Do You Have A Will? Do You Need One?
If you have ever thought about making or not making a will, then you should read the below post by Bob Ratliff....I think everyone needs a will!
Do You Have a Will? Do you need one?
I recently came across an article about Wills and the misconceptions people have about making a will. Most people believe they can’t draft their own wills and need an attorney, they also believe if you don’t own property you don’t need a will.
I
f you live in Texas an Attorney is not needed to draft your will, Texas recognized two types of wills.
Holographic Will (one entirely in the deceased’s handwriting) a holographic requires no witnesses
Attested Will (one entirely in the deceased’s handwriting) requires at least two witnessesYou can draft your own will, especially if it is holographic and no attorney need be present however it would be good to have the expertise of an attorney to comply with legal requirements to validate the will and meet the special needs of certain beneficiaries, and make sure all of your assets are properly distributed without ambiguity and avoid death taxes, to the extent possible, such as federal gift and estate taxes associated with large estates.
The most common mistake one thinks about making a will is if I don’t own assets do I need a will. The answer is probably yes for a couple reasons. The first being if you have minor children and the will is the primary vehicle by which you appoint a guardian. The second would be if you subsequently receive assets before or after you die, your will determines the distribution.
Not all estates require a will some assets transfer at death with need of a will. These are known as non-probate assets and include such things as jointly owned property held as joint tenants with the right of survivorship.
If you die without a will (intestate) and have assets subject to probate or if you die testate but do not dispose of all your assets in the will, how is the property divided?
In Texas Distribution depends on:
whether the property is real or personal, separate or community and if you’re survived by a spouse, children or their descendants or next of kin.Texas Probate code spells our precisely who inherits real and personal property when someone dies without a will. By drafting a will , you can decide for yourself who gets what.
Cedar Park Home Search
Leander Home Search
Round Rock Home Search
Bob Ratliff, REALTOR® (512) 587-5689
TX Licensed Broker #492107 Information is deemed reliable but not guranteed, all rights reserved by Canyon Vista RealtyTexas law requires Agents to give the following
Information About Brokerage Services (IABS)
to prospective buyers, sellers, tenants, and landlords.
Comments(0)