DO YOU HAVE WILL (POWER)
What you should know
Do you want to hear an amazing statistic? More than sixty per of the eligible people in the U.S. have no will (power). No, I’m not talking about the willpower it takes to be able to push away from the table; I’m talking about the Will power that ensures your loved ones are taken care of after you are gone.
The fact is most people just do not want to deal with their own mortality. Consequently, they avoid thinking about it, talking about it and certainly planning for it. Guess who suffers? Your spouse and yours kids.
Who needs a will you ask? Just about everyone who has a job, an asset or a minor child.
You should know that if you do not have a will the sate of Texas has one for you. In the event you die intestate (without a will) your estate will be distributed according to an inflexible plan, which must be adhered to by the probate court. These intestacy rules may or may not reflect how you would prefer your assets to be distributed or how you’re minor children will be cared for.
You should know that your will controls the entire distribution of your estate except for the community property of your assets that are already owned by your spouse, jointly owned assets with the right of survivorship, where an asset has a specific beneficiary designation (think life insurance policies) or where an asset has a automatic transfer on death designation (think checking and savings accounts).
You should know that your spouse is taken care of. A will may designate that all of the deceased spouse’s assets pass to the surviving spouse. Without a will, this would not be true as both your spouse and your children would have a portion of the estate pass to them by law.
You should know that w
ithout a will your children will be treated equally regardless of need or special circumstances. They will also be entitled to receive their full inheritance upon turning 18 to spend as they see fit. Admit it. An eighteen year old with money might be just a bit unsettling. And by the way, who’s in charge of the minor children in the event both parents should die? Without a will a judge you have never met that doesn’t know your kids or your sister or any family member, may make that decision for you.
You should know that if you have elderly parents who depend on you for support that they may be left with no options upon your death. Also, that college fund money or that classic pick-up that you had designated for your grandchild becomes part of the probate estate to be distributed according to the intestacy laws if you do not have a will.
You should know that without a will that your sister, whom you dearly love except when she’s with her domineering, overbearing husband, may be appointed executor by the court to make decisions for the estate, to administer the distribution of the assets and possibly to help the judge decide that it is in the best interest of the children to live with she and her husband. Yes that’s the same husband that you won’t even leave your kids with for an afternoon.
There are many other issues to consider, including tax implications in the event your estate is reasonably substantial.
One other tidbit for you to consider, situations change; your assets grow, you have another child, you get an inheritance, your kids are all adults. Does your current will cover your current situation? If not, you should consider a visit to your lawyer to address the changes that have occurred in your life since your last will was drafted.
Remember this; the long-term well-being of your spouse and your children is tied up in your decision to have a will or to die intestate. Only you know what is in the best interest of your family and the only way that you can ensure what happens after you have departed is to have WILL (POWER) while you are still with them.