Why Young Couples Need a Will
If you are a young couple with few assets, you may think you don’t need wills, or maybe you haven’t thought about it at all. With your focus on starting a life together and maybe having children, it is common to overlook the need for a will (and health care proxy and durable power of attorney).
Accidents and unexpected illness happen to people of all ages (even young parents) and they can take away or change your life instantly. If the unthinkable happens and you (or your spouse or significant other) pass away without a properly executed will in place, it may cause significant legal and financial problems for your family.
If you still are not clear why having a will is so important, here are some reasons to consider:
• A will dictates who will care for your children after you are gone. If you have minor children or a special needs adult child, you will want to ensure that they will be properly cared for by the people you want, should you pass away unexpectedly. Don’t leave the decision to a judge who doesn’t know you…or your kids.
• It will outline how you want your assets distributed. Even if you think you don’t have much to leave behind, it is still important to show in writing who will inherit your estate.
• It will help with the probate process. If you die without a will, the probate process can be longer and more expensive than necessary.
• A will can prevent divisions in the family. Forcing a family to divide assets amongst themselves because a person passed away without a will has been known to create irreversible rifts and heated arguments that are never remedied. Help avoid family fights by outlining your wishes in writing.
Still don’t think that a will is necessary based on your life situation? At least do yourself (and your loved ones) a favor by getting the facts and meeting with an estate planning attorney. We invite you to call our office at 508.250.0797 or email info@gmairlaw.com to schedule a free estate planning session with the mention of this article. If you would like to be notified of future articles, please subscribe to our blog in the right hand column.
This article is intended to inform you of developments in the law and to provide information of general interest. It is not intended to constitute legal advice regarding a client’s specific legal issues and should not be relied upon as such. This article may be considered advertising under the rules of the Massachusetts Supreme Judicial Court.