Most people think that preparing a will is a complicated and expensive process. The truth is that it’s quite simple. This website was created to help walk you through the process of creating a valid will pursuant to the laws of your specific state. Our interactive software asks you the same questions that an attorney does and creates your legal and valid Texas will.
The Function Of A Will
A Will serves several important functions:
- It nominates a personal representative which is also known as the executor.
- It grants powers to the personal representative.
- It contains provisions concerning the disposition of your estate
- It may contain provisions for the creation of a testamentary trust upon your death for the benefit of surviving family members like your spouse or minor children.
- It allows you to include or exclude family members (your state-law Will includes everyone).
- Provides for the payment of your expenses and taxes (if applicable).
- A Will does not control assets that do not officially enter into your probate estate upon death. Examples of that are jointly held financial accounts where there are rights of survivorship.
Why You Need A Will
A Will lets you specify funeral or burial wishes and it also helps expedite the legal process and reduce legal fees – leaving more assets for your loved ones instead of the lawyers.
The creation of a Last Will & Testament gives you sole discretion on how your possessions will be distributed according to your wishes and desires. It allows you to decide how you want your assets to be distributed to your loved ones (or not distributed to your not-so-loved-ones). If you have a business or other investments, a Will can be an essential part of transitioning the business in a smooth and seamless manner.
If you have minor children, a will allows you to name a guardian (in the event of the death of both parents)or provide for their care. If your children are already adults, or if they are from a previous marriage, a Will allows you to dictate the assets that they will receive and it can help minimize fighting among your family afterwards. If you want to leave some assets to your favorite charity, a Will allows you to direct them to the charity of your choice.
Definition of a Will
A Will is a document that governs the ultimate disposition of everything that you currently own. A Will has no application during your lifetime and only springs into operation upon your death. At the time of your death, everything you own becomes what is referred to as your “probate” estate.
In simple terms, probate is the legal process by which your property is disposed of upon your death. Probate usually requires a lawyer to open a probate case in your local court and obtain legal documents that dispose of your property.