At least half of Americans don’t have a will. Are you one of them? Dying without a will means the state will decide who gets what of your assets, who is in charge of your estate, and more importantly, who is responsible for your children.
Nobody wants to talk about death and dying, but preparing your will now can save your loved ones stress and additional heartache should something happen to you.
In the event that something happens to you, your children should be cared for by individuals you choose. Don’t let the state determine where your children will live. In addition, dying without a will means your assets could go to places you had no intention of them going.
There are many reasons every adult should have a will, children or no children. Here are some of the most important reasons you need a will:
A will allows you to 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 executing your will, you will be able to clearly identify your beneficiaries and how you want your property to be divided.
A will allows you to 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.
In your will, you can 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.
By preparing your will, you will 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.
To prepare your will, you should work with an experienced attorney who can guide you through the process. Your attorney will explain the legal terms and ensure that your will is drafted properly so there are no questions in the event of your death. Your attorney can also help review your financial assets and double check who can receive what from your retirement accounts.
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