Wills and Estate Planning

Do I Need a Will if I'm Not Rich?

Yes, you do - especially if you want to take care of children or if you want to control where your belongings go when you die. This article outlines even more reasons.

I Don't Have A Lot Of Money, So Why Do I Need A Will?

Creating a will and testament isn't just for the rich and famous. In fact, a will is essential for just about everyone. If you are asking, “why do I need a will?” Consider how it can help spare your loved ones from an expensive and lengthy process with state probate courts, which could decide how to disperse your assets according to state rules, rather than your final wishes.

Creating a will to decide who gets your stuff is just one reason why this step is an important part of your future. When considering this option, here are three other reasons to keep in mind.

Creating a Will if You Have Minor Children.

If you were to suddenly die, who will take care of your minor children? A will allows you to appoint a trusted guardian for your minor children after you die and dictates how to manage your children's inheritance. Without one, this critical decision will fall into the hands of the court, allowing them to choose a guardian for you. Note: Even if you don't have children, a will can ensure that your property and assets are distributed the way you would want them to be.

Estate Planning for a Large Family.

If you have a large family and die without a will, your heirs will all become co-owners of everything that you own. This means that collectively, they all need to agree on who gets what and how much. In a perfect world, everyone who loved you would talk it out and then amicably distribute your property. Unfortunately, this isn't always the case with large families. With a will, you could leave specific assets to specific heirs, and assign someone as executor to distribute your property according to your last will and testament.

You're not superhuman.

If you're still wondering why it's important for you to create a will, consider meeting with an estate planning attorney who can assist you with drawing up a powers of attorney as part of your estate plan. If in the event you become incapacitated by an illness or an accident, a powers of attorney will allow you to name in advance, an individual(s) who can help you manage your health care and financial matters at a time when you can't.

For more information on estate planning and the importance of creating a will, visit the Protective Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

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