Everyone should have a will. Having a Last Will and Testament is especially important for people with dependent children, as the will designates guardianship of minors, and the elderly.
In the absence of a will, a decedent’s property is distributed according to state law provisions, without regard to your wishes or your heirs' needs. In this case, personal wishes, even if they are written down, will most likely not be followed.
Even if you have a revocable living trust, in which you can place assets to be distributed outside of probate, it is still a good idea to have a will. In addition to letting you name a guardian for your children, having a will ensures that any assets you intended to put into trust are put there, even if you fail to title some of them to the trust before your death. Any assets that are not titled in the name of the trust will be subject to probate.
A will may be updated at any time, and should be reviewed regularly. If your estate planning documents have not been reviewed in the past five years, or if significant changes have taken place since they were prepared, it is important to reassess them to make sure they suit your current position and desires. In addition, laws on the structuring of estate planning documents periodically change.
If you do not have a will, or if you would like to revisit your estate planning, feel free to contact an experienced Texas Lawyer at Tipton Jones to see how we can help you prepare for the future.
Paul Tipton
(214)890-0991
ptipton@tiptonjonesllp.com
The Houston, Texas, branch of Tipton Jones, proudly serves clients in Harris County, Fort Bend County, Montgomery County, and Brazoria County and the Southeast Texas area, including the cities of Alief, Barker, Baytown, Bellaire, Channelview, Crosby, Cypress, Deer Park, Galena Park, Highlands, Hockley, Houston, Huffman, Hufsmith, Humble, Katy, La Porte, North Houston, Pasadena, Seabrook, South Houston, Spring, Tomball, and Webster.
