The creation of a will fills many with hesitant emotions. Although a will is linked to the inevitable end we must all face, its creation also represents an incredible sense of responsibility and control of one’s assets. The creation of a will gives a sense of security as well as the unfolding of your foresight as to who your property is assigned to. However, despite the ownership of responsibility and control, the creation of a will creates, many Texans die without a will. When one dies without a will, no matter what your personal feelings or preferences before your death may be, the State of Texas will determine who will take ownership of your property.
If you die with a will, you are said to have died testate. However, if you die without a will, you are said to have died intestate. If you die intestate i.e.,without a will, Texas law will determine who gets your property. Therefore, if you die without a will your assets that you have not assigned through payable on death accounts, life insurance, living trusts or property owned through joint tenancy will pass in accordance with Texas law. This is why it is vital that you create a will so your assets pass to whom you wish when you are gone.
In the event that you pass without making a will, your assets eligible for the taking by your relatives will be passed in accordance with Texas state law. If you pass without a will, your spouse takes one-third of your personal estate and two-thirds go to your children. If you pass married but without any children, your surviving spouse is entitled to all of your personal estate.
If you should pass without ever being married your property will go to your children or children’s children. If you pass with no spouse or children your estate will be equally divided between your mother and father. However, if only one of your parents live past your death, your estate will go entirely to that parent or, if you have siblings(brothers and sisters), it will be divided between the living parent and your siblings. In the event that both of your parents have passed when you have died then you entire estate will go to your siblings and the offspring of your siblings. If none of the aforementioned are alive at the time of your passing, your estate will be passed to your grandparents.
There are many caveats to who may take you property in the event that you pass without a will. To protect your property and your desires for whom you would like to own your property after you pass, it is important that you create a will under the guidance of an attorney. Creating a will need not be an apprehensive ordeal; in fact, it is wise estate planning for you as well as your loved ones. If you or someone you know is contemplating the creation of your will in the State of Texas, contact the estate planning lawyers at the Law Office of Lauren Cain in Frisco, please call 214-326-4664, to guide you through this process.