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Why You Need A Will
written by A.A. (Trey) Henderson
The following are just a few reasons why you need a will:
You have children - If you do not appoint guardians for your children, the court
will. This will be costly on your estate and taxing on your family. You do not want a court to make a decision this personal.
You own real property - Your will must be probated to pass good title to your
real property, even to your spouse. Without a will, your estate will either go through intestate proceedings or by affidavit of heirship, both of which are costly and time consuming.
You own other assets - Having a will enables your assets to be transferred to your
heirs in the easiest manner per your wishes. Certain assets such as securities may require a probate for transfer. Other assets, such as personal assets, do not necessarily have to go through probate. However, even with these assets, it is better to have a will to ensure that your wishes are upheld.
Your gross estate is over $675,000 (this number will increase to $1,000,000 by the
year 2006) - A tax planning will could potentially save your heirs almost $250,000 if you and your spouse have a collective estate over $1,350,000. This is a very simplified explanation. Please contact the firm for a more detailed explanation.
Copyright 2000 by Hengst & Henderson. All rights reserved.
Not Certified by the Texas Board of Legal Specialization
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