A mistake made by many Texans who do not consider themselves wealthy is to shun creating a will. Wills are an integral part of an estate plan and should not be ignored, no matter the amount of money and assets. They will often believe that they do not have an estate worth making out a will. The important thing to remember about a will is that it is for the loved ones. Once the person dies, his or her assets will need to be dealt with, no matter how large or small. A will is vital toward that end.
People who have little more than a small amount of money in the bank and a car that is not believed to be worth a great deal can benefit from a basic estate plan and a will. It is also important to remember that those who fail to complete wills will leave their family members responsible for probate and the need to go to court. This can essentially hand the loved ones a bill and many tasks simply because the person did not create a will.
Wills are essential for a multitude of reasons and even those who do not think it is something to worry about in the present should have one. An example is a person who just turned 18. Parents will not have the ability to handle a child's affairs once they reach the age of majority. A will for a legal adult can avoid problems that will accompany a tragic and unexpected death.
People who are recently married - even if they are younger - should have a will. Wills are strategies to keep people from having disputes if there is a death. This is of specific importance if it is the second or third marriage with children in each. As people age, their needs change as will their financial situation. A younger person who had a bare-bones will might purchase a home and do better financially, even if there is never great wealth. These assets must be considered and addressed in a will.
Wills are not just for those who are wealthy or even moderately comfortable. Everyone can benefit from a comprehensive and organized estate plan that accounts for all his or her assets and desires. A legal professional who is experienced in helping a wide variety of clients with wills and other estate planning needs is crucial.
Source: cnbc.com, "Think you're not rich enough to need a will? Think again," Deborah Nason, Oct. 24, 2017