The prospect of planning what happens to your property upon your death is daunting for most people. However, careful estate planning can help you control who inherits your assets.
Without a will, a decedent’s assets will pass to their heirs in accordance with the state’s intestacy laws. When you have questions or need legal assistance understanding the state’s inheritance laws, you should contact a Woodlawn Hills estate planning lawyer. Our seasoned attorneys could assist with your estate plan.
Drafting a will is essential to estate planning. These legal documents allow individuals to specify who gets their property upon death.
When a person dies without a will, their property is passed down in accordance with the state’s intestacy laws through the probate court process. Tex. Est. Code Ann. § 201.001 will dictate how assets are passed down based on which relatives survive the decedent.
Given the importance of wills, it is essential to engage a Woodlawn Hills estate planning attorney to ensure that your will complies with applicable state laws and is enforceable upon your death.
Generally speaking, a will is only valid in Texas if the following are true:
The state also allows for holographic wills, which refer to documents written in the testator’s handwriting. Probate courts can deem holographic wills enforceable without two witnesses, provided the testator signed an affidavit declaring the document is their last will and testament.
You can always modify or revoke your will as needed when you need to alter your estate plans.
When you die with no will, a probate court will distribute your assets to any living relatives as stipulated in Tex. Est. Code Ann. § 201.001. The rule outlines the order of inheritance for your living relatives.
If the decedent leaves a surviving spouse, Tex. Est. Code Ann. § 201.002 states that their assets are passed down as follows:
When there is only a surviving spouse and no children, the spouse will receive all the estate. If the decedent has no surviving spouse, the estate will pass entirely to any surviving children. If a decedent has no spouse or children, the estate is divided equally with any surviving parents and siblings.
Family relationships are complicated. Failing to consult with a Woodlawn Hills estate planning attorney could result in you losing the ability to choose which family members inherit your assets.
In addition to wills, a Woodlawn Hills lawyer could help you plan your estate through a revocable or irrevocable trust. Tex. Trust Code Ann. § 112.002 stipulates that a trust is created when you manifest or declare your intention to create the trust. Similar to a will, a trust allows you to stipulate how assets held in the trust are distributed to your heirs or beneficiaries upon your death.
Tex. Trust Code Ann. § 112.011 outlines the various methods of creating a trust, but the process generally involves transferring property to the trust and designating a trustee to manage assets. You can also designate whether the trust is revocable or irrevocable. You cannot change the terms of an irrevocable trust, while a revocable trust allows you to withdraw assets or designate a new beneficiary.
When you need legal advice from a Woodlawn Hills estate planning lawyer, Sasha Begum leads a team of experienced professionals ready to help you. Begum Peláez-Prada PLLC takes pride in paying close attention to our clients.
Our firm likes to focus on the big picture for family estate planning. This allows us to look at families as a whole to identify issues and create the necessary structures and documents to achieve your financial and succession goals. Contact us.
