When do i need a will? Our estate planning lawyer weighs in
As an estate planning lawyer, one of the common questions we are asked is “do I need a will?” The short answer is yes, everyone does.
When do i need a will? Our estate planning lawyer weighs inAs an estate planning lawyer, one of the common questions we are asked is “do I need a will?” The short answer is yes, everyone does.
Often, clients do not think they need a will until they are much older, but that is not the case. A will is used to divide up your properties and assets according to what you want.
If, for some reason, you pass away unexpectedly and do not have a will in place, the state will decide who receives your assets and property.
No matter how old you are and no matter your financial situation, our estate planning lawyer in NYC can help and provide you with the guidance you need. Do not hesitate to call us today!
Estate Planning Lawyer: You Need a WillIn short, everyone should have a will, but not everyone does. Below, we will discuss some of the situations when you should DEFINITELY have a will. Should you need help creating one, our estate planning lawyer can help.
1. Have Children
If you have children, you will need to have a will in place. Why? Because at some point, your children will likely inherit your assets and items. If you want your children to receive any part of your assets or wealth, you will need to put it down in writing.
Even if you do not want your children to inherit your wealth, you need to make sure it is in writing. Remember, your children cannot see your will, so no one knows what you put it in, except you and those you designate to see it.
One of the nice things about establishing a will now is that you can change it at any time. Say, for instance, you have grandchildren that are born, and you want to designate money towards their future, you can write it out in your will and make sure it happens.
2. You’re Married
If you are married, you will want to have a will in place, especially if you want your spouse to inherit your assets. While, in most cases, your spouse will inherit your assets, this is not something that you want to leave up in the air.
Should you decide that you do not want your spouse to inherit your assets, you can appoint someone else to receive them. This information needs to be placed in your will, so that your wishes can be honored once you pass.
Get in Touch with Our Estate Planning Lawyer in NYC NowDeciding when to create a will can be tough, but you should always have one in place, especially if you are married or have kids. You should also make sure that you have a will in place if you have a lot of money or wealth.
Should you be single without any kids and no assets, you do not necessarily need a will right now. The reason behind this is because your will lets others know where your assets should go and if you have no assets, there isn’t much need for a will.
If you need help planning out your future or creating a will, our estate lawyer is here to help you. Call Morgan Legal Group PC today at 212-561-4299 to schedule a consultation.