Do I need a Will?

I don't have any properties, only a little bit of money and life insurances but I already designated beneficiaries for those insurances.Do I still need a will or living trust?

10 Answers

Relevance
  • car253
    Lv 7
    1 month ago
    Favourite answer

    No. You do not need a will or a trust.   The money you have in a bank account you just call the bank and list a beneficiary.    You said you already listed a beneficiary on your life insurance.   So, that is already taken care of.   

    For now, you do not need a will or a trust.    

  • 1 month ago

    I don't have any properties, only a little bit of money and life insurances but I already designated beneficiaries for those insurances.

  • 1 month ago

    Yes, for the little bit of money.

  • 1 month ago

    Will is an important document but as you have mentioned bit of money then it is not necessary, because you have already mentioned nominees for insurance.

  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • 1 month ago

    You should have a will. Designating beneficiaries does not always determine who will get the money.

  • 1 month ago

    No, not if you don't have much in the way of assets.  Your insurance policies have already been designated so what's left?  Not much.  When you get married, you should probably have a Will, even a basic one would do.

    Source(s): Certified Paralegal, with 25+ years' experience.
  • Eva
    Lv 7
    1 month ago

    Living trust is unnecessary, but you should have a will. Someone will have to probate your estate and it makes the process much easier. You may also want to consider a living will, health care proxy, and POA just in case.

  • Anonymous
    1 month ago

    Doesn't sound like it's necessary.  However, check into who will get what is left over if you die and see if you are satisfied with that.

  • 1 month ago

    If you die without a will, then the government could end up with whatever money you have. To my thinking they got enough of my money when I was alive, they aren't getting more when I die!

    A basic will isn't expensive to get done and it means you can dictate what happens to your assets. Be that family gets it, friends get it or the cat's home..   

  • Anonymous
    1 month ago

    Probably not. I don't but I should.

Still have questions? Get answers by asking now.