September 22, 2022 by Nancy Ling
Partner Nancy Ling regularly advises clients in the practice areas of wills, trusts, estate and incapacity planning, estate administration, residential and commercial real estate, property matters, corporate transactions, and business law.
In this edition of Legal Matters, Nancy talks about why someone young with no assets needs a Will and Estate Plan just as much as someone a little older.
A lot of people wonder if it's really necessary to have a Will, especially if you are young or if you don't have much in the way of assets. Unfortunately, the less you have, the more important it is to have a Will. Your Will appoints your Executor and serves as proof that your Executor has the authority to deal with your affairs after you've died.
If you die with no Will and say only $2,000 in your bank account, unfortunately, your family has no proof that the bank should release that cash to them. Your family may have to hire a lawyer or incur other expenses in order to deal with the bank.
You can have similar problems if you have a car loan or lease when you die. The car company may cite privacy concerns or demand proof of legal authority before letting your family handle matters with the car.
Other issues that can be complicated when you have no Will include things like appointing a guardian for your minor children, even your future hypothetical children, as well as other decisions like, who has the right to make your funeral arrangements?
So don't wait until it's too late, as none of us have a crystal ball every legal adult should have a Will.