No need for a will?

[togal]

What is the name of your state (only U.S. law)? New Jersey

My mom is terminally ill and has asked that I assist her with her affairs. She INSISTS that since I'm her only child (and she is not married) that there is no need for her to have a will as I would automatically receive her assets upon her death. Is this true? She has selected me as her beneficiary for her 401K, investment accounts, etc. Mom believes this is sufficient to show her intention to leave these monies to me.

If this information is incorrect, when is it too late to draw up a will? Mom is still considered competent. I am her health proxy and POA.

Any advice would be great! TIA!

 

[tranquility]

Protip: Never, ever, ever, ever....EVER, is it appropriate for a person with the potential of having any assets not leave a will. Unless, they don't care where they go.

There are many estate planning techniques, but a will is the basic thing. You never know what hasn't been handled.

Most states allow a person to write a will out with their own hand. Look to the statutes of your own state regarding "holographic will" and see the requirements.

It could be well worth the time.

A dated and signed piece of paper with the words, "I leave everything to my beloved son, togal." can be well worth the moment or two it takes.