Q: Do I need a will?

Patent Preparation and Prosecution

A: People who may benefit from a will and no trust include:

Young Couples. For a couple in their twenties or early thirties, who have only one or two young children and few assets, a will can make a lot of sense. A will is used to nominate a guardian or conservator for their children, and because they have few assets, there are usually fewer concerns about how to dispose of those assets: they will just go to whoever gets the kids, and that person will use them to raise the children. If the assets are small enough that you would expect them to be used up before the children reach 18, then there isn’t usually any reason to worry about complicated provisions for distributing them to children as they come of age.

Small Estates. Relatively small estates are often better served by a will based estate plan, especially where there is no real property to worry about. These estates are usually fairly simple to administer, and will have liquid assets to manage expenses. \

Cheapskates. Setting up a will is usually significantly cheaper and easier than setting up a trust. Cost is an important consideration, and it is almost always better to have something than nothing. If a trust is out of reach for financial reasons, there is nothing wrong with a will.