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The first question that comes to mind when the issue of preparing a last will and testament crops up is "Do I really need a will?" There is only one answer to that question, and that is a resounding "yes!" For the fact is, all your assets (except those from your life insurance and retirement plan) will be seized by the government if no will is found after you pass away(knock on wood).

If you are single and your personal assets are not much, it isn"t absolutely necessary to prepare a will(and certainly not if you don"t wish any beneficiary to claim those assets, no matter how little). It becomes an entirely different story, though, when you happen to be on the other side of the fence, that is, with assets to boot. Yet even if not, it still makes sense to execute a will just so you can visualize what will happen to anything you own after you pass away—for example, your dog, your bike, or your 20" TV (anything to add here?).

A will basically gives you the chance to square off with the facts of your mortality. Once you pass away, your estate assets will be used to pay off your debts. A will allows you to state what happens to the rest of your assets by allowing you to name specific allocations, or how your assets are to be divided.

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Written by: Archie Sicat
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