The Most Important Parts of a Last Will & Testament in Texas
Have you drafted your last will and testament? If you’re like many Dallas residents, the task is one you haven’t yet completed – and doing so now is in your best interests.
A will allows you to leave instructions for your loved ones, spelling out all of your final wishes. Without the legal document, your assets will be distributed in accordance with Texas law, not as you would prefer. The same is true if your last will and testament is deemed invalid, which could happen if it contains mistakes, if the language isn’t clear and direct or for a host of other reasons.
Using one of the many online will preparation services can produce a legal document that is valid in the state of Texas. That said, you may benefit from the help of an experienced Dallas will attorney, especially if you have a blended family, a complex financial situation, a large estate or simply want to be sure your intentions are honored. Plus, if you work with a lawyer, you won’t have to learn what’s legally necessary to create your last will and testament. But whatever route you take, wills generally have the same basic components.
Appointment of an Executor
The executor named in a last will and testament is the person in charge of administering the estate. Their responsibilities include dealing with the probate court, resolving outstanding debts and distributing assets to the rightful beneficiaries, and the job is a challenging one.
Many people appoint a trusted friend or family member as the executor of their will, and that can be a smart decision. The person you choose should be dependable, intelligent and good working with others, and it’s best if they live in or near the Dallas area. Naming someone who doesn’t reside in Texas is permitted, but your executor will need a local to accept legal documents on behalf of the estate.
Distribution of Assets
The primary purpose of a last will and testament is to leave money, possessions, property and other assets to one or more specific people or organizations. These decisions are in the form of bequests, and in the state of Texas, several different types of bequests can be included in a will.
Depending on the assets of your estate, making the following bequests in your will might make sense:
Specific bequests, leaving a particular item of property – such as a family heirloom, a Dallas home or a piece of jewelry – to a beneficiary
General bequests, giving a monetary gift of a certain amount to a person or organization, with the funds to be paid from assets of the estate
Demonstrative bequests, providing a beneficiary with a cash gift or the gift of a specific distribution from a named bank account, retirement fund or investment
Percentage bequests, proportionally dividing the estate between two or more beneficiaries instead of portioning out the estate by property or dollar value
Contingent bequests, transferring assets or a percentage of the estate to a beneficiary if certain conditions specified within the will have been met
Charitable bequests, gifting specific assets, a sum of money or a percentage of an estate to a qualifying charity, foundation or non-profit organization
When all of the bequests in your last will and testament have been satisfied, there may be additional assets remaining in the estate. Attaching a residuary clause or bequest is a solution, setting out who will inherit everything left – it’s like a catch-all provision to ensure that all of your assets will be distributed according to your wishes.
Additional Will Provisions
Your last will and testament is the means to expressing your final wishes, whatever those may be, and you should include as many details as possible. For many Dallas residents, additional provisions like the following are necessary:
Instructions to create a testamentary trust instead of a bequest to distribute residuary assets
Appointment of a legal guardian for minor children, in the event there is no surviving parent
Establishment of a special needs trust to provide for a loved one who has a disability
Directions regarding the creation of a statutory pet trust to ensure animals get the care they need
Some people in Dallas also decide to include a no-contest clause in their last will and testament. This provision is designed to stop beneficiaries from challenging the terms of a will, and it typically states that anyone who does receives nothing if they lose the challenge. However, while Texas does allow no-contest clauses, the courts are often cautious in enforcing claims that are filed in good faith.
Get Expert Assistance with Your Last Will and Testament
The decisions you need to make when drafting your will are some of the most important you’ll ever make in life. As such, getting help from an experienced Dallas will attorney is to your benefit. For a free consultation to discuss your last will and testament, contact the professional team at Schultz & Kellar, PLLC, today.
