Following the passing of music legend Aretha Franklin, news surfaced the “Queen of Soul” did not have a will. Music icon Prince also didn’t have a will at the time of his death.
How important is it to have a will?
Certified financial planner Jonathan Duong says everyone should have a will, no matter your age or financial status.
"Even if you don't have kids, as long as your situation includes some level of basic complexity where you have different types of assets, then absolutely, a will is going to be a proper document at a minimum to have in place," says Duong.
For those who only have assets like a 401k or a life insurance policy that has a designated beneficiary built in, a will might not be necessary.
“But for many other things, there is no legal way to control where that asset goes without a will," explains Duong.
Getting a will often times entails hiring an attorney and can cost nearly $1,000, but Duong says you don’t need to spend that much to have a proper will.
"Typically, their employer--if their employed with a larger company or a public organization--may offer a legal plan, within their employee benefits," says Duong.
There are also online resources like willed.com or doyourownwill.com that will help you create one for less than $100.
