Why do I need a Will?

If you do not have a will, The Texas Probate Code determines how your estate will be divided and who will receive. This may very well not be to your liking.

Without a will, probate can be much more costly and time consuming. There will be a delay in the heirs receiving their inheritance compared to probating a will.

A minor child or grandchild may inherit your property. Minors and other persons who are legally incompetent cannot manage property which they might own. Unless a trust is established in your will for minors and other persons who are legally incompetent, a court appointed guardian manages the estate of the minor or legally incompetent person, which is a costly and time consuming procedure. By adding trust provisions in a will, you can insure that minors and other legally incompetent persons do not receive property until they reach a certain age or are no longer legally incapacitated.

By using trust provisions in your will, you can decide when you want your beneficiaries to be able to receive the property which you leave to them. Many clients do not believe that a child is ready at age 18 for the responsibilities of managing their own financial affairs and elect to insert trust provisions in their wills which would keep a child's share of their estate in trust until the child reaches 21 or some older age.

If the value of your assets is above the threshold for Federal Estate Taxes, a will can be used as an estate tax planning tool that can save a substantial amount of estate taxes.

If you have one or more minor or mentally incapacitated children, you can designate a guardian who will take care of them while they are still minors or mentally incapacitated if the other parent has died before you.

In Texas, the costs associated with preparing most wills and handling most probate of wills is usually very reasonable. Unlike a number of other jurisdictions, Texas allows for independent administration if the will contains the appropriate language. Independent administration is a streamlined procedure designed to limit the involvement of the courts in matters pertaining to estate administration and to keep estate administrative and legal expenses to a reasonable level.

Without a will, administration of an estate is supervised by the probate court

Other Planning Documents

A directive to physicians (which is sometimes called a "living will") allows you to decide what type of medical procedures, if any, should be used if you should suffer from a terminal condition or irreversible condition and no longer be capable of making your wishes known. Without the directive to physicians, the decision, and the burden, about whether to keep you on life support would be left to your family and physicians.

A power of attorney gives the person you select the power to handle your business and financial affairs. The power of attorney can become effective when you become disabled. This one simple document can avoid the need for a costly and time consuming guardianship proceeding if you become mentally or physically disabled.