Although the last thing anyone wants to think about is his or her own mortality, dying without a Will will be costly for your loved ones. In fact, dying without a Will can be more costly than the fees you would pay to properly plan your estate.
There are many reasons to have an estate plan prepared, regardless of the size of your estate.
- Distribution of your assets should be done according to your wishes, not those of the state of Texas. Without a Will, your assets will be distributed according to Texas laws. Even a “simple” Will is a type of estate plan and can incorporate trust provisions to provide for your family and any special family situations.
- Your child or your spouse might be currently suffering from a physical, mental, or health disability. How are you going to make sure your spouse or child will be taken care of once you are gone? There are various estate planning tools you can utilize to make sure you protect your spouse or child without jeopardizing any possible government benefit.
- It is estimated that 40 to 50 percent of first marriages end in divorce in the United States. Second marriages fail at a rate of 60 to 70 percent. Because of this, blended families are becoming more and more common. Blended families face unique and complex estate planning issues. If your estate plan is not set up properly, you can count on family fights and disagreements.
- Some studies have shown that out of one hundred children who inherit one million dollars, only one child will still have one million dollars left after a ten-year period. With appropriate planning, you can make sure your family is protected and won’t go bankrupt after you are gone.
These are just a few reasons to have an estate plan prepared. You can request our free book, Do I Really Need a Will, for more helpful information. Also, our article in White Rock Lake Weekly goes more in depth: