Edward D. Biggers

Why do I need a will?

Do I still need a will even if I don’t have significant assets?

Will I have to disclose all of my assets to my attorney in order to have my will drafted?

What happens if I die without a will?

If I have a will drafted, will I ever have to modify it at a later date?

Can my will specify who I would like to take care of my children should something happen to me?

What is a trust?

Do I need a trust?

Why do I need a will?

In most cases, it is advisable for an individual to have a properly drafted and executed will.  A will can express your intentions and desires regarding not only the disposition of your assets, but also as to matters such as who you would like to administer your estate or take care of your children.  By expressing such decisions within your will, you will likely alleviate many of the questions and concerns your loved ones will have when handling your estate after you are gone.

Do I still need a will even if I don’t have significant assets?

Regardless of the value of your assets, a will may still be advisable in order to allow you to control exactly how, and to whom, those assets are distributed.  Depending on your particular situation, your intended distribution may be drastically different than that which will occur in the absence of a will.

Will I have to disclose all of my assets to my attorney in order to have my will drafted?

No.  In order to draft your will your attorney will only need to know what types of assets you possess and an approximate valuation of each type.  You should not need to disclose each specific asset and its exact value.

What happens if I die without a will?

If you die without a will, your property is distributed to your heirs pursuant to the Texas Probate Code.  Although there are some exceptions to this general rule, it is quite possible that without a will, some of your property will pass to heirs you may not have anticipated or in amounts you may not have wanted.

If I have a will drafted, will I ever have to modify it at a later date?

Possibly.  Although a will can be drafted to incorporate a considerable amount of flexibility with regard to life changes, it is recommended that you frequently review your will against your current life situation.  In some cases it may be necessary or advisable to amend a previous will or draft a new will.  You can also choose to make these changes at any time if you later decide that you would like to change the way your current will handles your estate.

Can my will specify who I would like to take care of my children should something happen to me?

Yes.  When drafting a will, you can specify exactly who you would like to take care of your children, either physically or financially, or both.

What is a trust?

A trust is another devise which may be used to manage and control the ultimate disposition of property.  With a trust, a trustee holds what is called "legal title" to the trust property and manages that property for the trust beneficiaries.  The beneficiaries, in turn, hold what is called "equitable title" to the trust property.  The trustee and the beneficiary are allowed to be the same person so long as upon that individual's death, there are one or more beneficiaries who are named by the trust.

Do I need a trust?

In many cases people believe they need a living trust to avoid the probate process upon their death.  In Texas, however, the probate process is less complicated, and therefore generally less costly, than it may be in some other states.  This is not to say that a trust may be advisable for some people.  The benefit of having a trust depends on the circumstances of each individual case.  Therefore, you should consult an attorney to help you determine if a trust is right for you.

• Understanding the executor’s fiduciary duties during estate administration in Texas
• Can a person inherit their spouse’s debts after death?
• Supreme Court rules inherited IRAs are not protected from creditors