to make a will to ensure their property goes into specific hands, hiring an estate planning attorney can make this process easier. The Woodbury Law Office can make sure this is an empowering decision in a person's life. Request a free consultation with our firm today!