When it comes to the question of whether or not a person should have a will, experts have many different opinions.
However, some people are just more likely to need a will due to their life circumstances, job, relationship status or more.
Who needs a will?
MoneyUnder30.com takes a look at who may need or want a will. Among the top candidates include people who have a spouse and those who have children.
This is due to the fact that a will allows a person to decide who they want their assets passed along to after their death. Without a will, the court will make this decision, and assets may not end up with a spouse or children.
On top of that, anyone with a positive net worth should also have a will. In specific, anyone with assets totaling over $100,000 should have a will. Putting these assets into a living trust can save a lot of headache later down the road.
Who does not need a will?
On the other hand, anyone who is young, single, childless and without positive net worth typically does not need a will.
Without dependents or assets to give to them, the entire point of a will ends up rendered essentially moot. Thus, there is no real point in going through the hassle of creating one at this stage in life.
Regardless of someone’s age, they should consider setting up a will the moment these circumstances change, however. This includes through marriage, childbirth, adoption or suddenly acquiring a great amount of assets.