Having a will in Texas is a cost effective way to distribute your property just as you wish when you pass away. A person who dies without a will is described as "intestate". Texas has laws for intestate succession, but very often the law will not distribute your property the way you prefer. Probating a will in Texas is relatively inexpensive, especially when compared to the process required to distribute the property of a person who dies without a will.
There are several things to consider before consulting with our attorneys about preparing your will. Who will you choose as your Independent Executor? The Independent Executor is the person who identifies and gathers the decedent's assets and distributes them according to the provisions of the will. Who will you choose as the guardian of your minor children? You will also need to consider who will receive your property after you die. You can leave your property to whomever you you wish, including your spouse, children, grandchildren, siblings, nieces, nephews, close friends, and charities.
If your will leaves assets to a minor child, grandchild, or another beneficiary, we can create a trust within your will. A trust is a way to protect the assets while the minor beneficiary matures into a responsible adult. You will need to choose a trustee for the trust. The trustee has broad powers to manage the trust assets and to distribute the property to the minor as financial needs arise. When your beneficiary reaches the specified age in your will, then the beneficiary will have full control of the remaining assets and the trust is dissolved.
Powers of Attorney
Powers of attorney are also crucial documents that can save your family and loved ones from stress and financial burden. You need to plan for those times when you cannot manage your own financial affairs or make your own medical decisions due to severe illness or some other incapacitating event. A power of attorney that appoints an agent to make financial and healthcare decisions can be obtained for a very low cost and can save your loved ones thousands of dollars. If you do not appoint an agent through a power of attorney, then your loved ones will likely have to petition the court to appoint a guardian. Guardianship is a time-consuming and expensive process that can be easily avoided by executing a power of attorney.