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Will You or Won’t You

REASONS TO HAVE A WILL – OR NOT

There are usually very good reasons to have a will, including knowing that your wishes will be followed and that settling your affairs will cost less money and take less time. But sometimes it may not make a difference.

You do NOT need a will if

Your estate is $50,000 or less or your only debt is a mortgage on your homestead.

You do not mind your estate having to pay about $550 to publish a Notice to Heirs and know that your heirs will not mind the delay and extra expense of an Heirship Proceeding.

You only leave your home and leave it to your spouse or a minor child or a disabled adult child or your home is exempt from the Texas Medicaid Estate Recovery Program for some other reason.

You only leave real property deeded to someone else in a deed which becomes effective on your death, such as a “Lady Bird” Deed, Transfer on Death Deed or a loan agreement secured by a reverse mortgage.

Your estate, whether alone or in addition to a home or other real property described in the previous two paragraphs, consists only of financial instruments such as bank or brokerage accounts or an annuity or a retirement account on which you have named a beneficiary or secondary beneficiary other than yourself or your estate or of Texas property held jointly with right of survivorship — and the person, charity or trust you name survives you.

You DO need a will if

There might be real or personal property which you own individually and your estate does not fall under one of the categories above.

You want to choose who settles your affairs.

You want to choose who receives specific property or a specific percentage of all or part of your property.

There are children not born to or adopted by both you and your current spouse.

You have created a trust which is to be partly or fully funded when you die.

You have an heir or want to name a beneficiary who sometimes lives in or may move to a state or country with an inheritance tax.

You have property in a state or country with an estate or inheritance tax.

When you die, your estate might exceed the federal estate tax exclusion ($5.45 million for an individual or a total twice that for the combined estates of a married couple in 2016.) You will need other estate planning arrangements as well.

Whether or not you have a will

Your debts must be paid. Debts owed you must be collected. Your property must be distributed.

It’s never too early to plan for your future.

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