If you own anything, have children, or care about what happens to your belongings after you die — yes, you need a will. Without one, your state's intestacy laws decide who gets your property, and the result may not match your wishes at all. A basic will doesn't have to be complicated or expensive, and it can save your loved ones enormous stress during an already difficult time.
Each state has default rules (intestacy laws) for distributing property when someone dies without a will. Your spouse and children typically get priority, but unmarried partners, stepchildren, and close friends get nothing by default.
This is the single most important reason for young parents to have a will. Without one, a judge decides who raises your kids — and it might not be the person you would have chosen.
A simple will covering asset distribution and guardianship can cost $150–$500 with a lawyer, or you can use reputable online services for less. The key is making sure it's properly signed and witnessed according to your state's rules.
Life insurance, retirement accounts, and jointly owned property pass to named beneficiaries or co-owners regardless of what your will says. Make sure your beneficiary designations are up to date and consistent with your will.
Marriage, divorce, births, deaths, moving to a new state, or acquiring significant assets are all reasons to review your will. An outdated will can create confusion and legal disputes.
More on this topic: Wills & Estate Planning
Need a estate planning attorney? Browse lawyers for Wills & Estate Planning
NotALawyer.com provides general legal information, not legal advice.