If I have 2 aging parents, neither of whom have a Will or many if any assets, why should I tell them to have a Will?

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If I have 2 aging parents, neither of whom have a Will or many if any assets, why should I tell them to have a Will?

My parents do not own their home and one car is leased, the other has no value. They also have no real assets. One may have a minimal amount in a retirement account. Why should I tell them to make a Will if there is nothing for them to leave?

Asked on July 24, 2012 under Estate Planning, New Hampshire

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The reason why it is best to have a Will or a trust as opposed to nothing is that when one passes, their estate has to be administered and debt owed to creditors paid off if creditors timely submit a proof of claim.

Having a Will or trust makes the whole process of winding up one's estate easier for the surviving members of the family.


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