Why create a will?

A will affords you total control over what happens to your assets after you pass. There is a common misconception that wills are only for wealthy people. This is simply not true; most middle-class Americans have significant assets. For instance, if you own a home, a will is likely the best way to ensure it passes in accordance with your wishes. Additionally, while retirement and investment accounts may have designated death beneficiaries, if these beneficiaries die before you do the accounts will pass through the estate. A will ensures that these funds will distributed according to your wishes.

In addition to these straightforward considerations, though, there are often other circumstances that make wills preferable to taking your chances with intestacy law. If significant assets pass to minor children, complications can arise with the estate. Similar complications can arise when money passes to a loved one who is incapable of managing their own financial affairs. A significant inheritance can affect one's eligibility for public assistance. All of these problems can be anticipated in a will and avoided during the probate process. Additionally, mixed marriages can create issues. Relying on state law can disinherit stepchildren whom you may wish to provide for. Conversely, in certain circumstances it can benefit stepchildren with whom your are not close to the detriment of your natural children or other loved ones. 

Finally, there is also a misconception that wills are primarily for older people. While a young, single person with few assets may have little need for a will, this changes dramatically once a spouse or children enter the picture. Wills are especially important for young families, as the possibility of minor children inheriting substantial assets becomes a significant concern.