Does a Person Have to Have a Minimum Amount of Assets to Create a Will?
Estate planning is often dramatized in pop culture; a wealthy but mysterious family member passes away, summoning distant relatives to a dimly lit room for a reading of the will and a chance at unknown riches. But does this trope hold true? Does a person have to have a minimum amount of assets to create a will?
One of the most common misconceptions about wills is that you must acquire a certain amount of assets before creating one. Simply put though, this is not true. An adult can create a will, regardless of the number or value of assets owned. A will can be used to outline your wishes for the distribution of your property or personal assets after your death, but it also can name guardians for your children or appoint an executor to handle your estate.
There are many reasons to consider creating a will as part of your estate plan. Whether you have a large estate or just a few possessions, a will is an important tool for defining your wishes so they can be carried out when you are gone. Without a will, your assets and most cherished possessions, valuable or not, will be subject to distribution according to state law, which may not align with your desires or those of your loved ones.
Creating a will can also relieve your loved ones of the burden of stress or uncertainty they may face after your passing. If you have a clear plan in place to handle all the formalities of death, your loved ones can focus on celebrating your life rather than navigating complex legal and financial issues. Determining funeral arrangements or gathering a list of your affairs to be sorted out will save your family and friends a great deal of hassle as they deal with grief.
How do you create a will? While it can technically be as simple as writing your wishes down and signing and dating the document, ideally it is done under the guidance of an experienced estate planning attorney. A lawyer can help you ensure that your will complies with legal formalities and reflects your wishes.
Whether you have few or many possessions and assets, a will can be a valuable estate planning tool. Ready to get started? Contact the estate planning attorneys at Brown Law Firm, LLC by calling (303) 339-3750.