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No children? Three reasons you still need a will.

by | Aug 12, 2021 | Estate Planning |

You and your spouse may not have children at the moment. Without children, you might decide there is no need for a will since your spouse will automatically inherit your estate. While this may be the case, there are still important reasons to write out a will even if you do not have children yet.

For one thing, you can spell out that your estate will pass on to your spouse in your will. This could avoid any delays in your spouse receiving your assets, plus you may ensure that all of your assets will go to your loved one.

You may help your parents

In the event both you and your spouse die at the same time, the state may pass on your assets to your parents. This might be a problem if your parents have undergone disability planning that would allow them to receive Medicaid. If your parents suddenly come into an inheritance, it could raise their asset level above Medicaid eligibility limits.

With a will, you could specify what your parents receive. Instead of taking your assets directly, you could mandate that your assets go into a trust with your parents as beneficiaries. Setting up a trust could avoid problems with your parents’ eligibility for government benefits.

You can choose your heirs

In the event your spouse or your parents are no longer alive to receive your assets, a court could pass your estate to other relatives such as your siblings or your nieces and nephews. However, you might not want certain family members to receive your property. It may not be personal, but you just do not have close contact with specific relatives and do not know them well.

If you have certain relatives in mind that you want to inherit or some family members that you do not want to inherit from you, writing out a will allows you to specify your heirs. You might also spare your relatives a court battle over your estate if one or more family members contests for inheritance.

It may prepare you for having children

Writing out a will may also help you for the day you do have children. Starting on your will can be like an ice breaker when it comes to your estate plans. You have become familiar with how to write a legally binding will, so if a child is on the way, you can change your will to include your new son or daughter in your inheritance plans.