When asked about financial planning for the future, many people focus on the next few months or years, but don't focus on long-term planning. Some people do not even plan for the immediate future in the event of a family loss or economic loss. As a result, families and business can be devastated when a family member passes away unexpectedly. Not having a Last Will and Testament or other estate planning documents can leave families and businessses in an unecessarily difficult situation. Today's blog post will address the benefits of having a Last Will and Testament.
For individuals and families, establishing a Will offers some important benefits. First, a Will provides clear direction for how an estate is to be distributed among family members, other beneficiaries and charitable organizations. Family heirlooms and personal family assets such as real estate, jewelry, vehicles and art are often a source of contention among family members when no clear direction has been provided in a Will. The proactive step of creating a Will significantly reduces the disagreements among family members.
A Will avoids the necessity of heirship proceedings. If a person dies without a Will, they are known as "intestate", and their estate is distributed according to law to the people that the law recognizes as the "heirs". Different states have complex laws that determine who the heirs are and what percentages of the property each heir inherits. Often, a person does not want his or her property to go to the legal heirs. Having a Will allows the individual to determine exactly who gets the property and in what proportions.
Wills can also name a legal guardian of any minor children. This often avoids a contentious battle among family members who want to have guardianship of the children.
Thorough estate planning gives individuals and family members peace of mind and certainty, knowing that their assets will be secure and protected in the event of death. Christiansen Law Firm assists individuals with the estate planning process so that the burdens and stress of uncertainty can be reduced. Christiansen Law Firm's attorneys will review all facets of your estate and provide needed guidance and advice that willl protect you and your family. For more information about how Christiansen Law Firm can help you and your family with estate planning, contact the Will and Estate attorneys of Christiansen Law Firm in Houston or San Antonio.