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Different Types Of Wills And Trusts In Texas
What Types Of Wills Are There In TX
Texas has requirements that determine whether a last will and testament is valid. The person drafting the will must be of sound mind and must not sign the will under duress. You must be at least 18 years old when drafting the will and no one should pressure you to include anything in the will that you don’t want to be included. You must show that you intend to draft the will in order to show how your property should be distributed when you die.
The person making the will (the “testator”) must sign the will. There is more than one type of will. Get in touch with competent wills law firms to better understand what your options are.
Holographic Wills
Types Of Wills For Married Couples
For a holographic will to be valid, the whole will should be in your own handwriting and you must sign it. You don’t need to have it notarized like you have to with typed or word-processed wills. However, a holographic will is not often encouraged because not everyone can read your handwriting, and it is more likely to be vague or ambiguous.
The testator is also likely to leave out important information such as who is the executor or whether the executor will be independent or court-supervised. They may not even include dates on the will.
Simple Will
Types Of Living Wills
Simple wills give instructions on how property should be distributed and to who after the testator dies. They will state the name of the testator and name the beneficiaries of the will and the assets they will be receiving. But it does not indicate how beneficiaries will be protected or how the estate taxes should be paid.
It is better than a holographic will and also inexpensive.
Testamentary Trust Will
Simple Wills Texas
A testamentary trust will allows you to protect your beneficiaries in a variety of ways. A testator can use it to protect their child who is in a shaky marriage if they are concerned that their son or daughter-in-law may end up filing for divorce and getting all the assets in the will. Or a testator may be concerned that their child has a disability or is a minor or a spendthrift.
Making a testamentary trust will allows you to create a trust that will manage the assets you leave behind on behalf of your beneficiaries. The trust is activated when the testator dies.
Pour-Over Will
Will And Testament Texas
You need this type of will if you want all your assets to be transferred automatically to a trust that is established after death. People often use this will to protect assets, especially if there are assets that have not been re-titled in the name of the trust. Revocable trusts are often used in this situation to hold these assets so that they don’t have to go through probation.
Joint Wills
Joint Wills For Married Couples
Married couples that do not want to have separate wills can have a joint will drafted and sign it together. The will is used only after both parties have died. Since this will is irrevocable, the surviving spouse cannot change it after their spouse dies.
Talk to an experienced estate planning lawyer if you are thinking of drafting a will.