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I thought only rich people create wills

On Behalf of | Jan 15, 2025 | Estate Planning |

A lot of people think that only wealthy (or comfortably well-off) people need a will – and it is true that people of means carefully consider what happens to their estates when they pass away. 

However, the idea that wills are only for the wealthy is a common misconception. While a will is a useful tool for people with large estates, this legal document is beneficial for anyone, regardless of their financial status. Here’s why:

Avoid dying intestate

When someone dies without a will, they are said to die “intestate.” As a result, the state steps in to administer an estate according to its ordinary succession laws. Under Pennsylvania’s intestate succession laws, who can receive assets from the deceased’s estate can depend on a few factors, such as if the deceased was married, married with children or has living parents or siblings but no spouse. 

No matter how large or small your estate may seem, it may be crucial to create a will. Even a modest estate that includes a car, house, savings account and other personal belongings is enough to create a will. Intestate can be avoided by creating a valid will, which can save your family stress and grief as they divide your most cherished items.

Care for minor children

If you have minor children, then you can use your will to make sure that you have nominated a legal guardian for them. Their legal guardian would be responsible for raising your child in a safe environment. They could help ensure your child receives the education, medical care and emotional support they need for a healthy upbringing. 

Protect your own future

You can also use a will to decide what would happen if you could no longer care for yourself. You could name an agent that would make medical and/or financial decisions on your behalf. You can also include a health care directive in your estate plan that will help guide your care in the event of an emergency.

You can reach out for legal guidance to learn more about estate planning – and why you need a plan even if you aren’t wealthy.

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