Of all estate planning documents, the Will, also known as a Last and Testament, is often regarded as the kingpen. A Will is a major tool in estate planning. Having a Will can save you money. Having a will can ensure your wishes are carried out. However, a Will is just a part of an overall estate plan, like a piece of a puzzle.
If you own property (not just real estate), having a will is a good idea because a Will controls where your property goes “the disposition.” If you die without a will, simple things, such as transferring title of a car, can involve the courts and become costly.
Your spouse does not inherit everything you own at the time of your death by default. Because Texas is a community property state, and the “default will” in the Texas Estates Code can often produce less than desirable results.
Example Problem: If you are married with children from a previous marriage and die without a will, the following occurs under Texas law:
If you do not have a Will, the State of Texas has one for you as mentioned above. The following negative consequences could occur:
Legally speaking, a Will “disposes” of “the probate estate.” This means the Will controls who gets (“disposes”) property that you hold in your name at the time of death (“the probate estate.”)
Some examples of what a Texas Will can do are:
Because the following are not within the probate estate, the Will will not control:
Probate is the official legal process through which a Will is proven valid. Unlike other states, probate in Texas is generally not a lengthy or costly procedure as long as your Will designates an independent executor – which most Wills do.
With an independent executor, probate is generally not:
There are ways to avoid probate, for example, various types of trusts can avoid probate. However, even with the use of trusts, probate may be necessary for property which is not within a trust.
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