What is a will?
A Will is a legal document controlling the disposition of your probate assets. Probate assets include all property you own outright if the disposition of such property upon your death is not controlled by contract. In Texas, a married person may dispose of by will all of his separate property and his one-half interest in community property. Insurance policies, IRAs, retirement plans, and pension plans are not controlled by your Will unless your estate is designated as beneficiary.
Why do I need a Will?
A properly drafted Will can greatly reduce costs tied to the administration of your estate. A Will names the beneficiaries of your property. You should appoint guardians for your children, and you may want to create a simple Trust to hold your estate’s assets until your children are old enough to handle money on their own. Without a Will, your family may endure a lengthy and costly process to distribute your estate.
What is Probate?
Probate is the process of a court recognizing an individual’s Last Will and Testament as valid. Ideally, the named executor will provide an original Will to an attorney. That attorney will then proceed with setting a court hearing to begin the probate process. If a Will is not probated, it is as if the Will does not exist. Probate in Texas is inexpensive when compared with other states. The cost of probate is worth the value it provides.