Does It Really Matter If You Don’t Have A Will?

According to a Gallup poll 67% of Americans don’t have wills.

But does it really matter?

As a lawyer, I advise all my clients to create a will.

Now, I make a living by selling wills so obviously I’m biased.

But I really think everyone should have a will because you can make your wishes known after death. However, not having one isn’t always ruinous, although in some circumstances it can be.

If you die without a will in Massachusetts or Connecticut, the law is structured in a way that gives all your assets to your closest relatives, i.e. spouse, parents, or kids.

If you have a spouse and kids your assets are typically split between them. This is called dying “intestate” and each state has different rules about what assets go to who. Read up on them here.

As far as appointing a trustee for minor children and an executor for your will…your wishes won’t be known. But that’s honestly not the WORST thing in the world… It makes probate go smoother but the court will appoint an executor for you, and a guardian for your kids, etc…

So you do lose some control, but the court doesn’t usually appoint bozos to be executors, guardians or trustees. Usually they are close family members, or lawyers hired by the court (in the case of executors).

We live in a functioning society governed by a system of law that ambitiously tries to be logical. The court isn’t going to give some random drug addled stranger your kids or your assets.

That being said, in my opinion it’s better to have all your wishes drafted out in a legal document so there’s no confusion when you die, and so you can make the process easier.

Also, sometimes you need a will to accomplish certain goals. For example, you can’t disinherit a kid without having a will, and if any beneficiaries owe money to creditors you may not want to put them in there, etc, etc… It’s best to consult with a lawyer unless you know exactly what you want.