There are at least 5 important reasons to have a Will, even if you do not have substantial assets:

You should name Guardians for any minor children;

  • If you don’t have a Will your assets will pass under the laws of intestacy as dictated by state law.
  • You can avoid the cost of posting a surety bond with a standard provision in your Will. If you die without a Will, an Administrator must be appointed to administer your Will and an expensive surety bond must be posted.
  • You can avoid assets being left to minor children, which would otherwise involve posting another surety bond until each child attains the age of 18, or depositing the estate assets with the Surrogate.
  • You can control the date that your children inherit assets outright – without a Will they will inherit at age 18 – an age probably too young for most children to handle substantial funds.