Every person should spend some time creating an estate plan. One of the most common and basic documents in any estate plan is a Will, also known as the last will and testament. If you are making a will in Texas, you have the choice of hiring a lawyer or you can use an online service. Consultation with an attorney can help you understand all relevant aspects of your decision based on your unique circumstances. Here are some key pointers worth knowing.
Aspects of creating a will
The first step is to make a list of everything you own, including assets and real estate properties. You will also need to decide on beneficiaries for your will. A beneficiary is someone who is going to inherit your wealth as per your wishes after your death. You will need to select an executor who will ensure that the estate is handled as per your WILL and honor your wishes. Expectedly, you need to talk to the chosen executor and ensure that they are okay with the responsibility. You can also rely on the document to select a guardian for your children and someone who will be responsible for managing your children’s property.
Should you consider a will?
A will is a great estate planning tool to leave your property for people or charities of your choice. You can also make provisions for your minor children. If you die without a trust or a will, your assets and overall estate will be distributed as per the intestacy laws in Texas, which may not be what you plan. Typically, intestacy laws will give the property and assets to your immediate relatives, such as your spouse and children, and if you don’t have either, your grandchildren or parents will get the estate.
Do you need an attorney to make a will in Texas?
No, hiring an attorney to make your will in Texas is not necessary. However, this may not be the most amazing idea, considering there is no one way a will should be drafted, and more importantly, every person’s circumstances are unique. Also, there are situations when talking to a lawyer is a good idea. For instance, if your spouse is likely to contest your will or when you want to disinherit your children, you should talk to a lawyer.
Please note that you must sign your will in Texas in front of two witnesses.