Do I need a Will?

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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 3 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.


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