What if there is NO will?

If you die without leaving a will, you risk that your property will not be distributed as you desire. Even when the heirs at law are the same as you would have selected yourself, there is no advantage to letting the law take its own course. The advantage lies in dying with a will. 

With a well-drafted, you can avoid legal pitfalls, name an executor of your estate, name a guardian for your minor children, establish trusts, minimize estate tax liability, and minimize probate-related costs by providing for independent administration. Although a will can be challenged in court, the grounds for contest in Texas are few, and the law favors carrying out the decedent’s intent. 

In Texas, property is characterized as separate or community. Separate property is that which is owned before marriage or acquired during marriage by gift or inheritance, also by damages awarded during marriage from a personal injury lawsuit, except damages representing the loss of earning capacity, and separate properties. Community property is all property, other than separate property, which is acquired by either spouse during marriage. When a person dies without a Will, the law determines who the heirs will be, and how assets are distributed, according to whether the assets are community or separate property.

When Someone Close Dies.

11 Steps you should follow

When someone close to you passes away, it is normal and important to take time to grieve your loss. However, there are a number of administrative matters that should be addressed without unnecessary delay. Some of the more important notifications and legal matters that should be addressed, and tasks that must be completed include: 

1. Funeral and burial arrangements,
2. Obtaining several copies of the death certificate, which can be obtained from the Texas Department of State Health Services Vital Statistics Unit at 512-776-7111 or at www.dshs.texas.gov/vital-statistics/death-records,
3. Locating and gathering important documents pertaining to the Will, any Trusts that may exist, stocks, bank accounts, and insurance policies,
4. If the deceased was eligible to receive Social Security, call the Social Security Administration at 1-800-772-1213 to give notice of the death,
5. Notify any life insurance companies of the death,
6. Contact the Executor named in the deceased’s Will and/or the attorney who prepared it,
7. Contact the Trustee of any Trust created by the deceased and/or the attorney who prepared it.
8. Call the Administrator of the Decedent’s pension plan,
9. Notify the Decedent’s banks and financial institutions,
10. Notify any credit card companies in which the deceased had an account,
11. Before paying any medical bills, verify that all insurance and Medicare claims have been processed.

From Lilea’s desk

Dear subscribers & friends!

This time I bring to your attention the importance of leaving your loved ones protected when you are gone. As a Realtor, I have seen all the struggles a family can go through if they are left behind without a will. Dying without a will can tie up assets for an undetermined period of time.

Although I can not cover all the in’s and out’s of this matter, the intention is to just leave a small view of it, so that you can reach out to an attorney to seek legal advice and more details.

If you would like more information on where-to-go-to, feel free to contact me, I will be more than happy to assist you.