Many people get confused about what a will is and what it can or cannot include. Are you one of these people? If so, contact Dale Montgomery. He can advise you how to set up a will and divide your estate in case of your untimely death.
Why should you have a will?
Wills are put into place to determine who gets what when you die. Without one, your estate is distributed according to state law. Your family will not incur the cost of guardianship if you have minor children. Your family won’t have to incur the cost of a dependent administration which requires permission of the court to dispose of your property. A trust can be specified to manage your estate for the benefit of your minor children until they reach a specific age.
What does not pass in a will?
Insurance policies are generally not allowed in wills. You should ensure that your insurance policy specifically states who your beneficiaries are. If your children are your beneficiaries and a trust is set up in your will, then they will manage the insurance proceeds for your minor children.
Texas is a community property state and you may not will away your spouse’s community interest in
your property.
Texas is a homestead state and you cannot will away your homestead if you have a spouse and / or minor children
Joint bank accounts should be set up “with right of survivorship” to ensure that the joint account holder receives the funds in the accounts.
Other property should be designated as “POD” ( payable on death ) or “TOD” ( transferable on death ) in accordance with your interest in the property.
You can designate certain items to certain people
Yes. In Texas, you may dispose of personal property at your discretion. These do not have to be included in your will. You may list these items and their beneficiaries as a signed and dated attachment to your will and if you change your mind or acquire new items, you may amend the attachment.
You can disinherit members of your family
Yes. As long as these members are mentioned in your will. However, Texas is a community property state and spouses automatically inherit 50% of your community property. It is highly recommended that you consult your attorney to ensure that the proper wording is used if you wish to do this.
You should also consider:
- Statutory Durable Power Of Attorney – Someone who can manage your affairs if you should become incapacitated.
- Durable Power Of Attorney For Health Care – Someone to make health care decisions for you if you become incapacitated.
- Directive to Physicians – A set of instructions to physicians treating you, to withhold life-sustaining remedies if you have a terminal or irreversible condition. This document must be witnessed by 2 parties and made aware to your physicians as well as included in your
medical file.
For experienced legal guidance in setting up a will, Powers of Attorney or Physicians Directives call 817-842-9087 to schedule your FREE in-office consultation.
