In a Will you have the opportunity to use a formal legal document to determine exactly how your property is to be distributed at the time of your death.
It’s a good question. If you’re an adult, the answer is: you do.
Rather than stop there with the shortest blog entry ever, let’s examine what a Will is and why you need one. A Will is a one of the formal legal documents by which individuals can insure that their desires, agreements, obligations, and plans are met and respected.
It is true that every state has laws of “descent and distribution.” Through these laws, some of which are enacted by legislatures and some of which derived from the common law, states have determined how the affairs of deceased citizens are to be handled.
If you die without a Will.
If you die without a Will the laws of your state of residence will control the payment of your debts and the disposition of your property within your state. The laws of other states in which you may own property will control the disposition of that property in most cases.
Unfortunately, these laws are not always uniform. This could mean that real property in Texas is passed to your heirs in a manner different from the property you may own in Louisiana or Wyoming. In addition, the laws of individual states, including the state of Texas, may distribute your assets at death in a manner that would not be acceptable to you. In the absence of a Will your parents and your brothers and sisters may take a share of the property that you thought would pass to your children.
How a Will can help.
In a Will you have the opportunity to use a formal legal document to determine exactly how your property is to be distributed at the time of your death. By stating your preferences in the Will you may include or exclude children, nieces and nephews, and, in some cases, even spouses. You can even make particular arrangements for family members who should receive some or all of your property, but are not in your opinion ready to exercise that responsibility and privilege. You can set up trusts to control that property until your heirs reach an age when you believe they will be ready to receive it and exercise control over it responsibly.
You can also make specific bequests to people, foundations, churches, even governmental institutions with whom you wish to share your property after you die. You can direct that foundations be created so that your assets can be administered in a manner consistent with your wishes long after you are gone.
Can I do it myself?
You can and in some cases it’s probably safe to do so. If your estate is small and located exclusively in one state there are forms available on the internet that might suit your needs. Then again, they might not.
The material on the internet is frequently suitable for “one size fits all” estates. Only a qualified legal professional is capable of determining whether your estate needs specialized treatment.