Do I Need a Will?

What is a Will and what does it do?

At its most basic, a will is a way to transfer property, specifically property belonging to a person who is deceased. If you pass away and you have a will, your property will be distributed according to your wishes. However, if you do not have a will, that may not be the case.

Without a will, your property will be transferred under state law. Generally, if you are married, your spouse and children will inherit your property—although that is not always the case. If you are unmarried or do not have children, this process becomes even trickier.

I am single and I don’t have any kids, do I need a Will?

The answer is maybe. If you do not own much property and you do not care how it is distributed after your death, you likely do not need a will. However, if you own any substantial amount of personal property (vehicles, jewelry, firearms, or other valuable items) or you are worried that your property will not be distributed according to your wishes, you should obtain a will. If you own real estate such as a home or cabin, you almost certainly should have a will. Without a will in place, you will not be able to control who will receive the valuable property that you have accumulated during your lifetime.

I am married, do I need a Will?

Even if you do not have significant assets, it is important to have a will if you are married. While Minnesota law generally ensures that your spouse will inherit your property if you die, it does not necessarily protect others that you wish to leave property to. It is also important to have a will outlining property your spouse should receive, and any property you wish to go to others. If you do wish for any of your property to go to your parents, siblings, friends, or other people in your life—you must have a will that designates such recipients. If you own a home or other property that is significantly valuable, it is even more important that you designate where they will go upon your death.

I just had my first child, do I need a Will?

The answer to this is a resounding yes. If you have minor children, it is crucial that you have a will. While lack of a will prior to having children may result in family fighting over your personal property, if you die intestate (without a will) and you have children, that family fighting may occur over your children. The trauma of the death of a family member is terrible enough for a child, without the added pain of uncertainty as to who will be caring for them. Fortunately, such problems can be almost entirely headed off with a guardianship provision in your will. This will ensure that your children will be cared for by a guardian of your choosing (provided they agree to become guardian).

Additionally, if you wish for your children to inherit any property if you pass, it is important to include this in the will. Likewise, if you do not want one, or all, of your children to inherit your property, it is important to include this in your will as well.

I had a Will drafted fifteen years ago, do I need to update it?

It depends. In most cases, you should evaluate your estate plan (specifically your will) every five years. Although you do not need to update your will this frequently, it is important to gauge whether your circumstances have changed significantly. Specifically, at each interval you should ask “what has changed since I last updated my will?” Did you have another child? Did your child reach adulthood? Did you purchase a new home? Has your financial situation changed? Was a grandchild born? If the answer to any of these questions is yes, it may be time to update your will.

To those unfamiliar with wills and estate planning in general, estate planning may seem difficult, expensive, and daunting. However, preparing for the future does not have to be any of these things. The estate planning attorneys at RAM Law PLLC can guide you through the estate planning process and can put together a will (or other form of estate plan) that fits your needs. If you are in need of a new will, or an update to an existing will, call RAM Law’s estate planning attorneys and schedule a free consultation.