Last Will & Testament

By investing the time and effort into creating a customized will with the help of an experienced estate planning attorney, you can gain peace of mind knowing your final wishes will be honored and those you care about will be provided for as you intended.

Understanding the Purposes of Having a Will

There are several important reasons why having a legally valid will is critical:

• It allows the testator (the person creating the will) to determine exactly who will inherit their property, assets, and possessions after they die. This includes making specific bequests to named individuals, charities, etc.
• It allows the testator to designate an executor who will be responsible for carrying out the terms of the will and managing the estate.
• It allows the testator to name legal guardians for any minor children or dependents to provide for their care.
• It enables creating customized trusts that can manage assets on behalf of beneficiaries over the long-term.
• It provides means to minimize estate taxes owed on the inheritance for large estates.

Requirements for a Legally Valid Will

For a will to be considered legally valid and enforceable under Texas probate law, certain requirements must be met:

• The testator must be at least 18 years old, or they must be lawfully married or serving in the armed forces.
• The testator must be of sound mind and fully competent when making decisions about final wishes and signing the will.
• The will must be made completely voluntarily and free of any undue influence, coercion, or duress that may manipulate the testator’s true wishes.
• The testator must have clear testamentary intent to leave property to named heirs at the time of death.
• All wills must meet execution requirements such as proper signatures, witnessing, and notarization. Additional specific rules apply for handwritten wills vs formal typed wills.

It is important to note that Texas allows for holographic wills (handwritten wills) to be valid, albeit they follow specific guidelines only applicable to them that helps ensure their validity.

Trusts Created Under a Will

Wills can be used to create trusts that take effect after the testator’s death, called testamentary trusts. These customized trusts allow additional control over how assets are managed and distributed, such as:

• Providing long-term care and financial support for minor children, dependents, or beneficiaries with special needs.
• Preventing irresponsible spending by heirs who may squander their inheritance on poor investments or frivolous spending.
• Protecting the inheritance from an heir’s creditors, bankruptcy, lawsuits, or divorce proceedings.
• Reducing the estate taxes owed on a large inheritance to maximize the beneficiaries’ share.

It is important to note that Texas allows for holographic wills (handwritten wills) to be valid, albeit they follow specific guidelines only applicable to them that helps ensure their validity.

Testamentary Trust

A testamentary trust is established within a will and places assets in a trust at the time of death. A testamentary trust is not established until after the person passes away in which the executor or executrix settles the estate as outlined in the will.

Living Revocable Trust

A living revocable trust places assets in a trust during the lifetime of the creator of the trust. A living revocable trust is beneficial if you own out of state property, to avoid the necessity of an ancillary probate in another state. A living revocable trust may assist you in avoiding probate, however, a “pourover will” is suggested as an accompanying estate planning document with a liviing revocable trust. Living revocable trusts are also management vehicles and beneficial to manage assets if you have disagreeable or fighting beneficiaries.

Special Needs Trust

If you have a family member with special needs, the firm may create a special needs trust, which may enable the beneficiary to receive additional assistance and still qualify for government benefits.

Miller Trust

A Miller Trust receives a portion of your income to enable you to qualify for Medicaid benefits to pay for long term care.

Durable Powers of Attorney

A statutory durable power of attorney names an agent to handle financial and business matters on your behalf.

Medical Powers of Attorney

A medical power of attorney names an agent to make medical decisions on your behalf when and if you are unable to do so.

HIPAA Releases

The Health Insurance Portablility and Accountability Act of 1996 set out privacy rule standards for the use and disclosure of individual protected health information. This release can release your family or chosen agents to have access to your medical records and health information.

Directives to Physicians

This statutory form will make your wishes known to your family and treating physician in the event you are in an irreversible or terminal medical condidition.

Designations of Guardian

This document enables you to name a guardian in advance of incapacity, if an appointment of guardian on your behalf becomes necessary in the event of later incapacity.

Appointment of guardian for minor children

This document appoints a guardian for minor children in the event parents die while they have minor children. This appointment can also be made in your last will and testament.

Irrevocable Life Insurance Trusts (ILIT)

Creation of an ILIT is a common estate planning tool in which the trust is both the owner and beneficiary of life insurance proceeds in order to avoid having the death benefit subject to federal estate tax.

Put our knowledge of Texas Probate to work for you

At Bacarisse Law, we pride ourselves on offering outstanding, individualized legal service in all aspects of estate planning and probate administration. Our law firm is dedicated to being responsive and committed to help you achieve the goals and results you want and need.

To speak with our Houston probate and estate administration attorneys who can guide you through this process, call (713) 623-1029 or contact us online today.