If you die intestate (without a will) in Texas, then the court will distribute your assets according to intestate laws. The problem with this is that your assets may not be distributed according to your preferences.
A will allows you to put your final wishes into writing. This way, there is no ambiguity over who should receive assets from your estate once you die. Nonetheless, drafting a will involves giving careful consideration to numerous factors. Here are some important things to remember.
You’ll need an accurate account of your assets
To ensure that all of your assets are included in your will, you will first need to think about what exactly you own. For instance, do you have just one property or do you own a vacation home? How many savings accounts do you have? Do you have any payable on death insurance policies?
It’s important to itemize all of your valuable assets. Also, remember that monetary value isn’t everything. Are there any sentimental items that you would like to see passed on to the next generation of your family?
Who do you want the will to benefit?
Those who inherit from a will are called beneficiaries. Often, these include children, grandchildren, friends and other family members. Nonetheless, you can name anyone as a beneficiary. You can even name non-profit organizations and charities if that is your preference. Think carefully about who you really want to benefit from your assets and hard-earned savings.
Who do you trust to execute the will?
Having a well-drafted will is one thing, but you need to ensure that a trustworthy party oversees the execution of your will. This person, known as the executor, should be up for the task, responsible and impartial.
As you can see, drafting a will takes careful planning. Having legal guidance on your side will make this process easier.