Do I Need a Will If I Have Little Money?
Perhaps you don’t own many items or don’t have much money to your name. Do you still need a Will? Creating an estate plan is always a personal choice. However, it is best to produce a Last Will and Testament for your legacy to make sure that your wishes are carried out. If you do not have a Will, Indiana dictates what will happen to your possessions and money after you die. It is rare for your wishes to match those of the statutory mandates.
In some cases, you may have definite opinions about who you want certain items to go to. For example, you may own something that does not necessarily have monetary value, but has sentimental value. In that case, you may want the item to go to someone specific. You may have a pet that you want taken care of after you pass. Or maybe you have a snow globe collection that you would like to go to a friend or relative.
You can also decide in your Will where any money that you do have will go. A Last Will and Testament allows you to name who will be the Personal Representative (Executor) of your estate. The Personal Representative is in charge of making sure that your possessions go to the right person.
Another important provision of your Will is naming the guardian for your children. If you die while your children are under eighteen, then you want to decide who will be the guardian for them. Or if you have a child or spouse who is disabled, then you may want to create a trust in your Will to care for them after you’re gone.
Even if you decide not to create a Will right now, you should revisit the issue periodically. Your situation may change, causing your estate planning needs to change as well. If you accumulate more property or have children, then you may reconsider creating a Will. At that time, our attorneys would be happy to help you assess your needs and create a Will to meet them.