Texarkana Probate Lawyer

Probate: What is it?

"Probate" is a court proceeding in which final debts are settled and legal title to property is formally passed from the deceased person or "decedent" to his heirs. Probate proceedings take place in the probate court or surrogate court in the county of the decedent's legal residence at the time of his death. If a person dies "intestate," meaning "without a will," state law determines how to distribute his property.

Wills: What is it?

Wills

A will is a legal document that determines what happens to your property after your death. A will states who receives property and in what amounts. Property distributed under the terms of the will become the "probate" estate. Making a will is a responsibility, as well as a right that is protected by law.

In addition to distributing or transferring property, a will may have other functions. It may be used to name a guardian for any minor children or to create a trust and designate a trustee to handle an estate (property left after death) on behalf of children or others. A will may also be used to name a personal representative or "executor" to handle a decedent's (the person who died) property and affairs from the time of death until an estate is settled.

Planning a Will

A person does not need to have a large estate to plan and prepare a will. Anyone who owns property, whether "personal property," such as cash, stocks, jewelry or furniture, or "real property," such as land and/or a house, should prepare a will. If married, each spouse should have a will.

Making a Valid Will

A will should be made when a person is "legally competent" (of sound mind and at least 18 years old). It should be prepared while its maker is in good health and free from emotional stress. In other words, to make a valid will, you must understand such things as what property you own, its value, and whom you are leaving it to when you die.

Estate Planning : What is it?

Estate planning is the accumulation and disposition of an estate, typically to minimize taxes and maximize the transfer of wealth to the intended beneficiaries. Estate planning tools include the will, trusts, powers of appointment, and powers of attorney, including the durable financial power of attorney and the durable medical power of attorney or living will.