You may have heard that not everyone needs a living trust. It is a common thought considering that the majority of American adults do not have any estate plan. People often assume they do not need an estate plan because they do not have very many assets and just want those assets to pass to their spouse and children. Some people think that living trust are only really needed by the very wealthy and the very old.
Recently, the Norman Transcript tried to answer this misconception in "Wills: Who needs them?"
As it turns out, the answer to the question posed in the article's title is "everyone."
There is not a single category of adult who cannot benefit from having at least a will, although most people should have more estate planning documents than just a will, such as a living trust. If you have minor children, then it is even more important that you have an estate plan to make sure your children are taken care of by someone you would approve of and that there are assets to provide for the children.
However, it is not just parents of minor children who need a will.
Anyone with any property, who wants to have a say in what happens to it after they pass away, needs to get a living trust.
Since you are most likely in the category of "everyone," visit an estate planning attorney and get a will or living trust , if you do not already have one.
Reference: Norman Transcript (Feb. 24, 2017) "Wills: Who needs them?"