WHY YOU NEED A WILL, A SCENARIO.
September 7, 2022
Why you need a Will, a Scenario:
- Decedent died intestate (without a Will). Decedent has 3 children from a prior marriage. Decedent remarried and had been married to his current wife for 20 years when he passed. Decedent had a farm he inherited (separate property), a homestead house purchased with his current spouse (community property), and $100,000 cash (community property).
- The 3 children get the farm but the spouse gets a life estate in 1/3 of the farm.
- Spouse gets 1/2 of the Homestead house and each child gets 1/6 of the house.
- *Spouse gets Constitutional right to occupy homestead during her lifetime.
- Spouse gets $50,000 of the cash and each child gets $16,666.66 of the cash.
The surviving spouse thought she was getting everything from her deceased husband’s estate and was shocked when told she did not get everything.
This is an oversimplified example of what can happen if you don’t have a Will. If you would like to schedule an appointment to discuss getting or updating a Will or other estate planning documents, please contact the Law Office of Roy Neal Linnartz, PLLC at (830) 625-9300.
Tags: Business law