Do you know what will happen to your estate and the people you love when you die? Do you want to ensure your family is taken care of after you’re gone? The best thing you can do for yourself and your loved ones is getting a will. Unfortunately, fewer than half of all Americans have one.
If you would rather not think about your mortality, that’s understandable. No one wants to think about the end of life. Still, it’s best to make your wishes known now before the unthinkable happens. Being prepared now will make life easier for those you leave behind.
When you are ready to make a will, it is important to find the right attorney to explain the process and help with all the complicated paperwork. In the Denton, Dallas, Fort Worth, and Tyler, Texas areas, your best resource is Vance E. Hendrix P.C., Attorney at Law.
What is a Will?
Basically, a will is a legal document. It is a list of your instructions to be carried out after you die. Most people understand this basic information, but there is more you should know. It helps to know what a will does and why you should have one, regardless of how much you own.
While it’s true that not everyone has vast amounts of wealth to worry about, everyone should invest in a will. If you don’t, there is no guarantee your wishes will be honored.
What Does It Do?
There are several things your will includes:
Beneficiaries
Your will should identify your beneficiaries. Beneficiaries are the people, places, or charities you designate to receive your estate.
- You have the option of leaving all of your assets to one or several beneficiaries. For example, you can leave your assets to just a child or spouse, or you can divide the estate between family and a library, arts center, or children’s program.
- Your assets can include your property, valuables, and money.
Executor
Your will can also identify who you want as executor(s) of your estate. An executor carries out your instructions and takes care of your legal affairs by managing the estate. This person distributes assets to all beneficiaries and pays expenses.
Trusts
Finally, a will can contain trusts that protect your beneficiaries. A trust is an arrangement that protects the estate from creditors, lawsuits, and family disputes. Not only that, but a trust can potentially pass outside of probate. That means saving time, money, and hassle.
- Since the trust – rather than the actual beneficiaries – own the assets, they will be protected from potential hardships and challenges.
- A revocable trust will protect children under the age of 18, and when they reach a designated age, they will have total control.
- Disabled beneficiaries can benefit from a special needs trust. That way, they won’t be disqualified from government benefits.
Why Is a Will Necessary?
There are several reasons you should create a will. First, if there is no will when a person dies, the State will determine the beneficiaries and executor are. In other words, your wishes will not be honored, and your family will be left out of the process.
Setting up a will on your own is a daunting process. That’s why experts like Vance E. Hendrix, Attorney at Law, are so helpful. Since he specializes in estate planning and probate, he will get you through the process quickly and efficiently. Call today at 214-500-1702 or 903-944-7800.