Should I have a will?
Everyone should have a will, including you and your spouse. Believing that everything the
two of you own will automatically pass to the surviving spouse when one of you dies is a
risky proposition. Suppose that you and your spouse bought a house or opened a brokerage
account as joint tenants several years ago, but the lender or brokerage firm fouled up and
mistakenly listed you as tenants-in-common. If you died before the mistake was discovered,
your interest in the property would not automatically pass to your wife. Instead, it would
likely become the subject of lengthy probate proceedings and your creditors could ask that
the property be liquidated to pay any debts that you left behind. Or, suppose you were
killed in an auto accident and the other driver's insurance company issued a big check to
your estate. If you died without a will, the cash would be distributed according to the
state's inheritance laws instead of going directly to your widow. Those same inheritance
laws would kick in if you and your wife died at the same time in a car crash or other
accident, which means your combined assets might pass to relatives you don't even like.
Do I need a will, even though I'm single?
What happens if you don't have a will?