Benefits of Having a Will
One of the most common reasons I see for people not having a will is because they feel they don’t have enough to need one or it’s something on their mind and they haven’t gotten it done yet. During my consultations I make sure that people understand the importance of having a will prepared and what each estate planning document does and what problems it avoids and solves.
First, let’s go over some basics- what is a will? A will is a legal document that disposes of your estate according to your wishes. A will contains a variety of descriptions and instructions including, but not limited to, a description to identify your family members, specific gifts or money or other property, disposing of your estate to your spouse, children, family, or friends, testamentary trusts for minor beneficiaries, designation of executors and trustees and their alternates, and funeral wishes.
Now, why does a will matter and what are the benefits to having one?
Let’s talk about the top three reasons.
It saves money!- Having a valid will prepared costs some money, yes. Attorneys are not cheap, but having a proper will saves money in the long run. The person who has the will may not see the cost savings, but the will comes into play after death and will save the amount of money spent to probate the will and get more inheritance money in the hands of your loved ones. Without a will, a more complex probate may be needed and can cost at least 4x as much!
It saves time- Having a will can significantly decrease the amount of time spent. Again, this is a benefit that loved ones see. Loved ones will be busy after the death of a loved one and grieving. Having a will streamlines the probate process or may eliminate the need for probate altogether. Without a will, probate can take years as opposed to months.
It gives you control- Now, here’s a benefit for the person with the will. The person will have full control over who will take inheritance, who will take care of minor children, and who will be responsible for carrying out the wishes as executor. This is important because without a will, the State of Texas will apply its default rules and the result may not be favorable. Inheritance and assets could end up in hands you may not want it to. You can read more about what happens in those scenarios here.
These are just a few of the reasons and benefits, but reasons vary from person to person and there may be other benefits present in your specific family situation. However, generally, these three reasons and benefits apply to everyone. Wills save money, time, and give a person control over their assets and the disposition.
The information contained in this post is provided for informational purposes only, and should not be construed as offering legal advice, or creating an attorney client relationship.
