A will is essential to ensure that your assets go to the people you choose after your death. Without a will, Texas probate laws decide who gets what, and that may not align with your wishes.
Wills also help prevent family disputes over your belongings. Additionally, having a will can expedite the legal process after you pass away. Despite these critical protections, it’s estimated that fewer than half of all U.S. adults have a will in place.
Which type is best for you?
The basic requirements of a valid will in Texas are that testators, those for whom the will applies, must be at least 18 years old and of sound mind. Two witnesses, 14 or older, must sign the document.
A simple will meets most people’s basic needs. However, Texas offers several types of wills to consider. Each has its own purpose and benefits. These include:
- Simple wills: Outlines who receives your assets and names guardians for minor children
- Living wills: Specifies your medical treatment preferences but doesn’t address asset distribution
- Holographic wills: A handwritten will that is valid if entirely in your handwriting and signed
- Nuncupative wills: A spoken will, generally only valid if made during the person’s last illness and under specific conditions
- Joint wills: A single will for two people, usually spouses, which only takes effect when both pass away
Understanding the types of wills can help you choose the one that best suits your needs.
What to include in a last will and testament
When creating a will, you include several key elements, such as:
- Personal information: Full name, address and a statement that this is your last will and testament
- Executor: Name someone you trust to administer your will
- Beneficiaries: List the people or organizations who will receive your assets
- Assets: Clearly describe what each beneficiary will receive
- Guardianship: Name a trusted person who will care for minor children
- Debts and taxes: Instructions on how to pay any liabilities
- Signatures: Your signature and the signatures of at least two witnesses
An experienced estate planning attorney can help you understand the process and ensure that your wishes are honored and that your documents are up to date, especially after significant life events occur.