Do I Need a Will?
Becoming a real-life adult comes with some tedious tasks to figure out. One of those necessities is preparing a will. But nobody likes to spend the time, money, or effort to actually do it. Plus, contemplating your own mortality probably isn’t a favorite item on the to-do list. So we end up thinking we’ll “get to it next year” and it perpetually gets bumped to the bottom of the adulting task list.
But did you know that you already have a will? If you pass away without formally recording your wishes, it is said that you died “intestate.” In this case, the intestate succession laws of your state declare who will inherit your assets. I love my great state of Texas, but I do not want the politicians deciding what happens to all of my stuff!
Life is uncertain and nobody is guaranteed a tomorrow. Ideally, everyone lives until they’re 100 years old, and everything they have just passes on to their surviving spouse or kids. That’s what we want and hope. But what if you die and your spouse remarries? And what if that spouse has kids of their own? What if your kids pass away first? It’s wise to take the time to prepare the passing of your assets in case life throws some unexpected turns your family’s way.
The funny thing is, preparing your will is not something you do for your own benefit. You’ll be dead, so what do you care what happens afterward?! The truth is, you prepare a will to guide your family through the next steps to take after your passing. It really is a gift to them. I know this because I’ve helped clients who are struggling to settle the estate of a loved one when there is no will. It adds hours in a courtroom and thousands of dollars of attorney fees to an already emotional and stressful time.
When preparing your will, there are at least three main points you will want to outline:
- Who is going to be responsible for carrying out these wishes (your “executor” (male) or “executrix” (female)).
- Decide who will inherit your assets
- Decide who will take care of your minor children
Deciding who will take care of the kids is where a lot of people get stuck. Not only do you designate who you wish to take on this responsibility, you also need to pick a 2nd in line and 3rd in line. This is a big decision that can be difficult to make with a lot of aspects to consider. But it’s worth taking the time to be intentional about the best outcome.
Another important point is you don’t get to say in your will where all of your assets go. Some things are passed on to your beneficiaries “outside of probate.” These are typically things like your house or bank accounts owned jointly with your spouse. Also, life insurance, retirement accounts, and trusts have their own beneficiary designations which trump the wishes outlined in your will. Have you checked these things lately to make sure the beneficiaries are in line with your wishes?
Typically once you create your will, you will want to re-review it at least every ten years to be sure everything is still set up properly. If small changes need to be made, you can often attach a codicil to accomplish those. For bigger changes you simply prepare a new will that supersedes the previous one.
If you have questions specific to your situation, or just find this all confusing, reach out to me! I’d be happy to discuss your specific situation with you and what would be the most beneficial for you, your family, and your assets.
I am not an attorney, and I don’t prepare legal documents for clients. But I know a lot of good estate attorneys and I’m happy to refer you to one. Please don’t take any of the above general information to be legal advice specific to your situation. These are suggestions of things to be considering as you prepare your will. It’s always best to have a board certified attorney prepare and review any legal documents that you sign.
