Thinking about putting together a will is a lot like buying term life insurance. It makes you think about your own mortality, and no one really enjoys that prospect. Still, no matter whether you’ve got a large estate or a small one, putting together a will is an important process. A will helps you make sure that your estate is divided up the way you want it, and helps to prevent at least a certain amount of conflict and controversy between your heirs after you die.

If You Don’t Have A Will

So, what happens if you don’t have a will? Well, the laws governing the situation, which are known as “intestacy laws,” can vary from one state to the next. Generally speaking, if you pass away, your assets will be split between your surviving spouse and your children. The state will decide how that split happens, and how it’s administered.

If you pass away single and don’t have any children, then the state will decide who gets what. Generally, they will divide your estate between blood relatives.

In short, if you die without a will it is the state, rather than you, that gets to decide who receives what from your estate.

If You Have Kids

Putting together a will is especially important if you have young children. You can use a will to indicate your wish to transfer guardianship for your minor children. While the state will likely review the request, it’s the best way to make sure that your kids don’t wind up in foster homes.

A Will Can Be Changed

You can, and should, review and amend your will periodically. Important events, such as a divorce or the death of a spouse, will impact your will greatly. You’ll also need to think about reviewing your beneficiaries for your 401(k), your IRA, your pension and your life insurance policies to keep them current when you make changes to your will.

Ultimately, a will is a safeguard that you put in place while you’re still alive to make sure your estate and assets are divided up the way that you would wish for them to be.