Top 10 Reasons You Should Have a Will and Consult with An Attorney on Your Estate Plan
The majority of people wonder what the benefits of having a will are. Our Firm strives to educate the public and has come up with the top ten reasons for having a will are as follows:
- The ability to discuss the distribution of your estate with an attorney and seek advice to handle questions that you may not be able to present to your family. The attorney is a neutral third party whose only interest is you, and distributing your estate as you have requested.
- The benefits of appointing someone you personally trust to handle the distribution of your estate as opposed to a court official. The relief of knowing that a loved one is distributing your estate, and your personal effects is genuine relief that only you are able to direct within your will. If you do not have an executed will, then a family member that you may not have had the best relationship with could be appointed as the executor of your estate
- You leave a legacy behind for your loved ones upon your passing and our firm provides a “reading of the will” to go over your last wishes with your loved ones. This allows you peace of mind that your family will have the opportunity to discuss your final wishes with an attorney and gather an understanding of the process during a difficult time.
- You must remember that no one is promised a tomorrow and if you have minor children you are able to appoint a guardian for your children and even appoint a trustee to look after your child(ren) financial aspects after you pass. This coincides with the family courts and assists within custody issues in the event that you are to have an untimely passing.
- For clients that are approaching their senior years, within your will you are able to direct a guardian to handle your finances and even assist with appointing someone to handle your medical needs also. The benefits of this alone are putting it on record declaring those whom you wish not to be your guardian while you are of sound mind to make those decisions
- With an executed will you are assured that an attorney and the courts will oversee the entire probate process and are ethically obligated to transfer all titles to beneficiaries that you have left a legacy behind for.
- Having a will also guarantees that you can save money even after passing. Those who have wills executed save on average a minimum of $1,000.00 to $2,500.00 in attorney’s fees probating your estate within the court system. By not having a will, the costs of probate are higher, witnesses and loved ones have more obligations to attend hearings and provide testimonials before a judge.
- Although our firm does not provide tax advice, we strongly urge you to seek advice from a tax expert to see the benefits that you can avoid by having a valid will. Each state has its own taxes against Estates and it is beneficial to pass your property to family to avoid higher taxes against your Estate.
- Just as simple as it is to leave a legacy for your loved ones, you are able to do the same for charities. If you do not specifically state within your will that you wish to leave a legacy with a charity it will not come to pass. The laws are specified for your heirs and if you have a charity that you have been donating to; they receive nothing unless you direct so within your will.
- For blended families, a validly executed will is beneficial in the fact that each parent can specifically state as to which children get what inheritance. This works best for all parties because many couples that divorce and remarry have already set aside some of their earnings specifically for their children. This ensures that all children receive an inheritance. An additional benefit is that you can also exclude other children from receiving an inheritance if you so wish.
Law firms strongly urge families to have a last will and testament in place. There are alternatives to a Will and the need to probate that will; however, a wills lawyer in Arlington, TX will assess every client’s personal estate needs and educate the best estate plan for each client. Contact a law firm today to schedule your free consultation.
Thanks to Brandy Austin Law Firm, PLLC for their insight into estate planning and why to use an attorney.