Writing a detailed and error-free will is a sagacious decision. The sooner in life you do it, the better because we are not promised that we will be alive in the morning. A Will not only governs what happens to your belongings after your death, but also helps your reduce the change of arguments among your heirs
Here’s what your will should include.
If you’re a parent, your primary concern should be to ensure that your children are taken care of after your death. This is particularly important if you pass away before your kids are legally adults. The will allows you to name their legal guardians who will look after them after you’re gone.
If you die without deciding the guardianship, the child’s custody will be deciding by the laws of the state of Texas. The problem is that you might not like the person the court chooses to raise your child. Maybe that person has different political views or they’re a different religion or they have substance abuse issues or their abusive or they live really far away from where your kids were being raises.
Your Will also allows you to decide who inherits what. In most cases, it isn’t tough to decide.You should name primary beneficiaries as well as contingent beneficiaries who would inherit if a named primary beneficiary pre-deceased you. You can also mention if you want to leave your spouse or children out of your will. Your beneficiaries may include your friends, partner, children, other family members, and charities.
You also need to name an executor to handle the estate and take care of your outstanding debt. Make sure it’s someone who is willing and able. If they’re not willing or if they’re not good with money or organization or honesty, then you probably shouldn’t pick them.. If you’re leaving your property for children, you should must also name an adult who will manage their inheritance or at least put specific UTMA language in the Will. This person is either called a property guardian, property custodian, or trustee.
Write down all of your significant assets and then decide how you’d want each of the items to be bequeathed. If you’re married, each of the two spouses needs to write out a separate will. However, you can mention assets that you jointly own.
When you’re writing your will, start with the assets that are easy to appraise, such as precious metals, heirlooms, jewelry, and cash savings. After this, move on to the larger assets such as your retirement funds, stock market investments, business interests, property, etc... You can also include any items with sentimental value and you want to leave them for specific people.
Seeking help from an estate planning attorney will help you write out a will properly. Get in touch with Mike Massey Law if you’re based in Austin, Houston, or San Antonio. In addition to helping our clients with their Last Will & Testaments, we also offer probate, personal injury, mediation, LLC formation, and real estate deed services.