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Is a will required in case of less property?

Estate Planning & Administration, Probate

Do I really need a will if I have an insignificant amount of property? This is one common question every person has who doesn’t lead a luxurious life. After all, why would you invest your time, money, & efforts for a property which isn’t luxurious at all? But underestimating the property, even when it is less is a big blunder a person can make.

Firstly, you don’t need to have a clear idea of what an estate is. It’s necessary for you to know that an estate is much more than having high-class things and you leading a luxurious life. This blog will clear a lot of your doubts regarding the estate and ensure that you get an answer to the question “whether your less property requires will or not”?

What if You Have No Will?

Thus, your loved ones won’t be able to get the benefits of your estate as they don’t acquire any right on the same until the entire settlement is done. Even, the relatives whom you don’t wish to share your estate with will be receiving some part of the same. This could actually bring a loss for your spouse & children. And you don’t want your loved ones to suffer just because you haven’t created a will.

Thus, all the outcomes of you not creating a will are bad. It not only makes your family members invest unnecessary time & effort but also gives birth to the chances of them suffering from loss in terms of getting your estates to a great extent.

To save your family from these unwanted outcomes, it is essential that you create a will. Creating a will helps your family to stay away from investing unnecessary time, effort, & money. Also, they need not incur any loss by sharing the estate with the relatives you don’t want at all.

Why is a Will necessary for you even when you have no or less property?

Some primary reasons for a will being a necessity for you are as follows. Look them out below.

1) Answer for a Family Conflict: After you pass away, there are chances that your family members argue about your estate and thus causing trouble for your loved ones. However, insignificant the property is, there are numerous cases where the estate has to be divided among a number of people due to the absence of a will.

To ensure that no conflict arises after you pass away, or even if a conflict arises, it settles down as you want, creating a will is a reliable option. A will be your solid answer against the family conflict which is a major benefit of creating the same.

2) Can be a Savior for your Family: Probate is a tough process to sail through. As mentioned, if you don’t create a will, your family will have to go through the probate process, and it will take several days and months to get sorted. Even your other relatives will be liable to receive a part of your already small property which may be termed as a loss of your family member. A will always give clarity on what do you want after you pass away. And it can be a savior for your family members to a great extent.

3) Gives You a Mental Peace: If you don’t create a will, the question “What about my family after I pass away?” will always acquire your mind. However, a will give you an assurance of secure life for your family after you go. Though small property, they will have a platform to have a decent survival without worrying about any legal complex processes at all. Thus, a will always give you mental peace to a considerable extent.

Know Your Estate

Now let’s address elephant in the room. As mentioned, you might think that what’s the need of a will when you small property? Well, then know what your estate is and how it is bigger as compared to what you thought of.

  1. Your Life Insurance Policy
  2. Your investment in stocks
  3. Pets
  4. Every bank account
  5. Your Vehicles
  6. Every Personal Belonging of Yours

So, it’s not only about the property. If you invest a few moments to observe things around you, you will realize that your estate is much bigger than you actually thought of. Thus, if you haven’t created your will yet, now is the time to do it and secure your family’s future.

If you are planning to create a will, you will require assistance from an experienced Probate Lawyer in Florida. Contact the Law Office of Michael Heider at 727-235-6005 to create your will with the utmost efficiency. You can also contact us via email to connect with us.