The quick answer is a resounding “Yes!” that you do need a will, even if you are single. Single people can still be parents, responsible for the care of a child or parent, or part owners of a business, or have assets that are better distributed than left to chance on a distribution against their wishes if they die. Remember, the purpose of a will is to decide before you die where you would want the distribution of your assets. A single person may have a few thousand dollars worth of assets or millions of dollars worth of assets. For this reason, it is better to decide ahead of time where you would want those assets to be distributed at the time of your death.
Do Single People Really Have “Assets”?
Yes, single adults have assets and can pass these assets down to their chosen beneficiaries in their wills. A single person may own a home, have a retirement account, several bank accounts, own a car, own second properties, or even have a stake in a business. These and more are considered concrete assets of value that are generally considered part of the person’s estate.
Wills Are Not Just for Old or Elderly People
The idea of a will in our society is often assumed to be for old or older adults. But a will serves other functions for younger and single people. If you have assets and would want them to go to a specific person at your death, you will be accommodated more specifically in that request if you have a will. For example, if you own a car, a home, or other large assets, it will be “up for grabs” as to your wishes for distribution at your death. Putting a will in place will settle those issues once and for all.
There Can Be Challenges and Complications to Asset Distribution Without a Will
If you have always wanted your estate funds distributed in a certain way, then it is best to specify these requests in a will. You will need to ensure that your wishes will be followed, and the only way to do that is with a formally executed will in place when you die. Your family will have the administrative headache of having to fight with other people who validly or not make a claim to your assets. Isn’t it worth saving that pain if you could by having a will?
Formal Wills Are Still Best
The will you copy or download from an online form is a “will,” but the best will to use is going to be one drafted by a professional attorney. You may want to add a power of attorney, any trusts, or other formal legal documents into a comprehensive package that will allow you to sleep better at night once it is all taken care of by your legal counsel. If you have any questions, contact a Texas estate planning lawyer to learn more about your rights.