When you die without a will in Virginia, you relinquish a good deal of control over what happens to your legacy, assets and other personal affairs. Many people cite similar reasons for failing to create wills, such as not having any children. However, it pays to have a will, regardless of whether you have kids, and there are a number of reasons having one is a good idea regardless of whether you are a parent.
According to Business Insider, the following are among the reasons it is wise to create a will even if you do not have children.
You want a say in where your assets go
Not having children does not mean you have no opinions over who you want to take ownership of your assets. If you have a spouse and die “intestate,” or without a will, then your assets typically go to your spouse. However, problems may arise if, say, your spouse dies shortly after you, or if you do not have a spouse to begin with. You may want to use the will to stipulate that you want a particular charity or close friend to inherit your legacy.
You want to name an executor
Your will also gives you chance to name someone as your executor or personal representative. This individual assumes the responsibility for managing and closing your estate. If you decide you want certain family members or charities to inherit your assets, the executor plays an important role in getting your money to the right places.
While having a will is an important part of estate planning, there are other elements you may also want to include in your plan, such as a power of attorney or advance health care directive.