Many people believe that Wills and estate planning is only for the wealthy...The 1%, if you will. Nothing could be further from the truth. In fact, EVERYONE should have a Will regardless of their income, assets, or marital status. This article explores why YOU need a Will.
If you have children, the most important reason that you need a Will is that it can define exactly who you want to take care of the kids in case you or their other parent are both deceased. Without defining this in your Will, a court battle may occur which is costly and emotionally draining. The end result will be a court deciding what is in the best interest of you children. This is often not the choice that you would independently make. It is also likely to create divisions among your family members and leave bitterness and potentially emotional scars.
If you are married, whether you have children or not, it is important to have a Will because if you die without one, the law will determine how it thinks you would wish your assets and property to be divided among your loved ones. While the law might give all your assets to your spouse, there many common scenarios which might split your assets among your spouse, parents, children, and potentially others. It is far better to ensure that you have your wishes written in a properly executed Will to ensure that your assets are divided as you wish.
If you are not married, a Will is important because you may want to provide support for your girlfriend or boyfriend if you die. Unless you specify that you desire part or all of your assets to go to your significant other, he or she is not legally entitled to any support at your death. Your estate will instead possibly be given to your parents, siblings, or in some instances, it is possible that your assets will be given to other relatives you have little or no contact with. Perhaps you have a close friend who has been by your side through thick and thin that you wish to reward upon your death. Your Will can specify this. Or maybe your nephew has always admired your car. You can specifically give your car to him upon your death.
Finally, in Texas, and many other states, probating a Will is far less expensive than probating an intestate estate (without a Will). Regardless of how much money or property you may have at your death, intestate probate is extremely time-consuming and confusing. It usually requires assistance of a lawyer. Whereas, if you have a simple will, it is often possible for a friend or family member to probate the Will.
As you can see, regardless of your financial standing, it is extremely important that everyone has a Will. Even if you are married, each person needs his or her own Will. They do not have to be complex documents, thought it is best to have a professional attorney write one for you to ensure they are valid. It is also important that your Will is fully executed per your state laws. Do yourself and your family a favor and get a Will as soon as possible.
Jonathan Geserick MBA, JD is a recognized expert in Wills, Estate Planning, and Probate. He is currently a licensed attorney in Texas. His flagship business venture is http://www.affordabletexaswills.com where Texas residents can quickly and conveniently enter information over the Internet to have a professionally written Will and other Estate Planning documents to meet their exact needs.
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