As is true with most people, you may have had a will prepared once you were married and began a family, and no sooner was it prepared that it was put in the drawer and forgotten about. This act in itself can prove to be very disadvantageous for your family. Things change over time. In Texas at will, wills need reviewing every now and again so that your assets will remain properly protected, and when the time comes, there will be no disputes over your estate. During the review process, there are a few things that need looking into and perhaps revising.
Your Children’s Guardian
It’s not very likely, but there is a chance that both parents will die simultaneously; this could be the result of a car accident, as an example. When reviewing your will, consider which person or couple in your life is young enough and energetic enough to take the responsibility of raising your children through majority. It may or may not be a family member. Perhaps both sets of grandparents are too old; perhaps your brother and sister already have their hands full raising their own brood. In the event you do name a couple, does their marriage appear stable and the chance of divorce is remote? All these issues need to be considered; your objective is to make the right choice that seems to have the best chance of working out.
Word Your Will Perfectly
Things change as time goes by; perhaps when you first had your will prepared you had little in the way of assets, and words such as “my jewelry” were used. Remember, in Texas at will, what you want is what you have to specify. If you wish to have a specific piece of jewelry given to each of your two daughters, spell out the description in detail so there is no confusion or debate.
Choose Your Executor Very Carefully
Do not simply name someone to execute your will, discuss beforehand the issues of your will with the person you are considering to be your executor. Not everyone relishes the role; make sure the person wants to accept the responsibility of representation upon your death. This individual will take full responsibility of arranging your burial based on your wishes, ensuring all the provisions of your will are met, paying any and all outstanding debt and taxes, and distributing the remaining monies. Avoid any potential conflict of interest. For example, do not name the executor as the guardian of your children as well; there may be temptations over the fund’s use.
There are many issues in the review of your will; things change and your will must reflect these changes.
Your will is a complex legal document and as such must be drafted carefully to ensure your wishes are carried through. Our Texas at will experts will help you through this process.