Do I Need a Will?

One of the most common misunderstandings about estate planning is the belief that it is only for the wealthy. Anyone who owns property of any kind has an estate. Basic estate planning is an important component of an organized and responsible life, whether or not your estate is large enough to be subject to federal estate taxes. If you own any property, or have minor children, you should have a Will. Estate planning includes more than just a Will, however. It includes planning for potential disability during your lifetime, designating trusted individuals as medical and/or financial agents with power of attorney, designating a guardian to take care of your minor children in the event both you and your spouse die or become incapacitated, and other critical decisions. For those reasons, we include an entire package of the basic estate planning documents with your Last Will and Testament.

See list of basic estate planning documents.

Many people (as much as half of the population) will experience a period of either physical or mental disability before their death. Lack of planning can make caring for a disabled individual expensive and inconvenient for the caregiver. Good planning preserves a person’s dignity, as well as his or her assets, which can be used for the person’s care and can be preserved to the full extent possible for the next generation. Your loved ones will be grateful to you for having your affairs in order.

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Christian S. Kelso is a Partner at the Dallas law firm of Farrow-Gillespie Heath Wilmoth LLP where he practices in the areas of estate planning, wealth preservation and transfer, probate, tax and transactional corporate law. His primary focus is finding practical solutions for families and businesses to avoid costly, and often heartbreaking, disputes in both the courtroom and the living room. Christian is a counselor who is dedicated to making the law work for his clients and helping them understand how best to address the legal issues they face.