A will is a legal document which may be accepted by a court with probate power and normally states how property is to be distributed after a person's death. A person who dies without a will, is "intestate" (in-TEST-ate) which means that persons property will be distributed according to the state's determination by statute as to who should receive the property. In Texas the beneficiaries will frequently need to go to court for a judicial determination of who receives the property if title must be established in order to obtain the property. This commonly includes land, bank accounts, stock and similar types of property. Failure to leave a valid will that clearly sets forth your intentions can greatly increase the cost of probate and delay the division of property. It is always advisable to prepare a will.
State laws regarding who gets your property may not be in accordance with your wishes. There are several advantages to a will in Texas. You may name the person or persons you want to mange your estate (executors); you may designate who you want to receive your property after the payment of your debts; you can provide that the Probate Court shall take no action in the administration of your Estate (except for the initial hearing to admit the Will, the filing of an Inventory and the notices to creditors) and you can permit your executor to serve without providing a bond. You can do all this and simplify the hearing by having a well drafted Will with a self-proving affidavit. For more information about wills, you may contact me or another licensed attorney.
Contact Charles Kennedy by email: ckennedy@TexasWillplanner.com.
