Necessity of a Will?

[kork13]

Just curious about your thoughts regarding wills. Does someone with no family/dependents have any reason to have a will? I'm deploying with the military later this year and a stop by the legal office is part of the mile-long checklist. But do I really need one? I can't even imagine what it might include... I'm single, live alone, no significant debts/obligations, and really have very little in the way of assets besides my home furnishings, beater car, and savings/investments.

So is it worth the trouble of putting a will together, or should I just give it a pass for now?

[creditcardfree]

The military makes it pretty easy. Give them basic info and they plug it into a form and it prints out in legal fashion.

I think it is also nice for your heirs to know exactly who you want to receive your assets. It gives them peace of mind during a time of grieving. I would go ahead and have one done.

You may have already specified beneficiaries for your investments and those would take precedence over your will.

[terces]

Definitely do the will. The military makes it simple and easy. You might not have much but its something. This way you can determine what happens with it. For instance, you could have back pay due to you if something happened to you. (heaven forbid). You might even consider a power of attorney if you have a family member that might have to handle things for you when you are gone. I assume you indicated a beneficiary in your military insurance.

I know Dave Ramsey advocates that everyone should have a will.

[snafu]

I thought everyone should have a will or a government official will distribute your assets.

[kork13]

Originally Posted by snafu

I thought everyone should have a will or a government official will distribute your assets.

But that's my point... Who would they distribute them to? Either my parents and/or my brothers. Who would I name as my beneficiaries in a will? My parents and brothers. So it was mostly just a question of "what's the point?"... and besides, even with a will, doesn't everything normally go through some wicked legal process to get everything sent/transferred to the beneficiaries?

[jpg7n16]

Originally Posted by kork13

So is it worth the trouble of putting a will together, or should I just give it a pass for now?

Everyone has a plan in place for their assets under your state law. It passes according to your states law under the terms of what's called 'Intestate Succession'

Intestacy - Wikipedia, the free encyclopedia
Dying Without a Will (California example)

You need a will if you don't like the plan your state already has for you.


You don't need a will for anything you have designated a beneficiary on (bank account, TSP, life insurance policy, etc.). Those pass by contract and the will would have no effect on them. But a life insurance policy that you don't have a beneficiary on, or your car/home, other personal assets - those would pass by will/state law.

[creditcardfree]

I'd still get a will just for the piece of mind of those left behind. And really the military makes it easy. Really easy. I'm not sure if they will let you deploy without one.