The first question many people ask an attorney is “Why do I need a will” but most already know the answer. Here are a few reasons you need a will:
1) If you have children under the age of eighteen (18), a will allows you to name guardians who will raise the children until they reach majority age. If you do not name guardians, a court will likely decide who will be the guardian.
2) If your children are not at an age where you would be comfortable with them receiving their share of your estate as an outright gift, you can regulate when they receive distributions as they get older. This protects your children from…..themselves.
3) Regardless of your net worth or the age of your children (if you even have any), having a will makes the administration of your estate far easier and less expensive for those that you leave behind. If you don’t have a will, your state and its courts will dictate how your assets are passed.