Why Do You Need a Will?
A Will is an Important Part of an Estate Plan. Work with Our Law Firm to Create One Today.
Many people, especially those who are young, think that creating an estate plan is something that is only necessary if you are a high-asset individual, or if you are nearing the end of your life. This is far from true; nearly everyone can benefit from putting together a basic estate plan, and a will is one of the most essential estate planning documents. Consider these top reasons why you need a will:
If you are a parent who has children who are 17 years of age or younger, you can use a will to name a guardian for these children in the event that you and your partner are involved in a fatal accident. Keep in mind that if you do not name a guardian and something happens to you, the process of choosing a guardian for your children, which will be done by the court, can be drawn out, emotional, and contentious.
Another reason to consider creating a will is in the event that you have a business, and you have specific plans for that business. If you die without creating a will, how your business will be divided and who will gain control will be something you will not be able to manage. With a will, you can name whom you want to inherit the business and take over in the event that something happens to you, or how you want to the business to be sold/divided and how you want any proceeds from the business to be distributed.
Even if you do not have a business or children, you can still benefit from creating an estate plan. This is because if you have any assets and you die without a will, these assets will be subject to Texas’ intestacy laws. Intestacy laws determine how an estate is divided, and hold that children will inherit everything if you die without a spouse or parents; your spouse will inherit everything if you die without children or parents; your parents will inherit everything if you die without a spouse or children; your spouse will inherit shared property and a third of your separate property and your children will inherit everything else if you die with children and a spouse; and your spouse will inherit all of your shared property, all of your personal property, and half of separate real estate and your parents will get everything else if you die with a spouse and surviving parents.
Of course, this may seem totally fine to you. Or, you may have plans for how you want your assets divided that do not adhere to the same structure above. For example, you may want to give money to charity, or to a dear friend. Or you may want to leave all of your assets to your spouse rather than your children. If you have specific plans for your estate, you must have a will.
At the office of John Powell III, P.C., our Pearland estate planning lawyer is ready to sit down with you to discuss your plans for a will. To learn more about the process or what we encourage clients to include in their will, please call us today or send us a message directly. We look forward to helping you plan for the future.