Do I still need a will if my spouse would receive everything?

Question

I am married and have always assumed my spouse would automatically receive everything if I died. I am not trying to exclude anyone, but I am starting to realize that the result may be different depending on how each asset is titled. Is relying on the default inheritance rules usually enough in a situation like mine, or is a will still important?

Soradin · Accepted Answer

State law may give a spouse much of the estate, but the result can differ when there are children, separate property, or other relatives. For the issue described here, a will can name beneficiaries, appoint an executor, and state who should receive property that does not pass by contract or joint ownership. Guardianship wishes for minor children can be addressed in the will as well. Review the plan after major life changes so the documents continue to reflect your wishes.

Do I still need a will if my spouse would receive everything?

Soradin

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