There are many reasons not to have a will, but the truth is that almost everyone should have one. In particular, those with real estate and minor children should consider getting one. Not having a will can leave your family’s property in the hands of state inheritance laws. It doesn’t cost much and is incredibly simple to do. The benefits of having a will far outweigh the disadvantages. Listed below are some of the most common reasons not to have a will.
Not having a will can cause your children to face difficult decisions when the time comes. Having a will in place will avoid such decisions. Having an attorney review your documents will help ensure that you don’t make mistakes. A will is a valuable piece of legal documentation, so you should make it as accurate as possible. You should also make sure your will is current. While some wills never need to be updated, it is wise to review it every two or three years. You should also review it at major life events, such as marriage or divorce, childbirth, or an important life transition. While this may not seem like a necessity, a child doesn’t need a guardian if they are old enough.
Separate property has complicated rules regarding distribution after death if no will exists. Depending on the type of property you own, intestate property distribution can be costly, time-consuming, and court-involved. While this isn’t the case for everyone, most people would not be happy with the way their property is distributed if you didn’t have a will. Depending on your individual circumstances, this could result in your survivors not getting what they were hoping to receive.
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