WHY EVERYONE OVER 18 NEEDS TO HAVE A WILL
Dear Nardine, I don’t really have a lot of assets, we rent a house, have a car and a I guess about $10,000 worth of household goods and savings. Do I need to get a will? Aren’t they just for people who are wealthy?
You might not have much now, but what if you won lotto! Or, more realistically, by the time you are ready to leave this world, hopefully you will have assets that you would like to see given to the people you leave behind.
It really doesn’t matter what you have now, because your will refers to your ‘estate’ which is everything you own as at the date of your death.
Everyone over the age of 18 should have a will. Its not just for the wealthy. If you die without a will, no matter how valuable your estate, there will be uncertainty. Your loved ones will have to worry about someone being appointed as the Administrator of the estate – who will that be?
When you have a will, the person who is looks after the estate is chosen beforehand (hopefully with their consent!) Without a will, the intestacy rules set out who gets what, so your estate may not be divided as you would want.
So even if you have $10 000 worth of assets or a couple more zeros, it’s a good thing to have a will.