The Best Advice Pat Shinn Will Ever Give You: Make a Will

KTRH Money man Pat Shinn says this is the best advice he could ever give you:
"Make and keep an updated will."

Shinn says in Texas, if you don't have a will, the State has one for you - and it may not be the one you want! " (a) A 'normal' will is done through an attorney - especially good if you have minor children. (b)There are people who use a will that is drawn up on the internet. Important: it needs 2 witnesses to make is legal. (c) Then there is a holographic will - it's not used as often. It's legal in Texas. It's completely drawn up in your own handwriting!"

In a Will you not only stipulate who gets your possessions when you die -but you can also name who should care for your minor children - if not, a court will decide. Making solid decisions now will avoid heartache and confusion later.

Shinn says it's not as complicated as you may think. "When somebody dies. Their assets pass to their beneficiaries: By Will or By Contract." Your will could be written up by an attorney, online, or even in your own hand. A contract is a designation of beneficiary for your car, home, investments or bank accounts.

Shinn says this is an especially bad-case-scenario that could happen to you if you have children from your first marriage but are currently married to your second spouse:
"If you die without a Will while married for the second time, your spouse gets half of the home they're living in, the other half goes to your kids from your first marriage!" He says there's a chance these people don't get along and the mess will get even worse!

He sums it up this way: "Through very easy paperwork - you can make sure your beneficiaries are not caught in such a situation!"

Shinn suggests you click here to visit a Texas attorney's website that explains various scenarios of how assets pass to beneficiaries when there is no Will and no beneficiary designation.

What a Will Does

• A will provides directions for what happens after you die.
• Wills can distribute your property to your loved ones.
• You can name an executor to wrap up your affairs.
• You can name guardians for children.
• You can forgive debts.
• You can be clear about who gets your assets.
• You can decide who gets what and how much.
• You can keep your assets out of the hands of people you don't want to have them (like an estranged relative).
• You can identify who should care for your children. Without a will, the courts will decide.

photo:Getty