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Reasons you need a will as part of your estate planning

On Behalf of | Jan 20, 2022 | Estate Planning |

Texas law does not require you to have a will to pass your estate on to your heirs. However, for most people, it is a good idea to have one anyway.

Why do you need a will as part of your estate plan?

What is a will?

A will is a legal document that specifies what you want to happen to your estate when you die. If you die without a will, your family will still receive distributions from your estate; however, there is no guarantee that the court will distribute your assets according to your wishes. Instead, the court will follow Texas’s intestate succession laws.

How do the laws work?

If you have any children, your estate will pass to them first. If not, then your estate goes to your parents and then your siblings.

What are the benefits of having a will?

Having a will reduces the cost of distributing your estate. It also speeds up the process. Most of all, it allows you to specify exactly how you want your assets distributed and appoint someone to care for any minor children you have. A will is particularly important if you have a previous spouse or you or your spouse have children with another person.

For most people, a will is the bare minimum amount of estate planning they should do. Without a will, your heirs could face unnecessary expenses, delays and legal complications. You may also want to consider other estate planning tools, such as a revocable living trust.