Who Needs a Will?

I believe that nearly everyone needs a will or at least some equivalent estate plan (Trusts, beneficiary deeds, etc.). If you are totally broke and have no children, then you probably do not need a will. But most other folks can benefit from having at least some basic estate planning (with the most basic generally being a will). There is a bit of a misconception out there that if you do not have a large estate then there is no benefit to having a will. That is simply not true. If you have any property that you want to pass down, then you should prepare the proper documents to make those transfers when you are gone. For most people, the property is going to need to go through the probate process in some manner. Preparing a will and establishing who you want to be the administrator of your estate is reason enough alone to do one.

If you want to ensure that your property passes to the people you want to receive it, then you will need to make a will. If you do not do so, then the laws of the state will govern who receives the property - which may not be what you’d prefer. For example, in Arkansas that might very well mean your children receive property that you wanted to go to your spouse. Or, vice versa, it could give property to your spouse that you wanted to go to your kids. The other benefit of preparing a will or doing basic estate planning is establishing what property you have to pass down. Often when an individual passes, it can take a substantial amount of time to track down all of his or her property/assets - and some surely go unclaimed.