The majority of people wonder what the benefits of having a will are. Our firm strives to educate the public and have come up with the top ten reasons of having a will. These are as follows:
- The ability to discuss the distribution of your Estate with an attorney and seek advice to handle questions that you may not be able to share with your family. The attorney is a neutral third party whose only interest is you, and distribution of your Estate.
- The benefit of appointing someone you personally trust (perhaps a family member or a close family friend) to handle the distribution of your Estate opposed to a Court official. The relief of knowing that a loved one is distributing your Estate, and your personal affect according to your wishes. If you do not have an executed will, then a family member that you may not have had the best relationship with could be appointed as the Executor of your Estate
- When you leave a legacy behind for your loved ones upon your passing, our Firm provides a “reading of the will” to go over your last wishes. This allows you the peace of mind that your family will have the opportunity to discuss your final wishes with an Arlington, TX estate planning lawyerand gather understanding of the process during a difficult time.
- You must remember that no one is promised a tomorrow, so if you have minor child(ren), then you are able to appoint a Guardian for your children and even appoint a Trustee to look after your child(ren)’s finances after you pass. This coincides with the Family Courts and assists with custody issues in the event that you have an untimely passing.
- For clients that are approaching their senior years, within your will, you are able to direct a Guardian to handle your finances and even assist with appointing someone to handle your medical needs. A benefit of this is to put it on record, while you are of sound mind, declaring those who you do not wish to be appointed your Guardian to make those decisions on your behalf.
- With an executed will you are assured that an attorney and the Courts will oversee the entire Probate process and are ethically obligated to transfer all titles to beneficiaries that you have left a legacy behind for.
- Having a will also guarantees that you can save money even after passing. Those whom have wills executed save on average a minimum of $1,000.00 to $2,500.00 in attorney’s fees probating your Estate within the court system. By not having a will, the costs of Probate are higher, witnesses and loved ones have more obligations to attend hearings and provide testimonials before a Judge.
- Although our Firm does not provide tax advice, we strongly urge you to seek advice from a tax expert to see the benefits that you can avoid by having a valid will. Each State has their own taxes against Estates and it is beneficial to pass your property to family to avoid higher taxes against your Estate.
- As simple as it is to leave a legacy for your loved ones, you are able to do the same for charities. If you do not specifically state within your will that you wish to leave a legacy with a charity, it will not come to pass. The laws are specified for your heirs and if you have a charity that you have been donating to; they receive nothing unless you direct it within your will.
- For blended families, a valid executed will is beneficial in the fact that each parent can specifically state as to which children get what inheritance. This works best for all parties because many couples that divorce and remarry have already set aside some of their earnings particularly for their children. This ensures that all children receive an inheritance. An additional benefit is that you can also exclude other children from receiving an inheritance if you so wish.
Thanks to our friends and contributors from Brandy Austin Law Firm, PLLC for their insight into the importance of a will.