Why you Need A Will
Many Americans do not have wills, especially those that are relatively young. Unfortunately, this can become a regrettable mistake when someone dies an untimely death. If you have minor children and wish to be able to decide who would take care of them if you should die, you need a will. You will want proper planning in place if you wish to decide the manner in which your children will be raised. Anyone who has a bank account, a home, personal property, household goods, a vehicle, or a life insurance policy has an estate.
If you have an estate, you may desire to be the one who decides who your heirs are, and what they will receive. You may even want the final say regarding when they will receive benefits. If any of these situations are something important to you, then a will can accomplish these desires for you. An experienced and caring Texas estate planning lawyer can work with you towards preparing a will that is best suited to your individual needs.
There are various kinds of wills designed for different purposes. One vital purpose is to decide who will be an executor, a guardian and a trustee on your behalf. With those key individuals in place, you can have peace of mind knowing your affairs will be properly handled. If you don’t have a will, a court will decide these things for you. In the case of a guardian for your children, a court will normally choose from a group of people who apply for this duty. These people are not necessarily who you want to raise your children. A properly written will can also prevent or limit the possibility of lengthy legal battles, including lawsuits, over who should take care of your children.
How a Will Can Help
A trustee can ensure that the assets from your estate are used to support and care for your loved ones. In the case of minor children, the law provides that when they are 18 they will receive the estate. Sometimes an individual who receives an inheritance at the age of 18 does not have the proper incentive to work or go to school. This may not be what you desire for your children. Many of us do not make wise financial decisions at the age of 18. A young man or woman can quickly spend an inheritance in an unwise manner. Having a proper will can give you control over the above situations by directing benefits to be paid when the child is more mature.
An executor delivers the estate to your heirs. With a will, you can choose who you desire to fulfill this important function. Lacking a will, a court will appoint someone from a group of people with an interest in your estate. This can include those that are creditors of the estate. Sometimes, this can cause a battle regarding who should be named executor and the costs for this may come out of your estate. A properly planned and written will puts you in control of your affairs, after you are deceased. I am happy to speak to you regarding any questions you have on why you need a will, and what a will can provide to your estate.