| To Will or not to Will, that is the question? Whether | | | | is sure to put you to sleep. To keep you awake this |
| 'tis nobler to let your family fight over what you've | | | | time, I am only going to give the citations for Texas |
| got and to suffer the slings and arrows of litigation | | | | intestate succession law. If this topic interests you, |
| fortune, or to properly have a Will prepared against | | | | you may want to look up Texas Probate Code |
| the sea of troubles called intestate succession. | | | | Sections 37, 38, 42, 45, 47 and other code sections |
| Hamlet and humor aside, a properly drafted Will can | | | | on the internet. This topic could be an article all by |
| make life a lot simpler for loved ones after you're | | | | itself. Also, see the attached Texas Descent & |
| gone. It's a fact of life, most of us do not want to | | | | Distribution pie chart on my website. |
| face our own mortality and put off having a Will | | | | WHAT IS A SELF-PROVING AFFIDAVIT? All Texas |
| prepared. For those of us who live and who will die in | | | | Wills should contain a self-proving affidavit. A |
| Texas, we are fortunate to have one of the simplest | | | | self-proving affidavit eases the probate process and |
| probate processes in all of the 50 states. Everyone's | | | | eliminates the need for the witnesses to be present |
| situation is different. To create a plan for the | | | | at the time of the probate hearing. Texas Law |
| distribution of your property upon your death that | | | | presumes a Will having a self-proving affidavit has |
| follows your wishes, you should consult with an | | | | been properly executed. Properly executed basically |
| attorney whose practice includes handling Wills, | | | | means that the testator signed the Will, that the |
| Probates and Estates. Now, to take some of the | | | | witnesses signed the will in the presence of the |
| mystery out of the legal lingo, I will attempt to | | | | testator, that the testator was over the age or 18 |
| define a few key words in the next few paragraphs. | | | | years of age and of sound mind, and that the |
| WHAT IS A WILL? A properly drafted will is a | | | | witnesses were at least 14 years of age. |
| document that allows you to direct the distribution of | | | | WHAT ELSE DO I NEED TO CONSIDER? My brief |
| your property upon death in an economical and | | | | discussion has focused only on Wills. Our space is |
| efficient manner. | | | | limited, but I must mention that some assets are not |
| WHY SHOULD YOU HAVE A WILL? If you die | | | | transferred by the terms of your will. Examples |
| without a Will, the rules of intestate succession | | | | include assets that are controlled by contracts, such |
| dictate how your property will pass. If you do not | | | | as, life insurance beneficiary designations, payable on |
| have a Will, your estate will have significant additional | | | | death bank accounts, IRA beneficiary designations, |
| expenses and delays in probate court. | | | | and assets held as Joint Tenants with Rights of |
| WHAT IS PROBATE? Probate is the court procedure | | | | Survivorship. That is another topic worthy of a |
| by which a will is proved to be valid or invalid. Probate | | | | complete article by itself. So ask yourself the |
| also includes administering your estate and distributing | | | | question, have you checked all your beneficiary |
| your property. | | | | designations and bank account agreements lately? |
| WHAT IS AN INDEPENDENT EXECUTOR? An | | | | Today we live longer and our longevity creates other |
| Independent Executor administers your estate with a | | | | important issues to consider. Who will make business |
| minimum of court supervision and expense. Naming an | | | | and medical decisions for you if you are unable to |
| Independent Executor in your Will simplifies the | | | | make your own decisions? Who will handle your |
| probate process. Essentially, an Independent Executor | | | | business if you have an accident, stroke, Alzheimer's, |
| settles your estate and distributes your property | | | | or sudden terminal illness? Do you want to pass |
| according to the terms of your Will. A married person | | | | naturally and not be placed on life support for a long |
| will often designate his or her spouse as an | | | | time? Do you have health insurance and long term |
| Independent Executor. You should also designate one | | | | care insurance that will pay for your medical care |
| or more alternative Independent Executors to act in | | | | needs? Do you have minor or disabled children? Who |
| the event your first choice predeceases you or is | | | | will take care of your minor or disabled children if you |
| otherwise unable or unwilling to serve. | | | | pass unexpectedly? These are just some of the |
| WHAT ARE THE LAWS OF INTESTATE | | | | issues to consider when creating an "Estate Plan" to |
| SUCCESSION? The laws of intestate succession set | | | | handle your business and medical affairs both before |
| out the manner in which an estate is distributed | | | | and after you die. Remember the old saying: There |
| when a person dies without a Will. My earlier play on | | | | are only two things that are certain, death and taxes. |
| the words from Shakespeare's Hamlet mentioned | | | | Just do it! There is no better time than now to have |
| "intestate succession". Discussing intestate succession | | | | your Will prepared. |