Drafting a will should be at the top of your priorities this coming year. In fact, our estate planning lawyers in McAllen recommend drafting or updating a will yearly. It benefits you by ensuring your will is up to date with every life change you go through (i.e., marriage, divorce, children, grandchildren.)
If you have not made a will yet, 2023 is your time to do so. Make sure to include these three areas of estate planning as you create or update your will.
Choose a Trusted Executor
Executors are the individuals you choose to manage your estate. This person should be someone you trust, not a family member, and someone who will not be receiving property from your will.
Executors are generally tasked with:
- Making sure your possessions are accounted for
- Ensuring your debts are cleared with your estate’s funds
- Reporting to beneficiaries about the upcoming probate hearing.
If you fail to name an executor in your will, there’s a big chance a probate court will assign one to your case, and this be someone you would not want to have a role in your estate plan.
Prepare Your Non-Probate Assets with our Estate Planning Lawyers in McAllen
There exist a number of specific types of possessions that cannot be distributed via your will. They are known as non-probate assets and typically include:
- IRAs
- Trusts
- Stocks
- Bonds
- Joint bank accounts
To avoid drafting an invalid will, we recommend you get in touch with our estate planning lawyer in McAllen to evaluate your estates size and start drafting a will.
Ensure Your Will is Valid
While you’re not legally required to use the services of an estate planning lawyer to draft a will, you can cause some legal strain without one.
If your will is not considered legally valid, then your document becomes unusable in a probate court.
Wills:
- Are considered invalid if they are not written clearly.
- Must have one witness, and two additional witnesses.
- Are deemed valid if they are written and signed entirely by hand, according to Texas Estate Codes.
Contact our Estate Planning Lawyers in McAllen
As the new year begins, make drafting your first will a priority. If the task seems overwhelming or confusing, know that the estate planning lawyers at Fryer and Hansen in McAllen are ready to help. Contact us today for more information.