When a person who dies without a valid will, that person's estate will pass according to Texas law. The legal distribution of these assets may not be anything like what the person would have wanted!
Let's take an example: A man is married to his second wife. He has children from a prior marriage, who have not wanted or had a relationship with him for decades. He dies without a will. His spouse inherits on-half of his estate and his children inherit one-half. This could be a problem for the widow, especially if she is depending on the entire estate to support herself.
The words "valid will" are very important. A person may have a document that is a will in their own eyes, but that doesn't mean it's legally valid. Verbal deathbed promises and written notes scrawled on scraps of paper do not make a valid will, no matter how many people witnesses them.
Simply put, if you do not decide how you would like your property to be distributed and put this into writing it will be decided for you! So it is very important to be sure that you have a will that specifies your wishes.
Other issues that can be dealt with in your will include the following: whether you would like burial or cremation, where you would like to be buried, who should get specific items and who gets the family pets.
Texas law also has specific language regarding the wording and formalities for the proper execution of a will. If these formalities are followed, it can be much easier to transfer property with minimal expense and court involvement.
Texas does allow holographic, or handwritten wills, but certain specifications must be followed and these types of wills can easily create a need for court interpretation (and legal expense).
You and your spouse cannot write one will together. You each need one. Your wills can have the same terms in them, but each will must stand alone.
When to Update
If a named beneficiary (someone who is inheriting), an executor (person who will manage the distribution of the estate) or a trustee (person who you have named to manage a trust) dies, becomes ill, becomes untrustworthy, or no longer has a relationship with you, you will need to update the will.
Since probate law varies by state, if you move to another state you should execute a new will there.
If you add a child to your family and your will does not provide for that event, you should update your will.
If you have a significant change in your financial status, you should re-evaluate and update your will.
If you get divorced, or are in the process of divorce or separated, you should re-evaluate your will.
While you are updating or evaluating your will and trust documents you should also consider the following:
1. The need for a general power of attorney so that my spouse or someone close to me can conduct my day-to-day business in the event that I am incapacitated?
2. The need for a Power of Attorney for Health Care and/or Directive to Physicians ("Living Will").
3. The need to update beneficiary designations on retirement accounts, life insurance policies and the like.
Planning ahead now can save expense and stress later on.
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