Wills are much more important then most people realize.
If you own a home, car or have financial accounts, you will want to protect your loved ones with a Will. A Will is not just for people of great means, it is a tool for everyone to protect their interest in their property. Though, an estate that is small enough can successfully avoid this need.
A Will allows you (Testator) to name the person or person’s who inherit your property. A well-drafted Will protects your family from others who may wish to assert an interest in that property. This can be a from a separated spouse, children from a previous relationship or even siblings. A Will allows you to ensure that the named individual’s interests are protected. What many 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 make that determination. 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 simpler process, if the decedent made a Will. It allows the named executor to gather and distribute property belonging to a decedent. Typically, the most important property to distribute is a house. Though, there is often other probate-able property as well. The probate process allows that property to be transferred into the names of the person or persons named in a decedent’s Will or according to Texas law without a Will. Probate puts all of the power to handle a probate estate in one person. With a Will, that person chosen by the decedent. Without a Will, that person volunteers and is approved by the 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 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 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 is unavoidable when there is property to 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.