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A last will and testament is created by an individual for them to have the security of being able to properly transfer their assets and other properties to rightful entities in the event of their passing.

As with any other place, there are governing laws on the proper creation and execution of the last will in the state of Texas. These are being mandated to ensure the legality of any claims toward the execution of Texas Wills.

In Texas, there are a number of pre-requisites for a person’s last will to be valid and binding. The testator or the person who wishes to have a will should either be currently serving in the armed forces, married or is at least eighteen years of age.

Another requirement would be the testator’s state of mind during the creation of the will. Their capacity to rationally make decisions and practice reason with their own free will is what makes the testator credible. No claims can be made should the testator be forced to create the will.

Two credible witnesses are required to appear before and sign the testament in the presence of the testator. They must be at least fourteen years old at the time of witnessing the creation of the will. Other entities involved and required in Texas Wills are the beneficiaries of which will be entitled to the inheritance left behind by the testator; and finally an appointed administrator to execute the instructions in the will.

Oral wills or those which are only applicable to personal property, handwritten wills which are personally written by the testator and typewritten wills which may have been created at a prepared date with or without the aide of the testator’s lawyer are the three types of wills recognized and accepted in Texas.

In regard to the three accepted wills, there are corresponding requirements and provisions to be met for these to become legally binding. The handwritten and typewritten wills must be presented to the court within a four year timeframe from the date of the testator’s demise for it to be proven valid. Oral wills on the other hand are only binding when it has been made by the testator in his death bed ? unless the testator had to be transferred to a facility as a result of sickness and have died before being able to go home. For this kind of will, it is most likely that a specific number of witnesses be required to give validity to the claim.

Apart from properties, there are other purposes for Texas Wills; some would be meant for endorsing minor children to a new legal guardian or perhaps to appoint an individual to manage property and in some cases, the transfer of ownership for pets.

When you are starting out with filling in the first Texas living will form you find, it might not be the best strategy to start creating a will on your own. A professional can help you out and save you from potential mistakes.

No matter how much money you have it is important to have a basic estate plan to protect your family and your assets after your death. An estate plan can be as simple as a last will and testament to extremely detailed to contain a power of attorney, a living will and even a trust. We’ll cover each of these tools in order.

A will is the first place to start your estate plan. You need to create a list of all of your assets and determine who you would like to receive those assets after your death. Your will is the legal document that lists your assets and who is to receive them. When drafting your will pay special attention to the probate laws of Texas to ensure that your will can be validated in probate court. If your will is disallowed then your property will be distributed without your will and according to Texas probate law. This is not something you want to take the chance of messing up so enlisting the aid of an estate planning attorney is a smart move. They can usually assist you for a reasonable fee.

Your will establishes your wishes with respect to your property, but what if you become incapacitated and can’t direct others as to your wishes? This is where powers of attorney come in to play. A power of attorney authorizes someone else to act on your behalf in business and legal affairs. A durable power of attorney allows another party to act on your behalf if you become incapacitated and are not capable of making decisions on your own. A health care power of attorney is a durable power of attorney that is specific to health care situations.

A living will goes hand in hand with a medical power of attorney. A living will states your intentions regarding health care if you are not capable in do so for yourself due to a future incapacity. The living will states WHAT you want done in specific situations and the health care power of attorney authorizes somebody to follow through on your wishes. These two documents are complicated enough that most are crafted by professional estate attorneys.

Next we are going to cover Trusts. Trusts are another vehicle that allows you to direct certain types of property with the added benefit that you can place restrictions and requirements on the assets. One of the most significant advantages of trusts is that there is no court involved. This allows for immediate dispersal of assets by the trustee (the person administering the trust). Because there is no probate court involvement trusts can also bypass public record of the transactions.

There are also significant ways to manage taxes at your time of death. Some of the many tools available to do this include a wide array of trusts (life insurance, remainder, personal residence, etc) and life insurance policies that pay directly to the beneficiary upon death. These vehicles are at the more complicated end of the estate planning spectrum.

Now that you are familiar with some of the estate planning tools it is time to start the process. Whether you go it alone or enlist the help of a professional the first step is to create a list of all of your assets. Once you have your list of assets you will need to make a decision about what you’d like to happen to each asset upon your death. Should it go to family, your alma matter, your favorite charity or someplace else that is near and dear to you?

Estate planning can seem like a daunting undertaking, but knowing that it is very important and taking it one step at a time will help you complete the process. Hiring professionals to help you in the process is also extremely helpful and highly encouraged.