201801.15
0
0

Never Married and Have No Children? Why You Need a Will

For whatever reason, marriage wasn’t in your cards. It could be that you just never found the right partner. Perhaps it’s just that you enjoy your solitude. Meanwhile, there’s also a chance you also had no children. After all, not everyone necessarily feels the need to become a mother or father. However, one thing is certain. You really need a will when it comes to what happens to your estate after your death.

It actually doesn’t stop there. Estate planning documents are necessary when you’re alive. For example, what if you become incapacitated? Surely, you don’t want just anyone to make decisions on your behalf. No doubt, you trust someone more than anyone else. Candidly, that individual may not legally be your next of kin.

Meanwhile, you should know that your single status doesn’t put you in isolated class. At the very least, state demographics provide documentation concerning the number of occupied households in Texas. The numbers suggest many people don’t live with a spouse.   In fact, a significant part of the population lives alone.

More than likely, you’ve heard the horror stories. In fact, you may be under the assumption that unless you leave a will, your legacy is turned over to the state. In some cases, that’s actually true. However, there are ways to ensure that what you earned is passed on according to your wishes.

Dying Without a Will

Like other states, Texas has laws regarding dying without a will. In fact, the Estate Code provides a breakdown as far as the rules of intestacy. If you were never married or had children, your estate is divided in the following order:

  • Your mother and father equally, if both are alive when you pass.
  • Your surviving parent receives the proceeds unless at least one of your brothers or sisters survives you.
  • If only one parent is alive when you die, your estate is divided between your surviving parent, your siblings, and their children.
  • If your parents die before you, your estate passes to your brothers and sisters, as well as their offspring.

Be that as it may, these relationships establish just the fundamental breakdowns when it comes to determining who might inherit from you. However, there’s more to the list if you pass away without leaving behind surviving parents, siblings, or nieces and nephews.

Estate Plans are Critical

In many cases, single people form particular attachments with individuals who do not share the same bloodline. For example, you may have a longtime companion or best friend. He or she may have been there for both your best and worst moments. It makes sense that you want them to share in your legacy. However, the bottom line is that they won’t unless you’ve executed a will that names them.

Meanwhile, inheritance really isn’t everything. Drafting an estate plan enables you to make decisions concerning what happens if you become incapacitated. Who do you want to be in charge of your finances if you aren’t able to take care of them? What about an advance directive regarding your end of life decisions?

If you’ve never married or had children, you might not understand the value in meeting with an estate planning attorney. However, the truth is that it’s something you should not put off.

Find Legal Advice

Estate planning is essential to just about everyone. Manfred Sternberg and Associates offers experienced legal advice to give clients the information they need. Contact our offices to schedule an appointment.

Leave a Reply

Your email address will not be published. Required fields are marked *