There are many reasons why people postpone writing a Will. Maybe it’s a reminder that one day we will no longer be here on this earth or maybe we are struggling with the fact that someone else will be the owner of all the stuff we have worked so hard for. Whatever the reason for people not to have a will prepared, they are potentially causing emotional stress and harm to their family in the future. A will is one of the most important document that you ever write, because it allows you to select the persons who will receive what you own upon your death. If you do not have one in place, the state will get to decide who and where your belongings end up. It is not a good idea to leave that decision to the laws in place for distributing property when there is no will; the law does not know anything about your unique family situation.
What is a Will?
A Will is a legal document that dictates how you want your assets to be distributed after you die. This document can change as many times as you like and it should. As your circumstances change so should your Will. Having kids, gaining more assets are just a few reasons as to why you should update your will every couple of years. To be valid, however, the document must comply with several requirements under state law— the number of witnesses, whether it must be typed or handwritten, and others— all of which are fairly standard state to state and very easy to satisfy.
Below we have assembled some quick tips for you:
Benefits of having a Will
• You decide who gets you property
• You decide who manages your affairs after you are gone
• You decide who takes care of you minor children when you are gone
• Gives you the ability to create trusts to protect your property from immature, handicapped or irresponsible heirs
• Peace of mind knowing that things are taken care of
• Cheaper to administer an estate when there is a will
• Limits the court’s involvement in your estate
Everyone should have a will, but some people need it more. If any of the following situations apply to you make it a priority to consult an attorney about getting a will.
• Minor children
• Immature, handicapped or irresponsible children
• Second marriage
• Children from multiple relationships
• Large estate
When should you have a Will prepared or update your current Will?
• New children
• Marriage or Divorce
• Children grow up
• Changes in relationships with your family members
• Major changes in wealth
• Death or disability of a beneficiary, trustee, executor
• Moved out of Texas
• Recommendation: We recommend reviewing your Will every 5 years
– The Business Team
Scott | Josh | Jeremy
The Allen Firm, PC
181 S. Graham Street | Stephenville, Texas 76401
Ph: 254.965.3185 | Fax: 254.965.6539
The Allen Firm, PC is composed of a team of attorneys located in Stephenville, Texas. Our mission is to improve people’s lives by providing reliable and practical help with their legal matters while operating under our values of honoring people, operating with integrity and striving for excellence. We offer help in forming businesses or companies, estate planning, lawsuits, real estate, probate, oil and gas, collections, agriculture, bankruptcy, family law, and accident and injuries.