Wills are much more important then most people realize.
If you own a home, car or have bank accounts, you will want to protect your loved ones with a Will. A Will is not just for the rich, it is a tool for everyone to protect their interest in their property. Though, an estate that is small enough may not need a Will. Speak with Chris to learn more.
A Will allows you (Testator) to name a person or people who will inherit your property. A well-drafted Will protects your family from others who can legally assert an interest in your property. This can be a from a separated spouse, children from a previous relationship, siblings or even creditors. A Will allows you to ensure that the named individual’s interests are protected. What many people do not know is that by law a child of another relationship will have interests in the property of their parent over the parent’s spouse (not the mother), unless a Will states otherwise.
If you believe that you may need a Will, Chris can help you decide. Give us a call.
Probate is the process by which a decedent’s property is legally transferred to other individuals. Probate gives a Will “life”. A Will does not “work” on it’s own. Probate is a much more simple process, if the deceased person made a Will. It allows the named executor to gather and distribute property belonging to the deceased person. Typically, the most important property to distribute is a house. Though, there is often other property that needs to be transferred as well. The probate process allows property of a deceased person to be transferred into the names of the people named in a person’s Will or to pass under Texas law. Probate puts the power to transfer and negotiate on behalf of the deceased in one person. With a Will, that person is chosen by the decedent. Without a Will, that person volunteers and must be approved by a court.
Trusts are a tool often used in conjunction with Wills to address specific inheritance concerns. These inheritance concerns can be a minor inheriting large sums of money, disabled / incapacitated adult children that need assistance, concern for a less than responsible child, caring for the needs of a disabled / incapacitated spouse, elder planning and many others. Trusts can be used to ensure that these special concerns are properly addressed to meet needs anticipated to continue after you are no longer available to meet those needs.
There are also methods to probate estates without Wills (intestate estates). Be aware that these methods are often three times the cost of probating a valid, attorney-drafted Will. Though, probate will be unavoidable when there is property to legally transfer.
Please be aware that probate is only available within four years of a Testator’s passing. Though, there are probate methods available in some circumstances outside of this time frame.
If you have probate needs, Chris can lead you through the process.