WHY CREATE A WILL?
- In Texas, if you die without a will, your spouse gets 1/3 of your non-community property and your children will get the rest. You need a will so you may decide how your property is divided!
- If you have minor children, you need to designate a guardian to look after them in case of death.
- If you have property or funds for your children, you may need to designate a trustee to administer those funds and take care of the property.
- Distribution of property and paying of assets is much more difficult for the deceased’s love ones if there is no will.
Estate Administration and Probate
Probate and estate administration involves the gathering of assets of the deceased, paying the debts of the deceased and distributing the remaining assets to the beneficiaries named in the will, or if there is no will, family members.
In Texas, there are two types of guardians: a guardian of the person and a guardian of the estate. The guardian of the person is responsible for the ward’s health and personal care. The guardian of a ward’s estate manages the ward’s assets and debts. In Texas, the court appoints the guardian to manage the person and/or estate of an incapacitated person and the court continues to maintain control to ensure that due care is being exercised.
Guardianship can be established over minors, the disabled, the mentally ill, and anyone else the court finds to be unable to properly function in areas such as handling of money, driving a car, making medical decisions, or deciding where to live and with whom. The court can appoint guardians for the care and protection of adults over the age of 18 who require specialized supervision. The court can appoint guardians for individuals under the age of 18 who require the guidance of a responsible adult. In many cases, obtaining managing conservatorship of a child through a family law court is a preferable option.
Call John L Williams today!