Do I need a will if I don’t own much?
I’m 34, rent my apartment, and have some savings, a car and a retirement account. I have a young daughter. Is a will really necessary at this stage?
1 lawyer answer
For parents of young children, a will is often less about money and more about guardianship. In many places, a will is where you can nominate who you would like to raise your child if you die. Without one, a court decides, usually based on default rules and family input.
A will can also name an executor and set up how your daughter would receive any assets — for example, through a trust that holds money until she is older, rather than her inheriting outright at 18.
Don’t forget that retirement accounts and life insurance usually pass by beneficiary designation, not by will, so check those forms too. A basic plan often includes a will, a financial power of attorney and a healthcare directive.
This is general information, not legal advice — speak to a licensed lawyer about your situation.
Answer this question to help the asker — and get found by clients with similar issues.
Sign in to answer