 | 1. You want your estate to be managed without the requirement and expense of court
approval for every transaction.
|
| 2. You want the make the administration of your estate less complicated for your
heirs. |
| 3. You want part or all of your property to pass to a friend or to charity. |
| 4. You want one heir out of several to inherit more or less than the others, or
you want to disinherit an heir completely.
|
| 5. You have no immediate family and wish to give your property to one distant
relative rather than all of the others.
|
| 6. You have minor children and wish to name a
particular guardian for them. (This is important if you are a single parent or
if you and your spouse die at the same time.) |
| 7. One or more of your heirs cannot "handle" money but you still wish to
provide for them in some way.
|
| 8. You wish to give specific items to specific persons. |
| 9. You wish to appoint a particular person to look after your affairs. |
| 10. You are not sure whether you fit one of these categories.
|
DO I NEED AN ATTORNEY TO MAKE A WILL?
While it is possible in the State of Texas to make a completely valid will on your own,
there are very strict requirements for it to be valid and there are many disadvantages.
The most important disadvantage is that you may make a mistake which invalidates the will
and results in a hardship on your heirs. In addition, the will may not be recognized
in another state should you move. ALWAYS REMEMBER that the best intentioned person can
make a will which does not work the way he or she expected.
CAN A WILL EVER BE CHANGED?
A will does not "speak" for you until the date of your death. Thus, you can
change it if circumstances change, by having your attorney prepare a "Codicil"
(for one or two changes) or a whole new will, if necessary. (Never attempt to change a
witnessed will by striking out some portions and writing in new ones.)
WHAT OTHER THINGS MUST I CONSIDER?
Whom will I appoint to act as my Independent Administrator or Executor? This should be a
person whom you trust to handle your affairs as you would.
What about inheritance taxes? If your estate exceeds $700,000, consult an attorney
regarding tax consequences and alternative methods of transfer.
WHAT IF I DON'T HAVE A WILL?
If you do not have a will, your property will pass to those persons who are considered
your ''heirs'' under the laws of Texas. This is called "intestate succession."
It is almost always better to specify the people who will inherit under the will.
KEEPING YOUR WILL SAFE
Your original Will needs to be protected. Although many banks will seal a safety deposit
box as soon as they learn of the owner's death, it is much more accessible now than in the
past. Keep a copy of your Will with your other important papers in the house but the
original can be in the safety deposit box or in your attorney's safe. You need to tell
someone where you have put the Will.
