LAST WILL & TESTAMENT

What Is A Last Will & Testament?

Wills are a legal document that spells out who will inherit people’s property when they die. Specifically, a last will and testament is a written document or declaration that identifies a person's requests and testimonial on how personal assets and finances are to be distributed and to whom they are supposed to be distributed. There will also be an executor appointed in the will. The deceased individual specifies where the assets are allotted to, for instance, if it goes to charity,  a group, or specific individuals as stated in the will.  A last will and testament will also address financial accounts, financial interests, debt, and other financial and non-financial items related to the testator's estate. Our business attorneys can advise you on a wide range of legal matters including, will-drafting, probate, and trusts. For a comparison of a last will and testament to a trust, follow this link: Comparing a Last Will & Testament to a Trust

Why Do You Need A Will?

There are many benefits to creating a last will & testament, mainly the security and organization of assigning personal and financial assets to beneficiaries of the testator's choice upon death. Simply, the testator retains control over what happens to his or her assets in the case of death, as well as creating a presiding document for use in the probate court in the process of settling an estate. Without a will, state intestacy laws automatically determine where your estate will go, and unfortunately, state law may not match what the testator actually intended or wanted. The process of drafting and creating a valid will are as follows:

• Creation of a written will document;

• Selection of an executor or executrix for the will;

• Appoint guardian if young children are involved;

• Identify and name specific will beneficiaries; 

•  List and assign assets to beneficiaries; 

• Appoint and secure witness signatures to the will signing;

• Affix testators signature to the will; and

• Storage of the original copy, for the will, for probate.

At Wilson Legal Group, our estate lawyers utilize a team-based approach that benefits from having access to multiple attorneys with substantive years of experience in many practice areas. Whatever your estate or trust needs may be, our business attorneys have the talent, resources, and expertise to meet them in an efficient, timely, and cost-effective manner.

Can I Make An Oral Will In Texas? 

Any oral wills created on September 1, 2007, or later are not legally valid.

What Assets Are a Part Of A Person's Estate?



The Internal Revenue Service (IRS) has defined a person's estate as the fair market value of everything a person owns at the time of your death minus debts. The totality of a person's estate would include, but is not limited to, the following: bank accounts, stocks and bonds, real estate,  business interests and property, personal property, and life insurance policies. Items like cars, jewelry, coin collections, and artwork would be considered personal property for the purposes of a last will and testament; however, the proceeds of life insurance would not as they can only pass through the beneficiary designated on the insurance policy.