In Texas, a Last Will and Testament, commonly referred to as a will, allows a person to designate and gift property and other assets to a beneficiary. The beneficiary may be an immediate family member, relative, friend, or other charity or institution. There is a mistaken belief that wills are only necessary if a person has significant funds or property. However, in reality, a will is a crucial tool to distribute even modest savings and personal items. A will allows a person to clarify what they want to be done with their property, such as their home, investments, retirement plans, insurance benefits, and personal mementos. Furthermore, wills allow a person to appoint a guardian for their minor children.
There are many reasons people forego drafting and executing this critical document. Some hesitation may stem from the psychological and emotional connection between wills and the thought of passing away. However, putting off a will until a person is emotionally ready can have long-term consequences for their loved ones. If a person dies without a will, their loved ones may need to go through a lengthy and complicated probate process. The probate process can be emotionally charged and cause loved ones to experience hurdles and financial setbacks.
For example, the recent death of beloved actor Chadwick Boseman has shed light on the consequences of not having a will. According to a recent CNBC news report, the 43-year-old who died after battling colon cancer died without a will, leaving his estate’s distribution to the courts. His wife requested the court name her as the administrator of her deceased husband’s estate. Although some of the late actor’s accounts, such as qualifying retirement accounts and life insurance, may not need to go through the probate process.