Nobody likes to look in the mirror and face their own mortality. It seems gauche and morbid to think about your end of life and such things as how you want to be buried, and who will get your things when you die. Likely because of this, only 46% of people even have a Last Will and Testament.
But a will is a valuable estate planning tool that allows you to control what happens to your assets after you die.
Some people think that only the elderly need to draft a last will and testament, but it is never too early to think about estate planning, since an unforeseeable illness or injury could occur at any time. Having a will gives you peace of mind and lets you enjoy the future, knowing your mortality is looming but you are prepared.
Why Every Adult Should Have a Last Will and Testament
Decide where your assets will go
You have worked hard all your life for the things you have. Why would you not want to decide where it goes when you die? From specific bequests like jewelry, cars, and antiques, to deciding who will manage your estate. You can put your wishes into the will and rest assured your assets will be divided to the beneficiaries you select.
Care for your loved ones
Whether it is small children you want to provide for, or grown children, a Last Will and Testament ensures those you love are cared for. If you have small children, you can set up a contingent trust until they reach an appointed age, and name someone to manage the money for them until they reach that age. You can also use a will to set aside money for specific needs, such as college.
Leave assets for a Life Partner
If you have a life partner to whom you are not married, you can name them as a beneficiary and designate property to them that they would not be entitled to under statutory law. Without a will, a life partner would not be entitled to any of your estate since they are not related to you.
You can even use estate planning to ensure your pets are cared for.
Avoid fighting and extra court costs
Preparing a Last Will and Testament can help minimize fighting. Your loved ones won’t have to wonder where you wanted your things to go and fight over who gets the crock pot or the antique dresser. You can make sure everyone is cared for and gets what you want them to get.
Appoint an Executor of your Last Will and Testament
You also will name an executor in your Last Will and Testament, so the family you leave behind won’t have to fight over who is going to pay the creditors, distribute the assets and file an inventory. The executor will see the will through the probate process and make sure any wishes are carried out.
The family will know who is in charge and you won’t have to get the court involved with appointing a representative, thereby avoiding extra court costs.
Where there’s a will, there’s Way more – more control, more care, and more peace of mind. If you or someone you love need more information about a setting up a Last Will and Testament, contact Penning Law PLLC.
Heather is currently a member in good standing of the Real Estate, Probate, Trust and Family Law sections of the State Bar of Texas. Heather is also certified by the State Bar of Texas to represent litigants and proposed wards in heirship and guardianship proceedings.
