The Role of a Last Will and Testament

The Role of a Last Will and Testament

A Last Will and Testament is one of the most well-known estate planning tools. A will is a legal document that allows a person to state how their property should be distributed after death. While many people assume a will is straightforward, there are important details to understand about what a will can and cannot do under Texas law.

What a Will Can Do in Texas

A properly executed will can:

• Distribute property – A will directs who should receive property owned solely by the individual at the time of death.
• Name an executor – This person is responsible for managing the estate, paying debts, and distributing assets.
• Appoint guardians for minor children – Parents can use a will to name someone to care for their children if both parents pass away.
• Provide instructions for handling property – A will can set out specific gifts of money, personal items, or real estate to particular people or organizations.

What a Will Cannot Do

There are limits to what a will controls. For example:

• Non-probate assets – Life insurance, retirement accounts, and payable-on-death accounts typically pass according to beneficiary designations, not the will.
• Jointly owned property with survivorship rights – Property held in joint tenancy usually passes automatically to the surviving owner.
• Avoiding probate – A will does not bypass probate; instead, it provides instructions for the probate court.

Requirements for a Valid Will in Texas

Under Texas law, for a will to be valid it generally must:

• Be made by a person of sound mind who is at least 18 years old (or serving in the armed forces).
• Be in writing.
• Be signed by the person making the will (the “testator”).
• Be witnessed by at least two credible witnesses (unless it qualifies as a handwritten holographic will, which has different rules).

Final Thoughts

Wills can be an important part of an estate plan. Creating a comprehensive estate plan can involve more than just drafting a will. Depending on your circumstances, you might also consider trusts, powers of attorney, medical directives, beneficiary designations, or other estate planning documents.