A Last Will and Testament, or Will is a legally enforceable written declaration by which you may direct how your estate is to be distributed upon death. Your estate would be comprised of the property that you leave behind at the time of your death.

WHAT HAPPENS IF I DON'T HAVE A WILL?

When a person dies without a will, it is called "Intestacy." If you were to die without a Will, your property would be distributed according to the state law. The laws of Intestacy would not take into account your wishes. For instance, under Texas law, if a decedent had a child or children, the surviving spouse would be entitled to one-third of the personal estate, and the rest of the personal estate goes to the child or children of the deceased. The surviving spouse would also be entitled to a life estate, in one-third of the land of the decedent, with the remainder to the child or children of the decedent. However, you may wish to leave your entire estate to your spouse, or leave a gift to your church, synagogue or favorite charity. If you have no surviving spouse and no Will, under Texas law your property will go to your children in equal shares. This may be equitable as a general rule, but this does not give a Probate Judge much guidance when it comes to distributing the specific assets in your estate, such as your personal residence.

INDEPENDENT EXECUTOR

One of the most important features of your Will is the appointment of an Independent Executor. In Texas, an Independent Executor has a great deal of freedom to administer and distribute your estate without overdue involvement by a Probate Court. If you fail to appoint an Independent Executor in your will, the Probate Court may appoint a bank or an attorney to administer the distribution of your estate who will be subject to greater oversight by the Probate Court. All of this would impose unnecessary cost to your estate.

How do I select my Independent Executor?

Your Independent Executor should be a person who you trust to manage your property and finances. The administration of an estate can be emotionally taxing and may involve dealing with a variety of financial institutions, such as banks, title companies and insurance companies. Your Independent Executor should be emotionally secure and should have experience dealing with financial professionals.

NON-PROBATE ASSETS

Some forms of property are not subject to the provisions of your Will. Such Non-Probate Assets may include life insurance policies, retirement accounts, bank accounts, and certain interests in real estate or trusts. In the case of life insurance, the person named as the designee of the life insurance policy or certain retirement plans, will be entitled to the insurance proceeds regardless of what may be stated in your Will. Real property and bank accounts may be owned with others as  joint tenants with right of survivorship.  If you own any property that is held as a joint tenancy with a right of survivorship, such property passes directly to the joint tenant upon your death.

LEGAL FEES

One of the first questions that a new client asks us about estate planning is the cost for preparing a will or establishing a trust. The cost of developing an estate plan depends on the complexity of the plan and the particulars of the client's situation. In many situation, we can prepare simple wills and trusts for a flat fee. When a more sophisticated estate plan is necessary, we may give the client a budget, but bill our time on an hourly rate. Please contact us at the phone number below to discuss our fees for wills, trusts and estates.

CONTACT US

To speak to an an estate attorney about creating a will, please contact us here or call us at 713.650.9700.