Yes, you probably need a will. In situations where you have little in assets and possessions and don’t have a complicated estate, you may be able to get away without having a will, but it’s always better to be on the safe side.
Estate planning, and wills, are an essential part of a comprehensive financial plan. Everyone that wants their assets distributed according to their wishes should have a will. This is particularly true for people who have young children.
For people without children and with a relatively simple estate, there are online programs that can help you create a valid will. Those with minor children or a more complex financial situation should have estate planning documents drafted by a lawyer who is experienced with estate planning.
Check out the video below if you’d like to learn more about how a will compares to a trust and the pros and cons of both.
