Some people think if they do not have many assets, it does not matter if they have a will. However, even people with low incomes and few assets can benefit from having a will.
Why do you need a will if you do not have many assets?
Dying without a will can be a hardship for your family
Even if you only have a few assets to pass on, dying without a will can create a hardship for your family. This is why a local Habitat for Humanity is now requiring all clients to have a will.
Homeowners with children may assume that their home will automatically pass to their children when they die. However, it is not always that simple. For example, if the home has a mortgage on it and your children are still minors, the bank may foreclose on the home without a will that specifies what happens to it until your children are old enough to take over the mortgage or sell the property.
Not having a will can cause delays
Even if the law results in your property transferring to the people you want to have it, not having a will can cause unnecessary delays. This is because the court must ensure that it accounts for everyone who may have a claim on the estate.
To avoid these potential problems, prepare a will that specifies what happens to your property and minor children when you die. This ensures that the burden of sorting out your estate when you die will not fall on your family.
