If you do not own many assets, you may think that you do not need to go through the process of creating a legal will. However, it is almost always a good idea to do so. Most people, even those with limited assets, can benefit from a will because it can handle the details of your life that you may not think about.
Forbes explains that a will is important if you have children. It is the only way you can legally name a guardian for your minor children. What happens if you do not have minor children or if you do not have anything of value to leave behind? If your children are no longer minors, you do not have children or you do not think you have anything of value, a will can still be a good choice because it allows you to distribute everything you own and prevent family issues after your death.
Many assets, such as a life insurance policy, do not require a will to distribute because they have named beneficiaries. In addition, the court will follow state law when it comes to distributing your assets if you do not have a will. In general, this means your spouse will get everything or your children will get it if you do not have a spouse.
The issues a will can address when you do not have a lot of assets are the smaller details. Families often end up in disagreement over simple things, such as who gets your China collection or who gets to keep your dog. The court will not involve itself in these minor decisions. It will leave that up to whoever is your legal heir.
Having a will can enable you to dictate who gets what no matter how small it is. You can detail everything you own in a will. This can help your family to avoid problems or disagreements over the things you leave behind.