All adults, regardless of financial means, should have a will in place as this important legal document outlines your wishes for what happens to your assets after you die.
“With a will, you can direct where and to whom your estate (what you own) will go after your death. If you died intestate (without a will), your estate would be distributed according to your state’s law,” says the U.S. Department of Homeland Security.
Wills are not just for the wealthy as Sloan Docs will packages are affordable and include a will, medical power of attorney, statutory durable power of attorney, and HIPAA release.
It’s an investment worth making as it can help your family avoid disputes and ensure that what you do have is distributed properly to the people you want to have it.
“Aside from providing for the intended disposition of your property upon your death, a number of other important objectives may be accomplished in your will,” says the American Bar Association.
Indeed, your will can name a guardian for your children, make specific gifts to people or organizations, select your executor to carry out your wishes in the will, express your wishes for your funeral arrangements, and simplify the probate process for your loved ones.
A valid will in Texas, according to the Texas State Law Library, must be in writing, signed, and attested by two credible witnesses.
Texas also accepts “holographic” wills — which are wills written completely in the person’s own handwriting, witnesses are not required.
If the will had any witnesses, they may be called to testify in court.
“In addition, the maker of the will must have been of sound mind, proper age (18 years of age or older unless other conditions apply such as married or member of the armed services), and have had an intent to write a will,” says the Texas State Law Library. “All these aspects will be examined at the probate hearing. At the hearing, anyone can raise objections and contest the will’s validity. If the will is found invalid, the property will pass to the heirs as if there was no will.”
In Texas a will does not become effective until probated. There is a 4-year period to file a will for probate (with exceptions to the rule).
The Texas State Law Library also says that when someone applies to probate a will, the court will post a public notice at the courthouse or online. The notice informs the public about the application and the date of the upcoming hearing. Most beneficiaries and potential heirs will be individually notified about the probate proceedings. This may happen before or after the will is admitted to probate.
“The validation process is known as ‘probating the will’ or ‘admitting the will to probate.’ It is commonly followed by estate administration. Administration is the process of collecting, inventorying, and distributing the property,” says the Texas State Law Library. “To probate a will, you’ll need to file an application in a probate court. This is typically done in the county where the deceased had lived. Other rules will apply if the person lived out of state.”
The court will schedule a hearing to examine the will and listen to any objections. If the judge declares the will valid, it will be admitted to probate. If an executor or administrator is appointed at the same hearing, they can now begin the administration process.
It is also interesting to note, that unlike your favorite television show or the movies, the law does not require an official gathering of heirs for a dramatic “reading of the will.”
If someone in Texas dies without a will, it can still be probated as many estates will need estate administration to settle assets, debts, and handle any family disputes.
“When there is no will, the person is considered to have died ‘intestate.’ Every state has intestacy laws that determine what happens to the property,” says the Texas State Law Library.
Here is who Texas law says will inherit assets if a person dies with no will:
Keep in mind that intestacy laws do not apply to nonprobate property. Those assets will pass directly to the named beneficiaries without court involvement.
The Texas State Law Library says examples of nonprobate property include:
It is a good idea for all adults to create a will after they turn 18 but it is especially important after life events such as marriage or having children to have this important legal document in place.
“It’s unlikely that you’ll die young. But if the unexpected happens, having a will in place — even if it feels like you don’t need one — can be a simple way to avoid leaving important decisions about your assets and guardianship wishes to your state’s laws and courts,” says NerdWallet.
The U.S. Department of Homeland Security (DHS) says drafting a will, or updating your will, can be a great New Year’s resolution.
“If you have a will and haven’t updated it in several years, you might consider updating this document to reflect life changes that have taken place since you first prepared it,” says DHS.
Update your will, says DHS and other sources, whenever you:
Making a will does not have to be a complex exercise or expensive with Sloan Docs offering two convenient will packages:
Applicants can get started by selecting the applicable will package and completing a questionnaire so that Sloan Docs can best meet your needs.
There is nothing to prepare and you do not need to provide any documents.
Once you have submitted your information and make the payment, Sloan Docs will notify you within two business days when your documents are ready.
Sloan Docs can also provide you with other estate-planning tools such as revocable living trust packages.
Visit the Sloan Docs resource center for FAQs as well as access to documents that meet your estate-planning needs.