• If you don’t make a will, you will have given up your right to decide who inherits your property. Your property will be distributed according to state law, which might be quite different from what you would have wished. For example, if you are married with children from a previous relationship in Texas, your property will all go to the children and none to your spouse. Also, in Texas, your property will be transferred to the state if you die without a will and are not survived by relatives, even though you would have preferred to leave it to a friend or charitable organization. And without a will, you can’t disinherit heirs.

• If you leave no will, you will lose the opportunity to select a guardian for any minor children and an executor for your estate. Court-appointed administrators and guardians may not be the family member or friend that you would have chosen to handle your affairs.

• Dying without a will can br costly and may complicate the transfer of your property to your heirs. For example, the estate may have to pay bond premiums if there is no will stating that you waive this requirement. In addition, estate administration proceedings without a will may delay transfer of your property to your heirs and not take advantage of many shortcuts.

APPOINTING AN EXECUTOR

• You should appoint an executor in your will. An executor locates heirs, lists property, pays debts, and distributes property to your heirs. An executor should be someone who is familiar with managing property, financial matters, and record-keeping. As noted above, your will can state that the executor is not required to furnish a bond, thus saving your estate this expense.

APPOINTING A GUARDIAN

• If you have children who are under the age of 18 or permanently disabled, you should appoint a guardian in your will. Otherwise, if you and your spouse die at the same time without such an appointment, a court will select a guardian to care for your children and manage their inheritance until they become adults.

• Your will can create a trust to control the property transferred to your children. A trust is useful if you are concerned that the children may lack the maturity to handle their inheritance after age 18.

KEEPING YOUR WILL IN A SAFE PLACE

• Your will should be kept in a safe place so that it can be promptly located when you die. Although you are not required to give your executor a copy of the will, you should tell both your executor and a trusted family member where your will is stored.

MAKING YOUR FUNERAL ARRANGEMENTS

• You can include instructions for your funeral arrangements in your will. However, you may wish to put these instructions in a separate letter. Give a copy of the instructions to your executor or family member or friend to avoid delays when you die. You can also include instructions about gifts of your body organs to hospitals for research or transplants. We have forms to assist you in both regards.

REDUCING ESTATE TAXES

• Federal and state taxes may be deducted from your property before it is transferred to your heirs. A federal estate tax applies if the value of your property exceeds a "unified credit." In 2002 and 2003 the "unified credit" will shelter up to $1,000,000. We can help you prepare an estate plan that will reduce or eliminate this tax. For example, our attorneys may suggest that you make gifts before you die to reduce taxes, hold property in joint tenancy with your spouse, transfer ownership of life insurance policies to your heirs, or use a trust arrangement. We can also help you shift the tax responsibility among heirs if you would like some of them to receive their shares without being taxed on it.

REDUCING PROBATE COSTS

• Probate costs include court fees, bond premiums and the fees of professionals who assist your executor with the administration of your estate. We can help you reduce probate costs with estate planning tools like joint ownership, living trusts, lifetime gifts, and business recapitalizations. For example, we can prepare a living trust in which you appoint a trustee to distribute your property when you die. Some estate planning tools can help you reduce probate costs, but they may not lower your estate taxes.

CHANGING YOUR WILL

• You may need to change your will if your move to a new state, marry, divorce, have a child, acquire substantial property, or suffer the loss of a loved one. Tax law changes may also require a will update. Read your will at least once a year to consider changes. You can make changes by writing a new will. A will must made with certain formalities; crossing-out or writing inserts onto your will only creates a will contest.

PREPARING YOUR WILL WITH SILVERBLATT LAW OFFICE

• We can help you draft your will and explain the tax consequences. We can also help you comply with the detailed requirements for a valid will, see that your property is distributed as you wish, and reduce estate taxes and probate costs. The legal fees are well spent and certainly less than the added costs and taxes that would result from dying without a will.

CONCLUSION

• You should have a will if you own any "titled" property – a home, a car, bank accounts, stocks and bonds, and so on. A will lets you distribute your property as you want with a minimum of costs and taxes. It is an opportunity to select an executor for your estate, a guardian for your children, establish trusts and dispense with costly bonds and other administrative requirements. If you don’t have a will or haven’t had it reviewed recently, ask us for an appointment without delay.