Everyone needs a Will. Even if you do not have a significant financial portfolio, you should have a Will. In fact, a Will might be even more important for people with fewer financial resources. Wealthy people can use all sorts of advanced estate planning tools, but people with more limited resources generally can only use a Will.
A Will is your chance to tell people what should happen to the property that you have after you pass away. Even if you do not have any financial assets, you need a Will to let people know how you want your personal property handled. In a Will, you can say who gets what, which is very useful for important personal property like family heirlooms or mementos. If you do not have a Will, state law determines who gets your property. The law might name someone you would not.
Wills do not need to be overly complicated or expensive for people with limited financial assets. A Simple Will can state your wishes and protect your interests. Talk to an estate planning attorney about having a Will drafted for you. The piece of mind that comes from knowing your affairs are settled is well worth the price of an attorney.
Stephen A. Mendel, Estate Planning Attorney
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