All about wills in Texas: Check these details
How would you want to divide your estate after your death? You can have a WILL to decide that. A will is one of the basic estate planning document one can have. If you don’t own a lot or don’t want to create a trust for other reasons, a WILL is just what you need. While there are online services that allow you to create a will, you should consider seeking legal help. Every person’s situation is unique, and hiring the right will planning attorney in San Antonio can help you resolve your concerns. Below are some key details related to wills in Texas.
Types of wills in Texas
Texas recognizes two types of wills. The first one is a holographic Will, which is written entirely by an individual and signed. There is no need for witnesses or a notary, as a holographic Will is valid on its own. The more common one is an attested Will. This type of Will is typically created by lawyers. For an attested Will to be valid in Texas, you must sign the same in front of two witnesses. The two witnesses, who should be over 14, must also sign in your presence.
Why should you consider having a will?
A Will allows you to decide about your estate. It comes into effect only after your death, which means you will be the owner and in complete control of your assets and properties as long as you live. The Will also allow you to make provisions for your children. If you have minor children, you can name a guardian for them and decide who gets to manage the properties on their behalf. Wills are easy to make and don’t involve a lot of complications. however, you should know that wills have to go through probate, where the court will ensure that the estate is divided as required. This can be a complicated and time-consuming process, which can take months and can be expensive too.
Other things to know
In many cases, people may benefit more from a living trust than a will as the former doesn’t have to go through probate, although there are upfront costs related to it. Also, you don’t get any immediate tax benefits with a trust; therefore, both options have pros and cons.
Talk to an estate lawyer in San Antonio and discuss all details so you can make an informed decision.