Do I need a Will?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Do I need a Will?
Both my husband and I are elderly and on social security. He has been diagnosed with terminal liver cancer. The only property that we have is our home which is in both of our names and has an approximate value $90,000. We also have a 12 year old car, which is in both of our names and have a joint bank account and life insurance policy. We have credit card debt. We have 2 adult children.
Asked on August 4, 2017 under Estate Planning, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
If you want your assets, after you pass away, to be split evenly between your adult children, you probably don't need to do anything: that's how your assets will pass by means of "intestate succession," or the law on who gets what then there is no will. If you want anything other than that--something to go to other family or to charities; or to set up trusts for your children or grandchildren (if any, or any future ones) to help them manage their money, you would need a will do that.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.