Do you have to make a will?

As you get older, it’s normal to start thinking about your estate and getting your affairs in order. If you don’t already have a will, you may wonder whether you need one in the event of your death. The short answer is no. Nevertheless, a will is an essential document. Here’s why.

The specifics vary depending on the state, but generally, if you don’t have a will at the time of your death, the probate court will refer to local intestate succession laws to decide who receives your property. It may not be distributed exactly how you would choose. Usually, your spouse will receive a set amount before the remainder is divided among your children and other family members if any exist.

A will is important because it allows you to decide how your assets will be divided among your heirs. Specifically, you indicate who inherits what and who’ll act as an executor.

There are four types of wills in the United States: simple, testamentary trust, joint, and living. Consult a lawyer to learn the differences and determine the best type for you.