A last will and testament is a legal document that expresses how you want your property and assets distributed after your death. By spelling out exactly how you would like your estate handled when you die, you can avoid family strife and have peace of mind that they will honor your wishes. Here are the top reasons why you need to make a will.
This 5 part series will provide an overview of the top reasons why you need to make a will which include:
Part 1 addressed Decide Who Gets Your Estate and Decide Who Will Take Care of Your Minor Children & Pet . Part 2 addressed Facilitate the Probate Process and Minimize Estate Taxes. Part 3 addresses Decide Who Will Administer Your Estate and Disinherit Individuals You Do Not Want To Receive Your Property. Part 4 will address Make Gifts and Donations and You Can Always Update Your Will. Part 5 will address Avoid Legal Challenges and Tomorrow Is Not Promised.
The person responsible for the administration of your estate is known as your personal representative. Your personal representative is responsible for paying your debts, notifying your bank and other business establishments, canceling your credit cards, and distributing your estate after your death. If you do not appoint this person in a will, a court will appoint one for you.
A personal representative has significant responsibilities. You can appoint someone organized, trustworthy, and competent in your will. Many people select family members as personal representatives. However, this is optional and may not always be the best option if you are worried about family disputes.
Again, if you do not leave a will behind, probate courts will distribute your estate according to state intestacy laws. These laws create a hierarchy of inheritance among your surviving relatives (known as your heirs) that may not reflect the current state of affairs between you and your family members.
You can specify certain individuals to receive your assets as beneficiaries in your will. You must include them because intestacy laws might leave these people out. It also allows you to disinherit heirs who might otherwise be included. Make sure your instructions are clear and straightforward to avoid confusion and potential disputes among your family members after you die.
If you are planning your estate, making a will or updating your will, the best thing to do is consult with a local Amarillo Texas estate planning attorney to make sure you are following the laws and regulations of your respective state. Many people have similar questions and go through the same line of questioning when deciding how to make or update their estate plan. It can be and often is critical that you get legal help understanding the basics of this process. The best way to get this understanding is to contact an experienced Amarillo Estate Planning attorney near you. Stop and take a breath and call an Amarillo Estate Planning Attorney who has had decades of experience. Pick up the phone and call Amarillo Estate Planning Attorney Bill Cornett. Bill is your choice as an experienced estate attorney in Amarillo and the Texas Panhandle. Don’t waste another minute. Call him today.
Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer. In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett. Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498 or (800) 658-6618.
Bill Cornett, Amarillo Attorney, with Cornett Law Firm, offers affordable, qualified services as an experienced personal injury lawyer and probate attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.
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Bill Cornett grew up on a farm in Knox City, Texas. He received his Bachelor of Science in Agricultural Economics from Texas Tech University and his Doctor of Jurisprudence from the University of Houston Law School. Bill was licensed to practice law in the State of Texas in 1973.