Is It Important To Have A Will Even If You Have No Assets?

 

Video Summary

Is it important to have a will if you have few or no assets that you're aware of?

 

The answer to the question is is yes, it is important, and that you don't know what assets you're going to have when you pass away.  You may be the recipient of an inheritance that you didn't know about.  You may be the lucky winner of a lottery, course you have to play to win.  But you don't know when you're gonna pass away, so therefore you don't know what assets you may have at that time.  And the will gives you an opportunity to designate to whom you wish to receive those assets.

 

Also as far as owning assets that you may jointly own with someone else, and you anticipate that they're going to survive you, well if they pre-decease you, well then you need to designate who you would want to receive that particular assets.  Also, it's important to designate who you would like to administer this.  Many times, whenever you have family involved, there may be one particular child that can get along with everyone else; or you may decide that you want a complete – someone that's not a family member to administer the estate to avoid any friction, and that way you can designate whom you would like to administer your estate.  So I believe that it is important.

 

Also, whenever you do your will, there are other documents that will be discussed, such as a living will, a healthcare surrogate, and durable power of attorney, all of which are estate planning documents that we discuss and usually execute in conjunction with your will, which controls the end of life situation, as far as your estate planning.

 

So if you 'd like to do a will, give me a call at 727-847-2288.