You might not have much now, but what if you won lotto! Or, more realistically, one day you are ready to leave this world. Hopefully, you will have assets that you would like to see given to the people you leave behind.
It really doesn’t matter what you have now. Your will refers to your ‘estate’ which is everything you own as at the date of your death.
Everyone over the age of 18 should have a will. Its not just for the wealthy. If you die without a will, no matter how valuable your estate, there will be uncertainty. Your loved ones will have to worry about someone being appointed as the Administrator of the estate – who will that be?
When you have a will, the person who is looks after the estate is chosen beforehand (hopefully with their consent!). Without a will, the intestacy rules set out who gets what, so your estate may not be divided as you would want.
So even if you have $10,000 worth of assets or a couple more zeros, it’s a good thing to have a will.