The Importance of Having a Will
Regardless of your age, health, or income, it is important to have a valid will in place.
The serious nature of the coronavirus pandemic makes it important to take certain precautions. One of these is making sure you have a legally valid will in place. An essential part of estate planning, creating a will protects your loved ones, saves them time and money, and allows you to convey your wishes in the event of your death.
The Coronavirus and the Need for a Will
In Brazoria County, the coronavirus pandemic has taken a heavy toll. The seriousness of the situation has caused many people to consider their options in terms of making sure loved ones are provided for. One of the most important tasks you can attend to is to ensure that you have the proper estate planning documents in place.
Having a legally valid and updated will is a good starting place. Regardless of the outcome surrounding the pandemic, this is one legal document everyone needs. Whatever your age, health, or financial status, a will helps to ensure your loved ones are protected and avoids potentially costly probate proceedings. The following are among the items that should be included as part of your will:
- Your independent executor: This is the person in charge of submitting your will to the probate court and ensuring the terms within it are followed;
- Your beneficiaries: These are the people you want to inherit from your estate, which includes any money, personal property, real estate, or other assets you possess;
- An estate inventory: This provides a detailed listing of all your property and assets;
- Additional provisions: These may include desires regarding funeral arrangements, provisions for pets, or other special instructions you want your loved ones to follow.
What Happens if You Die Without a Will?
Accidental injuries and sudden illnesses can happen at any time. Unfortunately, according to the American Association of Retired People (AARP), more than 50% of all adults in the U.S. do not have a legally valid and updated will in place.
What happens if you do not have a will? Even with one in place, your estate is subject to probate court proceedings. Having a will provides a guide through the probate process, making it less complicated, less expensive and generally creates an easier process for your loved ones. When you do not have one, it is referred to as dying intestate. This means:
- Your property and assets will be subject to rules established under the Texas Estates Code;
- You will not be able to determine who inherits from your estate or what property and portion of your assets they get;
- It typically takes longer, costing your loved ones more money;
- It increases the chances of disputes, creditor claims, and other types of challenges from outside parties.
Reach Out to Our Lake Jackson, Brazoria County Wills and Probate Attorneys
Let the Cordoba Law Firm, PLLC help you create a will to ensure both you and your loved ones are protected. Reach out and contact our Brazoria County will and probate attorneys in Lake Jackson to request a consultation today.