Creating a will can be a complicated process, as it involves making some critical decisions. However, wills are essential, and almost everyone will need one at some point. When you should draw up your will, though, depends on several life factors.

When Should You Get a Will?

A will is a document outlining who receives your property and assumes care of your minor children when you die. Dying without a will puts the state in charge of your estate, and means that your heirs may not get what you want them to – or what you promised. If you are married and have children, for instance, they are first in line to inherit everything, but without specific instructions, it may not be divided up how you would like. If you aren't married and don't have children, the state will award your assets to your parents, siblings, or other relatives, which may not be your preference. 

Although younger people without children or significant assets may not need a will right away, certain people do need one.

• Married couples. Again, while spouses typically inherit their deceased spouse's assets, that doesn't always happen. The state may award assets to a child from a previous marriage, for example.  A will ensures that your spouse inherits everything. 
• Anyone with children. If you have minor children, a will allows you to select a specific guardian in the event of your passing. Without it, the state may assign a guardian who won't raise your children according to your preferences. Although the state will make every attempt to place your children with a family member, a will ensures that your children are cared for by the people you select and who are prepared for the responsibility.
• Anyone with positive net worth. Attorneys recommend that anyone with a net worth of $100,000 or more, including investments and property, have a will regardless of marital status. Large estates typically have to go through probate, which can delay the distribution of assets. Having a will speeds up that process and could prevent the need for probate.

Wills vs. Living Wills 

A living will is not the same as a will. A living will outlines your wishes regarding medical care should you become incapacitated and provides instructions about essential issues like resuscitation, life support, and who can make medical decisions about organ donation or pain management on your behalf. A living will gives a spouse or adult child the authority to determine if you should be fed by tube if you become incapacitated.  

If you need to create a will, the attorneys at Pater, Pater & Halverson in Hamilton, OH, are here to help. For more than 100 years, they have served clients throughout Butler County, providing compassionate legal services in the areas of estate planning, probate, and criminal defense. To learn more about their team and their commitment to excellence, visit their website or call (513) 867-1411 to arrange a consultation.