Top 10 Reasons You Need A Will

For some individuals, drawing up a legal Will can seem daunting. Whether your estate is simple or complicated, you will need to set aside some time and money to meet with an attorney to ensure your Will best reflects your wishes. There are many reasons people put off creating a Will. Unfortunately, we cannot predict when our passing may occur. The slogan "Just Do It" really rings true here. Dying without a Will can cost your family a lot of money and heartache in the long run. It can also lead to your estate being distributed in ways that you would not want.

In the blog below, you can find out about the 10 biggest benefits of drawing up a Will and why proper estate planning is well worth the upfront cost.

The Top 10 Benefits Of Drawing Up A Will

1. You Can Choose How Your Estate Will Be Distributed

If you don’t decide how you want your estate distributed, the state of Texas will decide for you. It may not be at all what you want. The chart below outlines how your estate will typically be divided should you pass away without a Will. Especially if there are children from a prior marriage, the distribution set by the state of Texas can be vastly different from what most people expect.

2. It's Less Expensive Than Dying Without A Will

If you own real estate or other assets on which you cannot designate payable on death or beneficiary designations, administration of your estate without a Will is many times more expensive than having and probating a Will. 

3. You Can Choose Who Administers Your Estate

If you do not specify in a Will who you want as executor of the estate, you leave to chance who a court will be forced to decide is the appropriate person to administer your estate. State law lists persons who are eligible for appointment in order of priority. These may not be the people you would choose.

4. You Can Choose A Guardian For Your Minor Children

If you do not specify in a Will who you would want to serve as guardian of the person and of the estate of your minor children should both parents pass away, a long, expensive, and highly emotional court battle may be required to decide this. Once again, Texas law provides a list of persons eligible to serve, in order of priority.

If the court is required to create a guardianship in the absence of the provision for guardians in your Will, the guardianship will only remain in effect until each child turns 18. When each child turns 18, the estate has to be distributed to them whether they are mature enough to manage it or not.

5. You Can Say How And When Your Children Receive Inheritance

You can specify in your Will what age or ages your children will receive their inheritance and upon what conditions they will receive it. This could require them to stay in college, make good grades, stay drug-free, or the like in order to prove they are mature enough to manage the estate.

Without a Will, adult children who are 18 years old will receive their total inheritance all at once, condition-free.

6. You Can Restrict Your Surviving Spouse’s Right To Change The Estate Plan After You’re Gone

If you die before your spouse, he or she could completely change all beneficiaries unless you have placed restrictions on their right to do so through a Joint and Contractual Will with your spouse. 

7. You Can Provide For Stepchildren Or Grandchildren As Beneficiaries

If you die without a Will, Texas law does not provide for any inheritance for stepchildren or grandchildren. If you want them to receive anything from your estate, you must provide so in the Will. You could still have made some provision for them by a non-probate asset that passes by payable on death or beneficiary designations, however.

8. You Can Omit A Beneficiary To Prevent Their Losing Government Benefits

Sometimes, it is better to provide in your Will that a special needs beneficiary who would be entitled to inherit if you were to die without a Will (under intestate law) receives nothing. Otherwise, the inheritance might cause him or her to become disqualified from the receipt of the significantly larger government benefits they have been receiving.

9. You Can Change The Amount Of Inheritance Certain Beneficiaries Receive

The Will allows you to change the amount a beneficiary would receive if you did not have a Will. For example, intestate law would provide for all children to receive the same amount of inheritance. You may wish for one beneficiary, such as a child who has provided substantial care for you, to receive more inheritance than other children. You also can also disinherit a child who has not been present in your life or is very well off financially and has no need of inheritance from you.  

10. You Can Speed Up The Process Of Estate Settlement And Avoid Litigation

A properly drawn-up Will provides for “independent administration” of the estate, which is much faster than estate administration if there is no Will. You can also include a clause that disinherits any potential beneficiary who contests or challenges the Will or any provision of the Will. This certainly may dissuade anyone from litigation over an estate.

Drawing Up A Will Is Always A Wise Idea

Estate planning may or may not complicated. For the reasons stated above, it is often well worth your time and money to have an experienced attorney draw up a Will for you. If you would like to explore how having a Will could benefit your estate and family, contact Adair M. Buckner for a free consultation*.

Schedule A Free* Consultation

* (The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)

** This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal, or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.