Do Low-Income Seniors Really Need a Will? Insights from a 72-Year-Old with Social Security
Thursday, 15 August 2024, 22:07
Understanding Wills for Low-Income Seniors
As a 72-year-old relying solely on Social Security, you might ponder the necessity of a will. Even with minimal assets, proper estate planning can be advantageous. Here, we shed light on the key aspects of wills that low-income seniors should consider.
Why Consider a Will?
- Provides clarity on asset distribution.
- Ensures your wishes are honored after your passing.
- Reduces potential disputes among family members.
Asset Worth and Will Necessity
Many believe that low-net-worth individuals do not require a will, but that isn’t entirely accurate. Even if everything you own amounts to just $500, a will serves as a formal document that outlines your preferences for asset distribution, regardless of your asset value.
Alternatives to a Will
- Trusts may be useful if you have specific assets to bequeath.
- Beneficiary designations on accounts can suffice.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.