A Last Will and Testament is a document that specifies exactly what should happen to your assets, the things you own, when you pass away. Additionally, your Will designates a person to carry out those wishes and make sure the right people get the right things.
When it comes to the circumstances in which a Will is necessary for Wichita Falls and Dallas residents, the answer really comes down to this simple question: when you die, who do you want to determine what happens to your stuff? Do you want to say what happens to your stuff or do you want the government to say what happens to your stuff?
If you answered that you want control, then you should likely make a Will. Grant it, there may be a few circumstances where other estate planning strategies could suffice, but generally, a Will is the primary method. If you are indifferent and don’t mind the government having control over who gets your stuff, then you don’t need a Will. Moreover, there are certain circumstances in which a Will is a must such as if you are married, have kids, have a blended family, or have a positive net worth with a lot of assets.
Please note that all Wills have to go through probate, a court-directed process by which your estate is properly distributed and closed. Probate takes time and money, so if you want to save your heirs and beneficiaries the headache of probate, you may consider getting a Trust.
Contact a Wichita Falls and Dallas Estate Planning Attorney
If you or a loved one is considering getting an estate plan, contact our Wichita Falls and Dallas estate planning attorney either by calling one of the numbers listed below or by filling out our contact form. For Wichita Falls estate plans, contact us at 940-569-4000. For Dallas estate plans, contact us at 945-295-0014. We will give you a free evaluation of your situation and offer you helpful guidance on what may work best for you.