Is There Any Point In Me Writing A Will?

August 19, 2024 DINARRECAPS8

Maurie Backman Moneywise

Sun, August 18, 2024 I’m 75, in poor health and I scrape by on Social Security alone. Is there any point in me writing a will?

I’m 75, in poor health and I scrape by on Social Security alone. Is there any point in me writing a will?

The average 75-year-old American has about $462,000 in retirement savings, according to the Federal Reserve, but not everyone has the cache needed to ease through their golden years.

Many people reach their senior years with few to no assets. They don’t have savings, they don’t own homes and they’re largely reliant on the money they get from Social Security to cover their living expenses.

If you’re older with no savings or assets of significant value, then you may wonder if it’s worth writing a will. After all, why spend the time and go through the hassle if there’s nothing to pass down?

You should know, though, that you don’t need a sizable estate for a will to make sense, because it’s not always about the money.

You Still Want Control Over Your Assets

You may sell yourself short, but remember, the things you own may have sentimental value and potentially hidden value. If you want to ensure your belongings go to specific people — whether it’s a grown child, a grandchild or a beloved nephew — then you need a will to spell that out.

Without a will, there’s no telling what might happen to your assets upon your passing. That means the $23 painting your daughter has always loved might not end up with her if you don’t make your wishes clear.

Furthermore, you never know which of your assets might be more valuable than expected. That old piece of jewelry you kept as a gift from a former flame? You might assume it’s worth next to nothing, but an appraisal might reveal that it’s a $1,500 piece. And that $23 dollar painting your daughter loves might be a priceless work of art, like that Dürer drawing bought for $30 at a yard sale.

Even the old clunker in your driveway may be worth something — if not to a new driver, then to a dealer that can sell it for parts. So it’s best to create a will so that there’s no confusion over who gets to inherit your possessions and to also potentially help your loved ones avoid conflict.

An Estate-Planning Step You Can Handle On Your Own