The truth is every adult should at least consider getting a will in place. Yes, this means everyone aged 18 and older.
When is it really important and why?
Well, if you…
– have assets such as a house, interest in family property, money that you’ve saved or maybe inherited, or any other significant assets, including digital assets (and “significant” is defined by YOU – it doesn’t have to be 1 million dollars, or even $100k. If it’s something that YOU care about, then you probably consider it significant, even if some others may not), OR
– have kids, OR
– have a bad relationship with your family and don’t want them handling things or getting your things/money/kids if you die
then you have a particular need for a will and should schedule a consultation soon to learn about your options!
There could be any number of factors present that means having a will makes sense, but these are some of the most common.
Ok, but what’s the big deal if I don’t have a will and I do have things that are significant to me?
If you do NOT have a will in place and you pass away, Texas law says that your family receives everything and can step in to handle your estate, and become the guardians of your children.
Other interested parties can intervene and attempt to stop them, but they would have to have a very strong case, and relying on others to take on this expense is not a good plan, and certainly not the cheapest way to go. Having a will in place will be much cheaper than leaving someone who has agreed to “fight for want you want.”
So, if you object to your family receiving or managing your estate (which is made up of whatever assets you do have, big or small, your pets, and your kids) and possibly being appointed guardian over your children, then you certainly need a will now!
Regardless of the family relationship, there may be a question of ability. Say you’re a single adult child, with elderly parents who could not step in and be suitable guardians to your child even if they wanted to, then you want to say who you approve to serve as guardian proactively! Otherwise, it is left to a judge, who doesn’t know people behind closed doors, to decide who is best suited. A frightening prospect for any parent.
As you can see, there are many potential reasons that support having a will in place. Just like there are many reasons to have regular oil changes, but many people neglect their cars until the issues become big and expensive. Maintain your adult responsibilities by having your will in place.
Don’t leave your family in an emotional AND practical mess when it comes to handling your affairs if you die or become disabled. Say what you want to happen, while you can: Now. Update it down the line, after you’ve built your net worth or family out more, but maintain peace of mind throughout your life by having this crucial planning done!
Also, if you are over 18 but do not have any assets or kids yet, you want to seriously consider getting at least your powers of attorney in place so if you are disabled, perhaps in an accident, then the people you choose are the ones who can make medical and legal/financial decisions for you. Otherwise, this may also fall to family members, under Texas law.
Those who have had a consultation with me know that they come out on the other side well-informed about their legal planning options, about what will happen if something happens to them today, and about what the legal process would be that their survivors face. Once you understand how the system may work in your case, you will know immediately whether you’re “OK” with the default plan, and don’t need to pay for any legal planning now, or whether it is a priority for you and you move forward with getting your planning done. Either way, you can only make the best decision for yourself and your family when you have the key information. Talk to me, or another attorney soon, about your options. If you leave without a good understanding, talk to another attorney until you find someone who you connect with, understand, and will enjoy working with.
All the best.
