Even if you don’t have significant assets, a will is an essential part of estate planning.

It provides clear instructions to your loved ones about how you want your assets distributed. If you have children, you’re also able to name guardians for them.

By making a will, you’re able to clear away the confusion and lift the burden off your family after you’re gone.

If you pass away without a will (intestate), state law decides how your assets are distributed. This also means you won’t be able to choose who inherits your assets, and your estate could be entangled in a lengthy, expensive probate process.

An attorney like Richard Hughes can explain the Texas intestacy laws and how they might impact your family.

The first thing you should include in your will is who the executor will be, since this person will manage your estate.

If you have children, you should also include who their guardians will be in the event of your passing.

There are also several items you shouldn’t include in your will because they aren’t subject to probate, including trusts, retirement accounts, insurance policies, and stocks and bonds with named beneficiaries.

If you aren’t sure what to include in your will, an estate planning attorney like Richard Hughes can guide you through the process.

Yes, you can change your will after it’s written, and it’s even encouraged to update it every few years or in the event of a major life change.

If you need to make a simple change, such as adding a beneficiary, you will create a codicil to amend your will.

However, if you need to make major changes, it’s recommended to create an entirely new will.

A will is an important tool for listing your assets and who will receive them upon your passing.

A living will, also known as an advanced directive or healthcare directive, is a separate document that outlines your specific instructions in the event you become incapacitated. The living will should list what medical care you want if you become terminally ill or permanently unconscious.

Both documents are vital pieces for guiding your loved ones through difficult times and easing their burdens.

No, having a will does not automatically help you avoid probate. Most wills go through probate, but you do have options to keep some of your assets from going through probate, such as creating a living trust, designating beneficiaries, and more.

Talk to Richard Hughes to learn about ways to protect your assets from probate.

An executor is someone who will manage your entire estate, so it’s important to choose someone who’s up to the task.

Legally in Texas, they must be 18 years old, a U.S. resident, not legally incapacitated, and not possessing a criminal background.

You should also consider whether or not they can handle the necessary paperwork, deal calmly with heirs and creditors, and juggle multiple tasks while staying organized.

While you are not required to have an attorney draft your will, it’s definitely recommended. An attorney knows the ins and outs of estate planning laws, so they’re able to make legal documents that are clear and enforceable in your state.

Your attorney may also work with your account and financial advisors to come up with a solution that protects your assets and seamlessly distributes them as you see fit.

It’s recommended to update your will every 5 years or when a major life event occurs. By keeping your will up-to-date, you ensure your assets are distributed as you actually want them to be.

There are several life events that can warrant updating your will, including:

• Getting married or divorced
• Having a child
• When your beneficiary experiences a major life event
• Moving to another state or country
• Your assets significantly increase or decrease