Everyone, irrespective of age or income, needs a Will. Why is this so important?
The answer is simple. Without a Will, you’ve no more say over where your assets go after you’re gone.
If you have kids, it’s urgent that you write a Will. You’ll want to assign a guardian of your choice for them. Without a Will, the courts will determine where they live. It may not be with your mother and father, or another family member, as you had intended. They may end up in foster homes until they are 18 years old, and nowhere near blood relatives. Moreover, they may not get the benefits of the hard gained income you left behind.
At the time of your demise, if there’s no Will explaining where the money is to go, the courts will determine how it is to be divvied up. At the best, your kids, or better half, may get one-half of your estate. The other half may be dispersed between your parents or siblings, or retained by the court system. This is not what you want to leave as your legacy.