Do You Believe You Don’t Need a Will?

If you think a will is just for the rich, you are mistaken. Everyone who has any property at all needs a will, according to CNBC in "Think you're not rich enough to need a will? Think Again." Some people believe that if they only have only a little bit of money or property, then everything they have will simply pass wherever their family decides. However, that is not what happens. For example, if a person has a car when he or she passes away, then someone has to decide who gets that car. A related person cannot just show up at the appropriate government office and have the title changed into his or her name. It does not work that way. A court must decide who will get that car. In the absence of a will, a deceased person's property will be distributed according to the state's laws of intestate succession. Those laws determine which relations have priority to receive the estate and the court distributes everything accordingly. Bottom line: the deceased has absolutely no say in who gets his or her property. Instead of relying on a court to divide your property, get a will. It does not have to be complicated. An estate planning attorney can guide you in creating an estate plan that fits your unique circumstances including many, many assets or just a few. Reference: CNBC (Oct. 24, 2017) "Think you're not rich enough to need a will? Think Again."