It’s a fair question: as a young, single person with no kids and a small net worth, do I need a will? The short answer is, yes. Here’s why you need a will:
You still have some assets
Even if you don’t own a house or condo, you likely still have a bank account, a car, a 401k from a job, and/or personal belongings – computer equipment, TV, furniture, gym equipment.
Without a will, your state’s default laws decide who gets what. Usually that means your assets go to your parents first, then your siblings. Maybe that’s fine with you. But if it’s not, you want a will.
It makes things easier on your family
Even if your “estate” is small, it makes things much quicker and easier for your family. It gives them clear guidance on what you want, reduces the risk of court time and costs, and avoids confusion, heartbreak, maybe even arguments.
With a will, you get to name someone you trust (aka an executor) to take care of things after you’re gone. That person can distribute your stuff, close accounts, donate money or belongings to a friend, a community project, or something else you care about. Without a will, the court appoints someone to make these decisions, and it may not be who – or what – you want.
By the way, there are two other documents you’ll also need to help ease things for your family and loved ones.
It’s easy and cheap to make a will
You can write a valid will using an online service, a state provided form, or even a handwritten note in some states. As long as it meets your state’s requirements, it counts.
Some free or low-cost options to check out:
- Freewill.com
- https://www.doyourownwill.com/
- Local nonprofit legal aid groups or community ed classes
The bottom line
You don’t need a partner, kids, or a lot of money to benefit from having a will. It’s a simple way to make your wishes known and make it easier for the people you care about, at a time they will be grieving.