by Tim O’Hare
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End of life plans are never fun to discuss, but they are necessary. Even if you are young and healthy, it’s important for you to consider writing a will documenting your wishes should you pass away.
The purpose of a will is to outline who receives your property and assets when you pass away, how your assets should be divided, who will look after any minor children, what your funeral and burial wishes are, and even if you wish to be an organ and tissue donor or not.
Not quite sure why you need a will? Here is a breakdown of the top four reasons everyone should have a will:
- Determine who your beneficiaries will be. If you die without a will, the State of Texas will determine the division of your property and who your beneficiaries will be. If you have children, or children from a previous marriage, the division of your assets can be a complicated process. By drafting up your will, you will be able to clearly identify your beneficiaries and how you want your property to be divided.
- Designate a guardian for your children. In the event that you pass away while your children are minors, your will can designate who will care for your children after your passing. If you die without a will, the court will appoint a person to serve as guardian for any minor children.
- Nominate an executor for your estate. In your will, you can also designate who should serve as executor of your estate. This is the person who will be responsible for dividing your assets and property according to your wishes.
- Make things as simple as possible for your surviving family. This may be the most important reason everyone needs a will. Dealing with the loss of a loved one is hard enough, but that loss can be compounded by the stress of administering the deceased’s estate. Drawing up a proper will, and letting your spouse, children and family members know what your wishes are will help ease the added burden they would otherwise experience upon your death.
In order to set up your will, hire an attorney. Working with an experienced attorney who can guide you through the process is absolutely essential. Your attorney will not only explain the legal terms, but will help ensure that your will is set properly so there are no questions in the event of your death. He or she can also help review your financial assets and double check who can receive what from your retirement accounts.
Do you need a will? Contact the experienced legal team at The Law Offices of Tim O’Hare for a referral to a reputable attorney who can help you draw up your will.
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