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4 reasons you should write your will now

It can be difficult for individuals to consider their own mortality. Even worse, though, is sitting down to decide which of your surviving loved ones will receive your assets after you pass away. Many people are content to avoid developing an estate plan due to the unsavory nature of the activity.

No matter your health, wealth or age, it is wise to consider the impact that a comprehensive estate plan can have on your life and the lives of your surviving loved ones. While some people are content to wait and let Texas statutes do the "heavy lifting" of asset distribution, most people should consider the peace of mind and the element of control that a well-drafted will can provide.

While there are numerous reasons to develop a comprehensive estate plan, there are three main reasons to draft a will.

1. If you die without a will in Texas, the intestate succession laws take over the distribution of your assets. Whether you're leaving a spouse, children, siblings or parents, the assets are distributed based on surviving family members. Without a will in place, you have lost all control over who gets what.

2. A will allows you to specify the distribution of assets outside of surviving family members. If you want to ensure what a friend, co-worker or even an ex-spouse receives, you must do so through your estate plan.

3. Drafting a will allows you to avoid or eliminate most family disputes. In some cases, a will can be contested. Usually, this is due to claims of undue influence or lack of mental capacity. However, a comprehensive estate plan can clearly demonstrate your wishes and your decisions regarding who gets what after you pass away.

4. Through a will, you can reach an unexpected level of specificity. While this might seem like a burden, it is important to remember that wills can be as general or specific as you'd like. If you would like to go item by item and specify who gets what -- you can. If you'd rather state that one individual gets everything, but then he or she can distribute it as he or she feels is necessary -- you can do that, too.

Source: Investopedia, "Why You Should Draft A Will," Glenn Curtis, Date

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