If I’m 64 years old and don’t currently have a Will, do I need one if all I have is only 1 child, a basic home and some savings?
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If I’m 64 years old and don’t currently have a Will, do I need one if all I have is only 1 child, a basic home and some savings?
Should I have a Will made up?
Asked on January 3, 2016 under Estate Planning, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If you don't have a will, your estate will pass according to the rules of intestate succession. In your state, that means that your child will inherit everything, assuming you do not have a spouse. So if you want it all to go your child, you don't need a will, unless you want to have a say in who will administer the estate: with a will, you can designate the person (the "executor") who will be in charge of administering the estate, whereas otherwise, the court will designate someone, who may not be someone you'd want or choose for the role.
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