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Do I need a will if I don't own much?

Often, those who are young or do not have many material possessions fall prey to the incorrect assumption that they do no t need a will. However, this is a faulty approach to will-creation. Not only does a will govern how your estate will be distributed (however modest it may be), it also can declare your wishes for a number of very personal decisions.

If you have a child, who will care for him or her if you and the child's other parent both pass away or are incapacitated? With a proper will, you can establish your child's future caretaker in the event of a tragedy that claims both the child's parents. Similarly, you can use a will to establish your end-of-life wishes. Have you decided that you would prefer to have your body cremated and your ashes scattered on beach you like to visit? Well, that may never happen if you don't specify it in a will.

What if you have very little to your name, but those things that you do have hold great emotional significance to your loved ones. Perhaps you are a struggling musician with little to your estate but a couple of guitars, an amp, a turntable and a record collection of 50 or so of your favorite records. While the entire lot of things may only have a street value of around a thousand dollars depending on the nature of the items, those things may be priceless to the ones you love. Without making your wishes known, you may inadvertently create further pain for your loved ones when you pass, leading them to fight over few things you left for them to cherish as a part of their memory of you.

No matter who you are or what you have accumulated, it is wise to make a will. You can count on the guidance of an experienced attorney to provide you with insight to create the perfect document for your needs, protecting yourself and the ones you love regardless of what the future holds.

Source: Pauls Valley Democrat, "More on estate planning myths," March 03, 2017

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