If you don’t have any heirs in Texas, you might be tempted to forget about writing a will and let the state decide what to do with your assets. However, there’s a lot of ways to use your assets even if you don’t have a spouse or children. If you don’t plan ahead, you have no control over who ultimately gets your money.
How can you plan your estate when you don’t have children?
Some people take estate planning as an opportunity to set up a fund or scholarship. For example, you could create a yearly scholarship for students in your area that meet certain qualifications. You could also leave your estate to your favorite charity or set up a charitable foundation.
Other options include leaving your estate to friends or family members. There’s no law that says you have to be related to your beneficiaries– you could leave everything to your closest friends. You could also leave your assets to grandparents, aunts, uncles, cousins or other family members. If you can’t think of anyone else, you could even leave your inheritance to your neighbors.
If you have pets, you might want to leave them part of your estate so their next owners can take care of them. Otherwise, they might not want to deal with the financial burden of taking on your pets. This is especially true if your pets have special medical needs.
Do you have to write a will?
You’re not legally obligated to write a will, but if you don’t, the state decides who gets your assets after your death. If you’re married or have children, they’ll probably get your assets. Otherwise, the judge will choose beneficiaries according to state laws. If you want to leave assets for your friends or distant family members, you’ll have to name them specifically in your will.
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