Creating a will allows you to have a say in what happens to your assets when you die. When you pass away and you don’t have a will, you may leave your loved ones with serious stress. A san antonio estate planning attorney can draft a will for you that ensures your wishes are met. They will help you understand your estate planning options and the possible consequences of the estate decisions you may make.
What to Expect If You Don’t Have a Will
If you die without a will, your assets will not end up where you want them to. Joint bank accounts or accounts that have a named beneficiary will usually automatically transfer without going to probate. But, if you own property with anyone as joint tenants in common, the co-owner cannot automatically get your share of that property because it still goes through probate.
Probate is a court-ordered process for the distribution of estates of a deceased person. Avoiding probate is not always possible since all estates should go through probate court; however, you can streamline the process by having a will and setting up accounts jointly. By creating a will, you tell the probate court what you want to happen and who you want in charge. But, if you die without a will, the court should interpret your possible wishes and without an appointed person or entity, the court needs to approve any individual or organization that steps up. Unfortunately, disputes may arise as to your beneficiaries and who must serve.
Things to Keep in Mind When Creating a Will
A lot of people have a living trust to manage their assets while they are still living and avoid probate hassle for the people they leave behind when they die. A living trust can be revocable or irrevocable. Your estate planning attorney may recommend setting up a revocable living trust for items that don’t permit the designation of beneficiaries such as real estate to avoid probate.
Moreover, when creating your will, you should consider your minor children or any incapacitated dependents. Writing a will prevents forfeiture of control over who will care for your kids when you die. If you don’t have a will when you die, your minor children’s guardian will hold and manage any assets passed to them until they are eighteen.
Having a will make sure your wishes are carried out after you die. Without it, you surrender control of your assets to someone you may not want to have such control. Also, if you have a will, your passing will be a bit easier on the people you leave behind.