Do you have a will? If you do not, you may want to consider the many practical and financial benefits of taking this important step. Many avoid estate planning because they believe it is something only necessary for the wealthy, but, in reality, it is a smart move for anyone who wishes to control what happens to their stuff and hard-earned assets in the future.
Writing a will is more than just outlining how you want your property and assets divided after your death. It also allows you to have a direct say in certain matters, including guardianship of your children. If you die without a will, the chances are high that your beneficiaries could lose money and may not receive their portion of your estate until after an extensive legal process.
What a will can do for you
Ultimately, the point of a will is to allow you to have control over what happens to your property. By making the effort to draft one of these important documents, you will be able to express your specific wishes regarding the following:
- Legal guardianship of your children
- Who will be the executor of your estate
- Which beneficiaries will get what property, assets and real estate
Estate planning is something that almost every Texas family should do, but there is no single solution or cookie-cutter plan for everyone. If you have not yet taken this step, there is much at stake, and you would be wise to take the necessary steps to protect your future and the interests of your loved ones.
Estate distribution without a will
If you die without a will, you will not be able to control what happens to your property. Instead, the court will appoint a person to administer your estate and oversee the distribution of your assets. This process can be quite costly, and the amount will come out of estate assets before beneficiaries receive any money or property rights.
Your money, your choice
No one wants to think about death, but there is much benefit in deciding for yourself what happens to your hard-earned money after you pass away. From outlining who gets what to planning for the care of your children, you should have the final say in what happens.
Drafting a will may be enough protection for you, but you may also benefit from the formation of a trust and other estate planning tools. You can learn what is best according to the details of your individual situation by seeking the opinion of an experienced attorney.