Proper estate planning is an essential step toward securing your financial future and protecting your loved ones. It ensures your assets are distributed according to your wishes while minimising legal complications and costs for your family. Many people delay creating a will or overlook its importance, not realising the potential financial and emotional strain it could cause later.
Taking the time to plan now empowers you to control what happens to your property and provides peace of mind knowing your family will be cared for. In this blog, we’ll explore how proper estate planning, particularly drafting a will, can save you money and safeguard your family’s future.
Proper Estate Planning: Regain Control Over Your Future with a Will
The pandemic brought unexpected challenges, disrupting the control we once had over our daily lives. Health, routines, and relationships faced uncertainties, leaving many searching for stability. While external events remain unpredictable, there are steps you can take to establish control over your future. Estate planning is one of those steps. Drafting a will offers financial protection, safeguards your wishes, and ensures your family avoids unnecessary complications.
Creating a will isn’t just about assigning assets. It’s a proactive move to prevent disputes, reduce legal fees, and ensure that your intentions are respected. A well-prepared will streamlines the process, saving your loved ones time and money.
Understanding How a Will Protects Your Finances
A will determines how your property will be distributed after your death. Without one, your estate could become tangled in costly legal proceedings. Families without a will often face confusion, disputes, and expenses that could have been avoided.
Avoiding Financial Risks
When no will exists, the court decides how to distribute your assets. This process, known as intestate succession, might not align with your wishes. Legal intervention requires fees and prolongs the process, creating unnecessary stress for your family.
Securing Your Children’s Future
Parents can use a will to designate guardians and trustees for minor children. This ensures that someone you trust manages their inheritance and personal care. Assigning these roles in advance spares your children from uncertainty during a challenging time.
Using Trusts to Provide Long-Term Financial Security
A trust created through a will allows you to manage assets for the benefit of your heirs. Trusts offer flexibility and security, ensuring that your property serves its intended purpose.
Advantages of Establishing a Trust
Trusts let you control how and when beneficiaries receive their inheritance. They protect assets from creditors and help prevent financial mismanagement. For example, you can specify that a child gains access to their inheritance only after reaching a certain age or milestone.
Trusts can also protect property from creditors seeking to collect debts. This ensures that your loved ones benefit fully from the assets you’ve set aside for them.
Meeting the Requirements of a Legally Valid Will
A will must meet specific legal standards to be enforceable. Failing to follow these requirements can render it invalid, leading to costly disputes.
Key Elements of a Valid Will
To create a legally binding will, you must be at least 18 years old. You also need to have a sound mind, meaning you understand the document’s purpose and consequences. The will must clearly state your intentions for your property distribution.
Texas requires that a will be in writing. Oral wills hold no legal standing, so make sure to document your wishes properly. While handwritten wills are acceptable, they often lead to challenges.
Challenges of Handwritten Wills
Handwritten wills, known as holographic wills, are legal in Texas. However, they must be entirely written by the testator. Even a partially typed or dictated will can be deemed invalid. Handwritten wills often create issues due to illegibility or vague language, which can lead to family disputes and legal battles.
Typing your will eliminates these risks. A typed document is clearer and easier to enforce, reducing the likelihood of conflicts.
Signing and Witnessing a Will
To validate a will, the testator must sign it. If they are unable to sign, another person can do so on their behalf under specific conditions. Texas law requires two witnesses over the age of 14 to observe the signing. Witnesses must either see the testator sign or sign the document after witnessing the testator’s acknowledgment.
Avoid selecting beneficiaries as witnesses. This could lead to conflicts of interest and potential challenges in court. Proper execution ensures the will holds up under scrutiny.
Proper Estate Planning: Keeping and Updating Your Will
Store your will in a safe, accessible location. Inform a trusted person about its whereabouts to prevent difficulties after your passing. Life events often require updates to your will. Marriages, divorces, births, and property acquisitions all necessitate revisions.
Revising Your Will
Codicils or new wills can update your wishes. Avoid making handwritten changes, as these could invalidate the document. Consult an attorney to ensure revisions comply with legal standards and maintain enforceability.
Preparing for Major Life Changes
Significant changes, like divorce or remarriage, require immediate updates to your will. Failing to update your will after a divorce could unintentionally leave assets to an ex-spouse. Creating a new will ensures your current intentions are honored.
Benefits of Professional Assistance
Hiring an estate planning attorney offers long-term advantages. An attorney ensures your will meets all legal requirements, reducing the likelihood of disputes. While drafting a will yourself may seem cost-effective, errors could lead to expensive legal challenges for your family.
Attorneys also provide valuable guidance, helping you consider aspects of estate planning you might overlook. This ensures your assets are distributed as intended and your loved ones are fully protected.
Taking Control of Your Estate Planning
Drafting a will empowers you to make decisions about your property, providing security for your family. It’s an essential step in managing your finances and avoiding unnecessary legal complications. Protecting your assets with a well-prepared will ensures your family’s future remains secure.
If you need guidance on creating or updating your will, the Law Office of Bryan Fagan offers expert assistance. Contact us to schedule a consultation and take the first step toward securing your family’s future.
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Law Office of Bryan Fagan, PLLC | Houston, Texas Divorce Lawyers
The Law Office of Bryan Fagan, PLLC routinely handles matters that affect children and families. If you have questions regarding divorce, it’s important to speak with one of our Houston, TX Divorce Lawyers right away to protect your rights.
Our divorce lawyers in Houston TX are skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact the Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form.
Bryan Fagan, a native of Atascocita, Texas, is a dedicated family law attorney inspired by John Grisham’s “The Pelican Brief.” He is the first lawyer in his family, which includes two adopted brothers. Bryan’s commitment to family is personal and professional; he cared for his grandmother with Alzheimer’s while completing his degree and attended the South Texas College of Law at night.
Married with three children, Bryan’s personal experiences enrich his understanding of family dynamics, which is central to his legal practice. He specializes in family law, offering innovative and efficient legal services. A certified member of the College of the State Bar of Texas, Bryan is part of an elite group of legal professionals committed to ongoing education and high-level expertise.
His legal practice covers divorce, custody disputes, property disputes, adoption, paternity, and mediation. Bryan is also experienced in drafting marital property agreements. He leads a team dedicated to complex family law cases and protecting families from false CPS allegations.
Based in Houston, Bryan is active in the Houston Family Law Sector of the Houston Bar Association and various family law groups in Texas. His deep understanding of family values and his professional dedication make him a compassionate advocate for families navigating Texas family law.
