4 Signs That You Need a Will

You likely know the purpose of a will, or at least how wills factor into the plots of numerous television shows, books, and other popular media. What you may not be entirely clear on is if and when you personally need to see an attorney to have a will drawn up.

Many individuals think of wills as legal measures taken only by the rich or the elderly. Unfortunately, this misconception can leave individuals and families without legal protection after the loss of a loved one. In fact, a 2017 Caring.com survey showed that 58 percent of American adults do not have wills.

In this blog, discover four signs that it's time to sit down with an estate planning attorney and create a will.

1. You Have a Potentially Life-Threatening Condition

While wills are important for individuals in good health as well, a will is essential if you have been diagnosed with any medical condition that could decrease your life expectancy. Your estate planning will be even more important if your condition could affect your quality of life.

When you sit down to create your will, you may also draw up planning documents, such as a power of attorney. This document dictates who would make medical and financial decisions if you became incapacitated.

Even individuals in perfect health should consider this measure to ensure that they receive the best care and that their financial affairs are handled in the case of an accident.

2. You Have Children

Part of your will is deciding on the guardianship of any minors who are currently under your care. Without clear and legally binding instructions from you, your family or a court of law may make decisions about who takes care of your children in the event of your passing.

In addition to issues of guardianship, your will allows you to specifically plan for your children's inheritance.

3. You Have Assets of Any Kind

In your will, you have the opportunity to lay out what you would like done with each of your assets. Under the law, your assets include a number of investments and belongings. For example, both your 401(k) and your personal vehicle qualify as assets. If you own a small business or have a large share in a company, your business interests also qualify as assets.

Without a will, your assets will be distributed according to the laws in your state of residency. In general, these laws allow for your spouse and children to inherit first, but this rule does not always hold true. 

In order for your family members to claim your assets, they may have to submit to lengthy and costly court proceedings that can cause immense distress when they occur shortly after the loss of a loved one.

4. Your Family Could Have Difficulty Dividing Belongings

Family feuds over assets are one of the most common tropes associated with a will. While you may not have long-lost relatives trying to claim specific family heirlooms, you may need a will to help your family make decisions about the division of belongings.

For example, if you are separated rather than divorced, your ex-partner may be legally treated as your spouse or left out of the division of goods altogether. Writing a will allows you to account for the complexities within your family and reduce the stress of estate proceedings.

If you fall into any of the categories listed above, consider scheduling a consultation with a legal representative who can assist you with writing your will. Think of this step like buying an insurance policy — you and your attorney both hope that you will not need to rely on your will in the near future, but it is better to be prepared.

For full estate planning legal services, including will writing and trust creation, trust the expertise of Shepherd Law Firm.