You may have heard from family member, friends, or co-workers about the importance of creating a comprehensive estate plan but thought the advice does not apply to you. People frequently think it is necessary to have a large estate before even a Last Will and Testament becomes necessary. The reality, however, is that everyone over the age of 18 should have at least a Last Will in Testament in place. A deeper understanding of what a Will does for you and your loved ones, as well as what can happen if you die without having one in place, may finally provide the push you need to create and execute your Will.
The primary function of a Last Will and testament is to provide the framework for the division of your estate assets after your death. If you are young, single, and just starting out in a career you may feel your “estate assets” don’t warrant a Will. You likely have more assets, however, than you realize. More importantly, the assets you do have may mean something to you. If they do, you likely want to decide yourself what happens to them after your death. Dying intestate, or without a valid Will in place, means the State of Texas will decide what happens to your assets.
By way of illustration, imagine that you have a Barbie doll collection that you started when you were a young child. Currently, your collection has 27 dolls, ranging in value from about $40 to around $200 a piece. Collectively, they are worth about $2,000 – hardly a fortune but they do have monetary value. More importantly, you put your heart into collecting them. Your niece has always shown an interest in the collection and you promised her she would have it someday. If you die without a Will in place not only will your niece not get the collection but it may be sold off in order to create the proper distribution according to the Texas intestate succession laws.
If you are the parent of a minor child, executing a Will is also important because it is the only opportunity you will have to nominate a guardian for your minor child in the vent something should happen to you.
As you can see, the reasons for creating an executing a Last Will and Testament are numerous and varied. If you are ready to create yours, contact the experienced Texas estate planning attorneys at The Mendel Law Firm, L.P. by calling 281-759-3213 to schedule your appointment today.