Why You Need a Will – Even if You Don’t Have Many Assets

The thought that we will not be here forever is chilling and hard to fathom. But it is important to accept that death is a part of life, and that it is in your best interest to secure the future of your legacy as soon as possible. If you are reading this, chances are you’re in the balance about writing a Will because you don’t think you have enough assets for estate planning. Contrary to popular belief, however, there are actually many reasons for creating a Will apart from estate distribution. Here are some of them.  

1. To Name a Guardian for Your Children  

One good reason to draft a Will is that it allows you to choose a guardian for your minor children in case you pass away. If there is no designated guardian at the time of your death, the court can assign someone to take care of the kids, who may or may not be the ideal candidate. In most cases, the surviving parent usually assumes guardianship of the children without any further actions. However, it is still important to name a guardian in your Will in case the other parent is not available to assume the role. The designated guardian becomes responsible for the health, welfare, physical care, and education of the child until they reach 18 years of age.  

2. To Assign Someone Over Your Estate

A Will can help you decide who should be in charge of whatever assets you have once you are gone. If you don’t have a personal representative for your estate, one is chosen by the courts. This person becomes responsible for the distribution of your property, among other duties. Leaving this critical decision in the hands of the court is not advisable.  

3. To Minimize the Probate Process  

All estates must go through the probate process, whether you have a Will or not. However, the presence of a self-proved Will provides the court with a clear guideline of how you would like your estate handled after your death. This in turn helps accelerate the probate process. If you die without a Will, the probate court decides how your estate will be divided without your input, which often leads to long, unnecessary delays and additional legal fees.

4. To Disinherit Certain Individuals  

Most people do not know this, but you can actually disinherit certain individuals who stand to inherit your estate through a Will. Your Will typically outlines your wishes regarding the distribution of your estate once you pass away. If there is no Will, virtually anyone can take over your estate, including those that you did not intend (for instance an estranged father who suddenly appears after your death).  

5. Because Tomorrow is a Mystery  

Life is unpredictable and anything can happen to change your circumstances from where you are now. The small investment you have made in an up-and-coming business can grow exponentially after your death, leaving the dividends up for grabs in the absence of a Will. If you are waiting for your assets to grow before drafting a Will, keep in mind that the unfortunate can happen unexpectedly, causing additional stress on your family during an already emotional time.  

If you decide to write a Will, it is important to find an attorney who is trustworthy and has your best interests at heart. At the Amsberry Law Firm, we offer a mixture of quality, experience, and personalized client representation to ensure that your assets do not fall in the wrong hands once you are gone. Call us today at (210) 354-2244.

Written by Amsberry Law Firm

Amsberry Law Firm

Mr. Amsberry is board-certified in family and labor and employment law by the Texas Board of Legal Specialization. He is also active in family law, estate and elder law, and business law. He is a proven litigator who has argued before the United States 5th Circuit Court of Appeals and earned favorable outcomes in complex, precedent-setting employment and civil rights cases. He served as a reservist assistant judge advocate general in the U.S. Army and is a sought-after lecturer and speaker on a range of legal issues.

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