Many people think that if they are relatively young, single, and don't have a lot of money or assets, then it isn't all that important to have a will. If you are in such a position, there are still a number of reasons why having a will might be a good idea. Writing a will can force you to deal with certain issues that you otherwise might not consider. [This is in addition to having a "living will" where you get to designate who makes decisions on your behalf if you should become medically incapacitated and unable to communicate. For now however, let's concentrate on standard wills that people use to express their wishes and desires after they have passed away.]
Here are a few pointers that you should keep in mind:
• If you are single and die without a will - ALL of your assets will generally go to your next of kin. Make sure that this would really be what you want.
Your next of kin will often be your parents if they are still alive and you have no children. The important thing to keep in mind here is to make sure that you really want them to get all of your possessions. This may include your secret diary, love letters, porn stash, naked photos or private sex videos of you that your significant other took, stuff that you would rather have your parents not know about you, etc. If you think that this might be a problem - be sure to write a will designating a separate executor who ensures that private things are either destroyed or go to where you really want them to.
• It is still important to designate who takes care of your estate and belongings by naming an executor whom you trust. This may very well be your parents or siblings - but maybe not. Everyone's situation is different.
• Your will can designate who takes care of your pets.
Many single people have pets. It is important to specify how you want them taken care of (and by whom). Otherwise, your cherished pet may be given away to some relative stranger or even end up in a pound if nobody else steps forward to take responsibility for him or her.
• What if you have kids or get married AFTER you write your will and neglect to update it?
You should always consider updating your will soon after any major event in your life such as getting married, having children or experiencing a significant change in your financial situation. However, if you neglect to update your will after getting married or having children - don't panic. All is not lost.
If you have a child after you write a will, many states will presume that you really meant to provide for your child from your estate. The courts will usually treat the situation as though you died without a valid will - giving your child a share of your estate that they otherwise would have gotten as next of kin. It won't matter if your child was born out of wedlock, adopted, or if you mistakenly thought your child was dead.
Courts in many states will only exclude your children from your estate if:
(1) Your will specifically explains that you wish to exclude any future children;
(2) If you will your estate to the other parent of the child (who presumably would then take care of the child on his/her own); or
(3) You financially provided for your child in ways outside of the will (i.e., a life insurance policy) and other evidence suggests that you intended such support to be in lieu of payment from your estate.
None of this will apply if your child is legally adopted by another family before your death. In that case, the child would not be entitled to your estate unless he/she is specifically mentioned in your will as a beneficiary.
If you happen to get married after you write your will (and fail to update it to include your spouse), many states will presume that you really meant to include your spouse in the will.
In that instance, the courts will often grant him or her half of the community property (if you lived in a community property state), as well as the same portion of your personal estate as though you had died without a will.
This will often not apply if:
(1) There is specific language in your will excluding any future spouses, etc.,
(2) You financially provided for your spouse in ways outside of the will (i.e., a life insurance policy) and other evidence suggests that you intended such support to be in lieu of payment from your estate.
(3) Your spouse signed a written agreement specifically waiving rights to the estate (in a pre-nuptial agreement, for instance).
* Important Note: Please keep in mind that the laws of each state may be different, despite the general principles that have been discussed here. With something as important as the distribution of your assets, you will want to make sure that the laws of your state conform to what you expect to happen with your estate.
• If you happen to obtain a lot of assets, or end up owning a nice home, then it might be helpful to consult a tax and estate attorney. The government often takes money out of large estates after you pass away. If it applies in your situation, you may want to try and avoid having to pay the full amount of taxes on your estate to make sure loved ones get as much as possible.
Congress often changes the amount of estate taxes from year to year. Through 2008, estate taxes (often called "death taxes") generally only apply on estates over $2-million. However, it is helpful to at least consult an attorney or tax specialist for any estate over about $675,000. There may be ways to either shield your assets from tax liability or distribute them outside of a will in order to avoid estate taxes altogether.
• As a reminder, it is always important to consider revising a will whenever major changes in life occur, including: marriage, divorce, having children (in or out of wedlock), substantial change of income (or real estate value), death of an heir or immediate family member, a serious change in health condition, or a change of residence (especially if you move to another state or country).
[Note from HandelontheLaw.com: This article is to be used as an educational guide only and should not be interpreted as a legal consultation. Readers of this article are advised to seek an attorney if a legal consultation is needed. Laws may vary by state and are subject to change, thus the accuracy of this information can not be guaranteed. Readers act on this information solely at their own risk. Neither HandelontheLaw.com, or any of its affiliates, shall have any liability stemming from this article.]
