Last Will & Testament - Do I need one?

Yes.

I guess the appropriate question would be, "Why do I need a Will?"

Below of 6 different reasons you need a Will. It is certainly not an exhaustive list but but provides you with some insight into why you need a Will even if you do not believe you have much of a probate estate.

1) So you can leave your assets to whomever you choose;

2) So you can leave your assets in shares determined by you;

3) So you can leave your assets in whatever way you choose (in trust, outright, etc.);

4) So you can pick the person or people you would like to administer your estate as your Personal Representative/Executor;

5) So you can pick the person or people you would like to be the guardian(s) of your minor children; and

6) So you can choose how you would like certain laws to apply to your estate (in some instances, the law provides a baseline or default but you are able to change the impact of that law by specifically waiving it or changing it in your Will).

If you do not have a Will, the final determination for the items above will be made by a Judge or by State law.

Which leads to next week's post: What happens if I die without a Will (Intestate)?