When most people think about estate planning, they think about a will. A will is a document that allows you to name the person who will manage your estate after your death and to specify who will receive your property. But a will is not the only estate planning tool available. In Texas, you can also use a last will and testament to name an executor and to name the beneficiaries of your estate. If you die without a will, your estate will be distributed according to the laws of intestacy. Under the laws of intestacy, your estate would be distributed to your closest relatives, regardless of your wishes. With a will, you can name the person who will manage your estate and the person who will receive your property. You can also create a trust to manage your property and provide for your loved ones after your death. If you are thinking about estate planning, you should consult with an attorney to discuss your options. An attorney can help you draft a will that meets your specific needs and can advise you on other estate planning tools that may be available to you.
Texas Last Will Facts
In the course of creating a final will and testament, you must conform to the spelled out Texas provisos. In this fashion, you’re guaranteed that your form is permissible. What provisos does Texas call for to compose a last will? Firstly, disposition to prepare the Texas final will and testament should be demonstrated. If it is perceived the final will and testament was prepared via arm-twisting, it might be opposed and found annulled. Going forward, the testator must be of apprehensible mind. Incapacitated or medicated folks should not draft a last will and testament. More so, the testator must have an understanding of their action. This signifies that the testator should be committed to the action. For the avoidance of doubt, the declaration is inserted at the uppermost part of the will. Following are other important details required when crafting a Texas last will:
Age of testator - 18 or older or a minor in some cases (Sec. 251.001 Who May Execute Will).
Age of witnesses - 14 or older (Sec. 251.051 Written, Signed, and Attested).
Types of will allowed - self-proving wills (Sec. 251.101 Self-proved Will); handwritten and holographic wills (if witnessed properly; Sec. 251.051 Written, Signed, and Attested; Sec. 251.052 Exception for Holographic Wills).
Types of will not allowed - oral wills (Sec. 251.051 Written, Signed, and Attested).
What If I Die Without a Will in Texas?
Irrespective of the importance of a testament, folks refuse the proposal and die without one. Intestacy implies a situation where one dies devoid of a lawful final will. When somebody dies intestate, their holdings are divided as specified by the intestacy conditions of their particular state. The local probate court will then select a caretaker for the inheritance and take charge of the division of the assets. In a nutshell, the late individual’s inheritance disbursement is established on their marriage state and their beneficiaries.
As a married person who drops dead intestate in Texas which is a community property state, the marriage companion gets your amount of the community property. This additionally applies if the union beget children. Suppose you sired offspring from an additional matrimonial union? In the event a prior marriage produced offspring, they’ll be apportioned half the community property and the rest will be acquired by the partner. It could be you are without your better half or children, then your parents will be your inheritors. When your father, mother, and heirs are absent, the assets go to siblings, nieces, and nephews. The last group worthy of the legacy are grandmothers and grandfathers, aunts, uncles, and other relations. Supposing there are holdings in the gone individual’s name, (gotten before marriage by either inheritance or as a gift), they also become part of the bequest. In case you depart this world with no testament and there are no existing dependents, siblings, or parents, the partner inherits the separate holdings. But in case there are children, the marital companion inherits half of the separate properties while the other half is shared equally among the offspring. Same case in case there are surviving brothers and sisters, plus parents, who like the other half, will be given half of the separate effects.
Where there is no individual to claim the valuables (including children, spouses, and relatives), they go to the state.
What Should My Will Include?
Having looked at the pros and stipulations of Texas wills, it is recommended to study the remainder of the application. The testator is advised to make certify the entries below are in the last will.
Supposing you refer to Texas last will template, the intent is pre- noted within. Indicate your marital condition and how many heirs your union produced.
Incorporated in the important aspects of preparing your last will is mentioning the heirs and what they’ll inherit. Write the name of every single heir, plus where they live and what they will end up with.
Appointment of Executor
Ensure that you choose the individual to execute your holdings. Also termed as the personal representative, the administrator is there to effectuate the testament. Given the important purpose of the trustee, an honest person should be given this station. Only that they shouldn’t be among the successors.
Appointment of Guardians
If you have older parents, furry friends, or kids, designating a guardian is a wise deed. The role of the caretaker is to certify that these inheritors receive what is due to them. Sometimes it reaches a time when the first executor cannot fulfill their responsibilities and a substitute is selected.
The unique information and contacts of the witnesses are needed. Verify that the official names and abode are there.
The will should have the date and physical address. Both the witnesses and yourself are required to sign against the date.
A Texas final will indicate the burial process, the digital administrator, and any unique wishes from the testator. Essentially, getting a valid last will and testament is a great process to ensure your estate is distributed as per your wishes.