A properly drafted Will offers you financial protection and it offers your family peace of mind. This is the most effective method of settling the affairs of your estate. A last will and testament should clearly define your wishes concerning the dispersal of all your worldly possessions and name those who will inherit the assets of your estate. If you have a large estate, this can also save tax money.
Most experts agree that if you have any assets whatsoever, you should have a last will and testament. You can designate who will get your personal items, furnishings, pets, autos, paintings, jewelry or just about any type of possession. If you do not have a will at your death, then the courts must decide these important things instead.
A will can protect against disputes between family members and offers very good overall protection concerning your financial decisions. Legal documents like wills, trusts and living wills are the best way to let your family know your wishes about life-saving treatments, funeral arrangements and end-of-life procedures.
If you have children, then it’s very important to appoint a guardian for them should anything happen to you and/or your spouse. This is an important decision that will be left to the state if you cannot decide on guardianship for your child. There are several types of guardians that serve in various capacities. For instance, one type of guardian will decide where your child lives, goes to school and about decisions like medical care. Another type of guardian determines how money will be distributed, spent and invested.
This is a hand-written will and while it’s better than nothing, it’s fairly easy for family members to dispute this type of document. To avoid problems, it’s best to set up an appointment with your lawyer and make sure that your estate is properly cared for in the event of your death. You can name those who you want to handle your estate and name those who will care for any minor children or pets.
If leaving money to minors, then you’ll need a reliable trustee who will be in charge of how and where the money is spent. Most experts recommend against using an irrevocable trust for children or those you care about. These legal documents can never be changed so if someone you love becomes sick or needs financial help, they would not be able to get to the money they need.
For over 35 years, Riddle & Associates PC has been helping Texans with estate planning. We understand how difficult it may be for some to think about the untimely death of a loved one, but we also know how important it is that your family and assets are protected. We provide a full spectrum of estate planning services including wills, trusts, gift tax planning and business law. We focus on giving you personalized care that will more than meet your needs, desires and wishes. Please call us for more information about wills and estate planning. We are conveniently located in Houston, Texas.