Estate Planning is one of the most basic legal needs individuals have. Still, even with the broad availability of legal counsel, research shows that over half of Americans still don’t have a plan in place. If you’re one of those individuals without a plan, you should consider having a custom estate plan created to fit your personal needs. 

Here are 3 reasons why:

• Having a Will is Usually Easier to Probate: Without going into extensive detail on probate law, you should generally understand that having a Last Will and Testament may be simpler and less expensive to probate than a situation where you have no advanced planning done at all. While some state laws vary, the law of Texas provides that if you have a Will that calls for “independent administration” of your estate, the Court will generally allow your personal representative (“Executor”) to work through your property and creditor issues without being supervised by the court this saves time and money. While there can be exceptions, it is generally easier and less expensive to probate a simple, self-proving Will that calls for unsupervised administration rather than having no planning at all.
• The Law Doesn’t Know (and Simply Doesn’t Care) About Your Wishes: If you die without a Will in place, under Texas law there is a “default” plan that gives your property away to your next of kin, this is called “Intestate.” The default plan does not take into account your relationships with those people, your wishes, or even specific concerns related to them.

Example: When you were young, you have a child with a significant other. The child moves away with the other and you don’t have a close relationship. Later in life, you get married. If you die unexpectedly without a Will, your property is divided between your spouse and the child. This can create a large financial burden for the surviving spouse.

• Blended Families = Additional Complication: If you’re one of the many Americans living in a blended or non-traditional family, you may find that there are legal implications to your family arrangements. Perhaps you were previously married or have children from a prior marriage. Maybe you live with (or are married to) someone with children from a prior marriage. Maybe some of these children are minors. The key here is that if you are in a situation where you (or your spouse) have children from a prior marriage or relationship, they can potentially inherit along with your spouse. If those children are minors, their other natural parent typically has the right to speak for them regarding their property interests.

Example: You were previously married and had a child. You divorced and now are re-married with another child (a child with your second spouse). If you die without a Will, your spouse and child from your prior marriage split your assets (but if the child is a minor, your ex-spouse may have a right to speak for your first child).

Contact a qualified attorney to create a basic estate plan. Our firm frequently works with clients ranging from young families with modest estates to more established individuals with complex trust estates. We want to help you easily and efficiently resolve your estate planning issues. 

If you would like to learn more about creating a customized estate plan that fits your needs, contact Weldy Law, PLLC to schedule a free initial consultation. 

The above blog is for informational purposes only and is not legal advice nor does any information or communication with this website create an attorney-client relationship.