If you pass away and have a Will: Your property and assets will be distributed according to your wishes.

If you pass away and don’t have a will: State law governs who gets your property and assets—this is called “dying intestate.” Usually, your spouse and/or children will take priority and inherit your stuff, but that’s not necessarily true.

If you don’t have a spouse or kids, then it gets a little more complicated.

There’s a lot of debate among professionals about who needs a Will. And while you can make the argument that it’s always better to have a will, here are the specific categories of people who need (and who don’t need) a Will.

If you are married, then you need a will because your spouse is someone who is so closely tied to you that it’s important for you to put in writing whether she or he gets your assets upon your death.Traditionally, your spouse would likely inherit your things, even if you die without a will, but you shouldn’t leave that up to chance. Additionally, if you want anyone other than your spouse to receive any of your assets, you would need to specify who and what they would receive as part of your Will.

DO YOU HAVE KIDS? You need a Will.

If you have kids, you need a Will because your kids are likely to inherit your things if you die intestate, after your spouse, but not necessarily. This means that if you want your kids to inherit after your spouse, then you need to put that in writing, because otherwise it is the court or State law that makes the decision. Additionally, if you don’t want one of (or any of) your kids to inherit, then that needs to be documented in writing as well. Regardless of which you are leaning, it’s very important that you have a Will in place so that the decision is being made by you, not the state. Another reason why a Will is important is if you have minor children (under 18) because you name an executor of your estate and a guardian of your children. The executor is responsible for distributing your assets, and the guardian is responsible for raising your children. Who you name as executor and as guardian is critically important to how your children inherit and how they are raised. You can (and should) change your Will over time. For example, if you have two kids, create a Will, then ten years later, have another kid, you will need to update your Will to include your third child.

DO YOU HAVE A POSITIVE NET WORTH? You need a Will.

If you are single, with no kids, but you do have a positive net worth, ie. you have more assets than debt, then you should have a Will. Getting more detailed that if you have assets that exceed, let's say $100,000 or more, then you should be looking at a living trust, which goes into effect right after it’s signed. When you have assets that need to be distributed when you die, it’s almost always easier on your family to have a Will or a Trust in place. When it comes to death, clarity is the operative word.

ARE YOU YOUNG, SINGLE, BROKE with NO KIDS?  You don’t need a will (yet).

Your Will directs the distribution of assets, and if you don’t have many assets to distribute then you may be okay without a Will. For example, Jeanie is single, she doesn’t have any kids, is 28 years old, and has a lot of student loan debt. Jeanie really doesn’t need a Will yet, because she doesn’t have dependents and she doesn’t have assets.

If you get married, have kids, or come into assets (money or property), then it’s a good idea to get a Will.

You need to take some time and think about your situation. How do you want your stuff handled? Again, if you have minor children then who will be responsible for them? Creating a Will raises a lot of questions, for this reason the ARIES Foundation recommends reaching out to an estate attrorney who can help guide you through some of these concerns. Because when it comes to estate planning and deciding the things you have to decide, you’ll want to get advice from a knowledgeable team. At the end of the day, making a mistake isn’t worth it. The better prepared you are, the better your wishes will be carried out. This way you have full control around these important decisions while you are alive and can learn about all the differences between, for example, Wills (which go into effect when you die) and living trusts (which go into effect immediately after they’re signed).

A Will is a legal document that dictates the distribution of assets when you die. If you die without a Will, state law governs.

• You definitely need a Will if you are married, have kids, or have a lot of assets.
• You may not need a Will if you are young, single, childless, and broke.
• A Will is not something you should draft yourself.