Who Needs a Will?

There are many questions when someone dies: Who will inherit the property? Who will take care of selling the property? Who will take care of your children? All of these questions and others are answered in one simple document - your Last Will and Testament. A will does not need to be expensive, and probate in Texas is streamlined and relatively inexpensive. Therefore, almost everyone needs a will.

If you own real estate (a house, farm land, etc.), have investments or bank accounts, or have children under eighteen, you need a will. A will makes sure your desires are known, that your choice to handle your estate is respected, and that undue expense and hardship does not fall upon your family when you die.

First, a will states how your property is divided when you die. If you do not have a will, Texas law, through heirship statutes, determines who gets your property, but this fixed formula may be different than you desire. Also, if any of the property is left to minors, greatly increased guardianship expenses could result. A well drafted will avoids these issues.

Second, a will picks who you want to handle the estate and be responsible for selling the assets and dividing the property. If you do not pick this person, your heirs either will have to agree to pick someone, or if they cannot agree, the Court will pick someone at far greater expense to your estate.

Third, in you will, you choose who you want to take care of your children. If both parents are deceased, children under eighteen need a guardian. Your will can pre-select that guardian, and if you leave your property to your children in trust, you greatly decrease the ongoing expense of such a guardianship.

Wills not only solve so many questions relating to estates, they are not necessarily expensive to have drawn. Regardless, if you need a will, not having one means that your desires are not necessarily followed and the expense to the estate is far greater.

Since the law of wills is different in each state, your will should be drafted by a competent attorney licensed in the state where you reside. If later you change residence, you should have an attorney review and possibly redraft your will. In Texas, there is no state inheritance tax, and the exemption amount for federal taxes is currently five million dollars; therefore, most persons do not need complex estate planning documents to reduce estate taxes. Accordingly, most wills drafted are relatively simple and inexpensive. If your situation is more complex, your need for a will is probably more critical too.

Some people choose a living trust or try to make other arrangements to avoid probate and avoid drafting a will. Usually, drafting and handling living trusts is more difficult and expensive than a will. Although highly appropriate for some people, they are not needed by the majority of Texans. When you have a well drafted will, probate in Texas is streamlined and inexpensive. Accordingly, it makes little sense to try and avoid probate or spend more money drafting complex trusts to do what a simple will can do for you.

Courtesy of David M. Pyke, Pyke & Associates, P.C., Dallas