The Schoenbaum Firm, PLLC

Focused Strategy and Thoughtful Counseling

The Schoenbaum Firm, PLLC provides legal services for businesses and professionals including business formation, contracts, strategy and dispute resolution. The firm also offers flat rate estate planning.  The firm values the importance of efficiency and quality that is critical for every entrepreneur and seeks to develop lasting relationships with clients to ensure their continued success.

No Kids? Not Married? Why You Still Need A Will

Whether you are married or a single, own your home or rent, there are multiple reasons why all adults need an estate plan.

 1.     Your spouse may not inherit everything. Many people assume that their spouse would inherit all of the assets of the estate under the law, but your spouse is entitled only to your half of the community property and part of your separate property. If there is separate property, it will be split between your spouse, and parents or siblings. Often people do not feel their parents would benefit from this inheritance and would rather support their spouse or another family member. Overriding the laws of distribution of property is only possible with a will.

2.     If you are not married, your partner may not inherit at all. Unless you have taken steps to enter into a common law marriage, your partner will likely have no claim to your estate. Your partner could also very likely be excluded from making medical and financial decisions under the laws in Texas. For unmarried people, powers of attorney will be granted to your parents if they are living, or to your siblings.

3.     Supporting documents still matter. Medical Power of Attorney, Physicians Directive, Power of Attorney—all of these documents are equally important to allow YOU to choose who will make decisions if there comes a time when you are unable to make major life decisions on your own.

4.     Avoid passing the expense on to your family. If you die intestate in Texas, the cost to probate your will with a probate attorney can be significantly higher than if you had worked with an attorney to draft a simple will and comprehensive estate plan.  

DISCLAIMER:

The Schoenbaum Firm, PLLC Website and Blog are provided for informational purposes only and should not be construed as legal advice on any subject matter, nor should they be construed as creating an attorney-client relationship.