As discussed previously a properly drafted will answers four key questions.
- Who will manage your estate?
- Where will your property go?
- Who will care for your dependents?
- Have your unique needs been met?
To help understand the impact of failing to have a will we review these questions looking from the perspective of the Jones family. The Joneses decided the kids were old enough to leave with Grandma while they went away for the weekend. After depositing the kids with Grandma they head out of town for a romantic getaway to celebrate their anniversary. Before they made it out of the county they were sideswiped by an eighteen wheeler. Both of the Joneses died instantly.
Who will manage your estate?
This person is the executor. The executor is responsible for gathering all of your assets, paying all of your bills and distributing the remaining property to the proper people. The person selected for this job should be someone you trust implicitly. The Joneses knew which family member had a gambling problem and which was the most responsible. However, the Joneses don’t have a will so a Judge and the State of Texas will make this decision for them.
Where will your property go?
These are your beneficiaries. Most people who leave behind minor children would want their property used for the care of those children. In some cases, a person leaves behind family heirlooms that are more meaningful to a particular family member. With a will the Joneses could have identified those heirlooms that should go to a particular person. The Joneses could have specified that their estate go to or be managed by the person who is caring for their dependents. Since the Joneses don’t have a will a Judge and the State of Texas will make these decisions for them.
Who will care for your dependents?
This person is called a guardian. The typical dependent is a minor child. However, an adult disabled child, incapacitated spouse or any one you have assumed legal responsibility for is also a dependent. With a will you can identify the person you want to step into your shoes and care for your loved ones. The Joneses know which family member is an alcoholic, whose parents are in the best health or if a close friend is better suited for the task. Since the Joneses don’t have a will a Judge and the State of Texas will make this decision for them.
Have your unique needs been met?
A unique need is as varied as the human population. This can include relatives not related by blood (step family) for whom there is no legal recognition but often a close emotional connection. Perhaps it is a special needs child or incapacitated spouse who needs someone else to manage their financial affairs or it could be tax planning necessary for your estate. The Joneses have the current common family structure. Kids from each of their first marriages and one child from this marriage. The Joneses could have taken steps to enable the children to be raised together or at least maintain contact upon their death. However, the Joneses don’t have a will so a Judge and the State of Texas will make this decision for them.
What does a will do for you?
It allows you to protect and provide for the loved ones you leave behind. The Joneses knew it was important to have a will and had that on their to-do list. Sadly that task while important never got done. This is the impact of that decision on their loved ones.
Law Offices of Debbie J. Cunningham
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