A Texas Overview of a Last Will & Testament
John Wilson • August 14, 2018
A Last Will and Testament is a Declaration that Identifies a Person's Last Requests.
A last will and testament is a written document or declaration that identifies a persons requests and testimonial on how personal assets and finances are to be distributed and to whom they are supposed to be distributed upon death. Simply, wills are a legal document that spells out who will inherit a person's property when they die. 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 testators estate. Our Dallas will and trust attorneys can advise you on a wide range of legal matters including will drafting, probate and trusts. For more information, visit our Will & Trust Practice
web page.
When Does A Will Become Effective?
A will becomes effective immediately only after death and does not give one authority to manage your property; however, an executor for the estate will be appointed as recognized by a probate court. In Texas, unless you’re a small estate less than $50,000, your will must go through probate. Most wills do need probate. Our Dallas will and trust attorneys 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, our trust attorneys have the talent, resources and experience to meet them in an efficient, timely, and cost-effective manner.
Is The Probate Process Private?
The probate, and contents of a probate and the assets distributed therein, will always be public record. In contrast, a trust remains private, and is not public record.
Who Controls The Will Process?
Except in a small estate administration, a probate judge has control, not the family. A judge’s approval must be received to i) appoint an executor or executrix of the estate; and ii) grant any guardianship appointment for minor children, if necessary. An executor is a male administrator of a testator’s estate, and an executrix is a female administrator of a testator’s estate
Must A Will Own Assets To Be Effective?
No. A will owns and holds nothing during life. While a will requires two signatures from witnesses and must be notarized by the testator in order to be able to distribute assets after death, it does not have to funded during life. A testator’s assets are controlled by the will only upon death and, therefore, title and transfer to heirs only occurs after the estate has been administered.
What Happens To A Will If I'm Incapacitated?
A will does not have the ability to address matters related to incapacity because it can only become effective after death.
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