An Arlington, TX wills lawyer is here to explain the different types of wills and what happens if you do, or do not, have one in the state of Texas, i.e. what is probate and its process.
Will: Legal document that states how one’s assets should be divided after their death.
Holographic Will: A will that is written in the handwriting of the person who signed it. The state of Texas recognizes holographic and formal wills.
Probate: Validating a will and distributing the assets.
The Importance Of Having A Will
Having a will is extremely important because it lets you decide how your assets will be distributed after you pass. A will can help avoid family conflicts and disagreements, help navigate probate, and provide a peace of mind for you and your family. Be mindful to update the will when you have a child, get divorced, when a beneficiary or executor dies, when you receive a very large amount of money, and when you lose the original will. However, rest assured knowing your assets are safe as our team has been rated in the Top 100 of National Trial Lawyers so we are prepared to protect your wishes.
Probating A Will
It is important to know that wills do not always need to be probated. There are five major instances where probate is required:
1. When the deceased’s estate is worth more than 75,000 dollars.
2. When the deceased’s estate is not designated to a beneficiary.
3. When the deceased did not designate their bank account to a beneficiary
4. When the business interests of the deceased need to be transferred.
5. When creditors need to be paid through the state.
A will does NOT need to be probated when:
1. The defaced property is less than 75 grand.
2. When the properties are designated to a beneficiary
3. Transfer on Death (TOD) or “Lady Bird”
Probating Without A Will
The essentials of probate can still be done without a will. However, without a will the process can be lengthy and might not go the way people wish, causing conflict. This is why it is so important to have a will. When someone dies without a will, the probate process is called “intestate succession”. If the family of the deceased petitions for an administrator, the court will appoint one to contact the legal heirs of the deceased. This administrator will then assess the assets of the deceased, assess how to pay off any debts, and distribute the remaining assets to the heirs.
Probating A Holographic Will
A holographic will is simply a will that is handwritten by the owner of the will. In Texas both formal and handwritten wills are accepted to probate, however a holographic will goes through more screening to make sure that it is authentic. Someone who knows the tester must verify the handwriting in the will. The will has to be fully handwritten, not a combination of printed and written. Besides the extra validity screening, the process for probate is the same for both formal and holographic wills.
If you are interested in getting a will created for your estate, contact the Brandy Austin Law Firm. Our lawyers have been rated as some of the top attorneys by Fort Worth Magazine, and we are ready to help you navigate estate planning.
