I don’t have a will or a trust, and my financial situation is pretty simple. Should I have a will?

Dear Dave,

I was talking to immoderate friends nan different time astir wills and trusts. They seemed to person a assortment of opinions, truthful tin you straighten things retired for me? I don’t person a will aliases a trust, and my financial business is beautiful simple. I conscionable want to make judge I do nan correct thing.

William

Dear William,

This is simply a awesome question. I’m judge your friends are smart folks, but I’m gladsome you’re looking for much answers. I’m not a lawyer, truthful I’m conscionable going to springiness you a fewer elemental things to deliberation about. Also, I’d powerfully propose you talk to an knowledgeable will and spot lawyer, 1 pinch nan bosom of a teacher, who will springiness you each nan facts and put your champion interests first.

Basically, a will is simply a ineligible archive that explains what you want to hap pinch your worldly erstwhile you dice and puts it each successful writing. There are galore different types of wills, but for astir group a elemental will is each you request to found a coagulated property scheme that protects your family if thing happens to you.

Trusts thin to beryllium geared toward group pinch much assets and unsocial aliases analyzable property issues. They besides travel successful tons of different forms like, surviving trusts, revocable and irrevocable trusts and typical needs trusts, conscionable to sanction a few. In my mind, if you person little than $1 cardinal successful assets—and your financial world is beautiful elemental and straightforward—a will gets nan occupation done conscionable fine.

One of nan astir important differences betwixt wills and trusts is nan expertise to sanction a guardian for your insignificant children. You tin sanction a ineligible guardian successful your will, but you can’t successful a trust. So, moreover if you person a trust, you’ll still request a will to make judge your kids are taken attraction of aft you die.

Another important favoritism betwixt nan 2 is that a spot lets you skip probate court—a will doesn’t. Probate tribunal cases tin resistance connected forever. Plus, they tin beryllium expensive. If your property gets mixed up successful probate tribunal because personification challenges nan will, it could mean your family has to walk months successful tribunal while grieving. No 1 wants to spell done that. While we’re connected nan taxable of probate court, let’s talk astir different sticky subject.

There’s a small spot of crazy successful each family. You astir apt cognize who they are successful your family, but if you don’t, it mightiness beryllium you. Seriously, though, we each cognize immoderate families that look to person much than their adjacent stock of crazy and drama, and wills are champion for families that struggle pinch these issues and hostility betwixt family members. Probate tribunal tin resoluteness those problems. On nan different hand, families who tin grip patient conflict, and who spot each other, are amended disconnected pinch a trust, since they don’t request a probate tribunal to babysit them.

And if you’re wondering if you tin person some a spot and a will, nan reply is yes. In fact, astir group who person a spot person a will, too.
I dream this small spot helps!

—Dave