Estate Planning 101 – Wills

               While planning for the future, there are a few basic documents that make up the core of estate planning: a Will, a Power of Attorney, a Medical Power of Attorney, and an Advanced Directive. Each of these documents serves a very important purpose and can potentially save hours of work and thousands of dollars.

               The first document to learn about is a Will. At the very least, a will should define who your family is, how you want your assets distributed after you die, and who should be responsible for distributing your assets. This framework can be filled out to be as simple or as complex as you like. You could leave everything you have to one individual, or you could create a detailed list of who you want to leave each and every possession to. Whatever your wishes are, a will is an excellent way to make sure your wishes are followed.

               A well drafted will should be witnessed according to the laws of your home state. In Texas, two witnesses and a notary are required.

               So, what happens if someone dies without a will? In that case, their estate will be distributed according to the intestate laws of your state. In Texas, that means following the framework laid out in the Estate Code. The process to do this distribution is significantly more complex than that to probate a well drafted will.