Many people do not have a will and die without ever having one executed. According to a 2007 research study conducted by Harris Interactive® for Martindale-Hubbell®, 55% of all American adults do not have a will. African-Americans and Hispanic Americans are even less likely to have a will according to the study. Less than 33% of African American adults have wills and around 25% of Hispanic American adults have wills, compared to more than half (52 percent) of white American adults.
So you may ask yourself: “If so many people don’t have a will, why should I?” In Texas, the legislature has decided who will inherit your estate if you fail to leave a will that designates your beneficiaries. Most people would rather decide for themselves rather than leave it to our elected officials.
The most hair-raising issue that arises when an individual fails to leave a will is when a married couple has children from a previous marriage. In this situation, when a spouse dies, the surviving spouse does not inherit 100% of the community property. Rather, it is divided between the spouse and all of the children (both children before the marriage and children of the marriage, if any). Numerous problems can arise: if the children are minors, the ex-spouse will likely be the person to represent the minor children because they cannot represent themselves; there may be strong feelings about sharing retirement monies or house sale proceeds when the couple planned to use this to live on in their golden years; or the dead spouse never intended to leave anything to one of her children because they were estranged.
The bottom line is that most people do not want to contemplate their own immortality. The drafting and executing of a will, however, is typically a simple process when overseen by a competent attorney. A will becomes more complicated when an estate needs to include trusts to avoid estate taxes. But the average American is not going to need tax planning because they will not die with an estate that will incur estate taxes. (In 2009, an estate that is valued at 3.5 million dollars or more is subject to the estate tax.) Thus, it is a process that will cost significantly less in dollars and emotions today than the costs after death if no will is executed. (See further blogs on Heirship for more information on when an individual dies without a will.)
What is the cost of drafting a will for a testato, divorced and never married, and who leaves everything to only child.
If it is a simple will, the cost is less than $500.00. In addition to a will, it is also recommended that you determine whether you should have ancillary documents drafted and executed, such as a power of attorney, medical power of attorney, and directive to physicians.