Preparing your will may not be a pleasant thought, but it is vitally important. No matter your age or how healthy you are, you never know what tomorrow holds. By taking time to prepare your will now, you can save your loved ones additional stress when that day comes.
In your will, you can designate who should receive your property and other assets when you pass away and how those assets should be divided; name an individual you choose to look after any minor children; specify funeral and burial wishes; and leave money to a church or charity.
There are many reasons every adult should have a will — these are some the most important:
1. 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 drafting a will, you will be able to clearly identify your beneficiaries and how you want your property to be divided.
2. 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, if no other parent is alive or capable.
3. 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.
4. 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 written 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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