There are few things that are as important as leaving your financial and legal affairs in order for your descendents.Many people believe they do not need a will because they are either too young or don’t have enough assets. Everyone should be prepared in the event that a tragedy strikes. Stories abound of legal and financial struggles that families face upon the death of a loved one when the deceased has not made plans for their estate.
A will is the legal document that sets forth your final wishes. Among other things, a will allows you to name executors, create trusts, convey property, and, perhaps most importantly, identify who will care for your minor children.
If you die without a will (i.e. die intestate), the Texas Intestate Succession Laws determine who receives your property. These laws dictate what happens to the deceased’s property without regard to such factors as a recipient’s financial need, whether or not the conveyance would disqualify the recipient from receiving government benefits (i.e., Medicare, Veteran’s Assistance, etc.)Dying without a will also increases the cost of probate (or estate administration) and causes more stress on your loved ones.
A will allows you to:
- Choose your Executor
- Determine who will care for your children
- Make Charitable Donations
- Determine who gets your property
- Create Trusts for Minors or incapacitated heirs
- Disinherit heirs
Wills are inexpensive and require little inconvenience. The information needed to prepare a will can easily be obtained over the phone or by email. Contact the Law Office of Jake Srp to get started today.