Why People of Any Age Need a Will
You’ve probably heard many people say that there’s no reason to have a will unless you have kids or a ton of money. While both of those are great reasons to have a will, they aren’t requirements.
Many people have wills so that they know specific processes will be followed after their death or to give instruction to their surviving family members.
If you’re an adult, then it’s likely that you need a will. Anyone could consider writing a will on their own, but it’s always best to work with a local Abilene probate attorney. That way, you can ensure that you cover everything.
Having a Plan for Assets and Debt
Are you net-worth positive? Or maybe, you have debt that you’re worried about someone else having to manage. Assets and debt are among the top reason for creating a will. The fear is that the state will come in and take over or mishandle assets in a way that is destructive for the heir. Additionally, there’s the risk that there will be arguments over the estate.
You should know who will take over all of your valuables, and the best way to do this is to do a full inventory of your home and any storage spaces.
Remember, as you go through your home and compile a list of assets that are valuable to you. A treasured book or record collection may not seem to carry much monetary value, but your will should include anything that you hold dear.
Now, if you have debt, that’s another issue. In most cases, debt is not something that you can pass down. But if you have a home, a business, or a car loan, then there may be an open debt that requires resolution. When a will is in place, there’s an executor of the estate who can resolve estate debts and facilitate transfers of property and similar.
But I’m Under 30 – Do I Still Need a Will?
Do you have a spouse? Do you have children? Do you have assets to manage or student loan debts? Even if you’re under 30, you should consider writing up a basic will. In Texas, the most common type of will is an attested sill, which has very basic requirements.
In Texas, someone can create an attested will by:
- Writing the will out
- Have signatures of the person, another person signing at the direction of the testator, and two other, credible witnesses over the age of 14.
That means that if you only have one or two things to take care of, then you should go through and make a short written will.
Estate Battles and Arguments
Will your children, spouse, ex-spouse, or current significant others fight over the estate? Wills serve to outline the exact wishes of the person, and that means that they can enforce those wishes through Texas state law. While the family can contest a will, the law stands to uphold the will, not to bend the desires of the deceased unless the will’s request is unreasonable.
Children and Custody Concerns
What will happen to your child? Many parents have thought of it, and the guidance on it is to find someone with the means and mindset to raise your child as you would have liked to. Children and custody issues can cause problems across multiple families. When both parents die without a will, the children will go through the foster care system until the state decides who they will go to.
In regard to children and custody, you might consider making arrangements well ahead of time. As you negotiate this with your partner, you should explore the differences in financial stability and parenting methods.
Declare Your Wishes with an LGBT Probate Attorney in Texas
In Abilene, TX, you can get hands-on help with crafting your will. Make sure that your wishes are known that you clearly outline what should happen with your debt and assets with a will. At Eddington Worley of Abilene, you can establish exactly what should happen in the event of your death.
Having a will is vital if you have a positive net worth, children, a spouse, or debt that may be passed on to a survivor. The only time that someone may not need a will is if they are very young, have no assets, no children, and no spouse. But, even in that event that you are young, without kids, and without a spouse, you may want to have some security on your burial plans. Call Eddington Worley now to set up a plan.
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