Do I Need a Will?
Estate planning is often something we don’t think about until later in life. We might put off writing a will, assuming it’s something we’ll deal with when we’re older or when life circumstances change. However, it’s a fundamental part of making sure your wishes are known and that your family’s future is taken care of.
Creating a will is one of the most important steps you can take in securing your future and protecting your loved ones. An estate planning lawyer will see firsthand how a properly executed will can save families from unnecessary stress and confusion after a loved one passes. Serving Colleyville, Texas, Tefera Law Firm, PLLC is here to help.
What Is a Will?
A will is a legal document that outlines how your assets will be distributed upon your death. It can also designate guardians for minor children and specify your preferences for funeral arrangements and healthcare decisions, if applicable. Essentially, a will gives you control over what happens to your property, finances, and family after you pass away.
Without a will, Texas law will determine how your assets are distributed. The state’s intestate succession laws are designed to distribute property to your closest relatives—typically your spouse, children, or other direct family members—but these laws don’t account for your specific wishes or circumstances. For example, a will allows you to:
Decide who inherits your property, including specific assets like family heirlooms or real estate.
Appoint a guardian for your children.
Choose an executor to handle your estate after your death.
Why Do You Need a Will?
There are several reasons why having a will is crucial, especially in Texas. The main reason is that it gives you control. Without a will, the state of Texas will determine who inherits your assets, and this process can be lengthy, costly, and not aligned with your desires. Here are some key reasons why you should seriously consider having a will:
To Protect Your Family’s Future
A will lets you specify who will care for your children in the event of your passing. If you have minor children, designating a guardian in your will helps avoid a lengthy court process to determine who should look after them. This can give you peace of mind, knowing that your children will be cared for by someone you trust.
To Avoid Confusion and Conflict
When someone dies without a will, their family members are left to make decisions about the distribution of assets. This can lead to disputes, confusion, and even legal battles. By outlining your wishes in advance, you reduce the likelihood of these conflicts and make sure your loved ones understand your desires clearly.
To Decide Who Inherits Your Assets
If you die without a will, your assets are distributed according to state laws, and your spouse or children may not inherit everything you want them to. For example, if you’re married but have children from a previous relationship, Texas law may split your assets between your spouse and your children in ways you wouldn’t choose.
To Plan for Tax Savings
Estate planning isn’t just about deciding who gets your property—it’s also about how much they get after taxes. A will can help reduce the estate tax burden on your beneficiaries by taking advantage of various tax-saving strategies, seeing that more of your assets are passed on to your loved ones rather than the government.
To Protect Your Pets
If you have pets, a will allows you to specify who will care for them and how they should be cared for if you’re no longer around. Pets are often considered family, and this can help make sure they’re looked after by someone who understands their needs.
The Benefits of Having a Will
Having a will offers many benefits beyond simply deciding who gets your stuff. These benefits are both practical and emotional, and they provide clarity for your loved ones during an already difficult time. Here are some of the top advantages of having an estate planning lawyer help with your will:
Peace of Mind
Knowing that your wishes are documented and that your loved ones will be taken care of according to your preferences provides peace of mind. This gives both you and your family comfort, knowing that there won’t be any uncertainty or confusion about how your estate will be handled.
Designate an Executor
A will allows you to appoint an executor—someone you trust to manage your estate after your passing. This person will be responsible for making sure that your wishes are carried out, debts are paid, and assets are distributed accordingly. It’s essential to choose someone who is trustworthy and organized to avoid complications during the probate process.
Avoid Intestate Succession
Without a will, Texas law determines who inherits your assets. This process can result in your assets going to family members you might not have wanted to inherit them, or to individuals with whom you have no relationship. A will lets you make these decisions for yourself.
Clarify Your Wishes
Allowing an estate planning lawyer to help you create a will means you can provide clear instructions for how your estate should be handled, including specific requests for funeral arrangements, donations to charities, and distribution of specific items, like jewelry or a family heirloom.
What Happens If You Die Without a Will?
If you die without a will in Texas, your estate is distributed according to the state’s intestate succession laws. Generally, your spouse and children will inherit your estate, but how this is divided depends on several factors, such as whether you own property with your spouse and the type of property you have.
For example:
If you’re married with children, your spouse will inherit a portion of your estate, and your children will inherit the rest.
If you don’t have a spouse or children, your estate may be divided among your parents, siblings, or more distant relatives.
The state’s rules may not align with what you would’ve wanted, and it could lead to family disputes or confusion. That’s why having a will in place is essential—it allows you to have a say in how your estate is divided. Working with an estate planning lawyer to figure out the best time to work on a will is also crucial.
When Should You Get a Will?
There are several key moments in life that make it especially important to create or update your will. Here are a few milestones when you should consider creating or revising your will:
When you get married
When you have children or grandchildren
When you purchase a home or acquire significant assets
When you experience a major life change, such as a divorce or retirement
Even if you don’t have children or significant assets, a will can still help with the distribution of personal belongings and reduce the potential for legal confusion. An estate planning lawyer can guide you through the process of creating a will tailored to your specific circumstances.
Common Misconceptions About Wills
There are several misconceptions surrounding wills that can prevent people from making one. Here are a few of the most common myths:
"Only wealthy people need a will." False. A will can help anyone, regardless of their net worth, by making sure their wishes are respected and reducing confusion for their loved ones.
"A will is only necessary when you’re older." False. If you’re married, have children, or own property, it’s important to have a will, no matter your age.
"A will avoids probate." False. While a will doesn’t avoid probate, it can streamline the process and make sure that your wishes are followed.
Get in with an Estate Planning Lawyer Touch Today
Having a will is one of the most important decisions you can make to protect your loved ones and secure your legacy. Located in Colleyville, Texas, we serve clients throughout Tarrant County, including Keller, Texas; Grapevine, Texas; Southlake, Texas; Watauga, Texas; Hurst, Texas; Euless, Texas; Bedford, Texas; North Richland Hills, Texas; Fort Worth, Texas; Arlington, Texas, and neighboring areas. Reach out to Tefera Law Firm, PLLC today to get started.