I Have Children But Few Assets. Should I Still Create a Will?

 Posted on July 07, 2023 in Estate Planning

Creating a will is a common consideration for individuals with assets, but what about those with few assets? You may wonder if there is still a need for a will. The answer is yes, especially if you have children. Today, we will explore the many reasons why having a will is essential, regardless of your asset status. If you are interested in taking this important estate planning step, contact an experienced estate planning lawyer to guide you through the process.

Here is Why Creating a Will, Regardless of Your Wealth, is So Important

The following are reasons why you should still create a will even if you have limited resources:

• Naming a guardian for your children – One of the most critical reasons to create a will is to appoint a guardian for your children if you pass away. Without a will, such considerations may be left to the courts. By creating a will, you can retain control over this critical decision and ensure your children will be cared for by someone you trust.
• Protecting your children’s inheritance – Although you have few assets now, it does not mean that your situation will not change in the future. Life is unpredictable, and unexpected circumstances or events can lead to an increase in your assets. By creating a will, you can outline how your assets should be distributed among your children, providing financial stability and ensuring their future well-being can be maintained.
• Avoiding conflict or complexity – Creating a will helps prevent potential issues and conflicts among family members in the event of your passing. Without clear instructions in a legally binding document, disagreements can arise, causing intense familial strife and prolonged legal battles. Having a will can make your wishes known and minimize complications during an already challenging time.
• Outlining specific funeral and burial arrangements – In addition to appointing a guardian and specifying asset distribution, your will can also address your desired funeral and burial arrangements. These decisions can be emotionally charged for your loved ones. By expressing your preferences in a will, you can alleviate any uncertainty and provide guidance, ensuring your wishes are respected.
• Updating your will as your situation changes – Remember, creating a will is not a one-time event. Reviewing and updating your will as your circumstances change regularly is essential. Whether you acquire new assets or your family situation evolves, your will should reflect these changes. By keeping your will current, you can ensure it accurately reflects your wishes at any given time.

Contact a Dallas Estate Planning Attorney

For well-respected legal representation, contact the knowledgeable Dallas, TX estate planning lawyer with Andrew Dunlap Attorneys, PLLC. Call 972-807-6357 for a private consultation.

Source - https://www.cnbc.com/2017/10/24/think-youre-not-rich-enough-to-need-a-will-think-again.html