It’s a common misconception that unless you are married with children and have a hefty bank account, you don’t need a will. And you don’t need an Estate Planning attorney because you don’t have an “estate? Well, let’s break it down.
A will is not just for married couples with children, or for the top 1%. In fact,, a will could be very important to have even if you are under 30 and single. What does a will really do? If you pass away and you have a will in place then you can be certain that your property and assets will be distributed according to your wishes. However, if you don’t have a will state law governs who gets your property and assets, this is called “dying intestate”. Typically if you are married your spouse and children will inherit your assets, but sometimes it gets more complicated than that, and infinitely more so if you don’t have a spouse or kids.
There are certain individuals who still don’t need a will yet, for example if you are young and unmarried, without children and you do not own any property then you should be fine waiting to obtain one. However, if any of these statements apply to you, you will still need a will.
· You are married.
· You have children.
· You own property (house, apartment etc)
· You have a positive net worth.
Attorney Sebastiana Bradstreet recommends that even if you are at the stage of your life where you don’t need a will yet, you should still obtain an Advance Medical Directive (AMD). An AMD refers to treatment preferences and the designation of a decision-maker in the event that you should become unable to make medical decisions on your own behalf. This is an incredibly important document and should be included with each individual’s personal medical records.
Ready to secure your assets or draft an AMD? Give us a call at (757) 320-2010 to schedule your appointment!