A will is a document which controls the passage of your property upon your death. In Texas, there are two basic types of wills:

• The attested or formal will, which is in writing and is witnessed by two or more witnesses aged fourteen(14) and older

• The holographic will, which is wholly in the testator’s handwriting and signed by the testator

Generally, the most effective wills are the attested or formal wills.

Maybe. As stated above, it is possible that a will written wholly in the testator’s handwriting and signed by the testator can be valid and admitted to probate in Texas. Many problems can arise with this type of will, however:

• It may not be recognized as valid by the court

• It may fail to dispose of all property

• It may fail to take advantage of efficient and cost-saving procedures available if a proper, formal will is used

• It will cost more to probate the will than a proper, formal will

For these reasons, holographic wills are not recommended.

Not necessarily. You do not know what your financial condition will be at your death or what property you will own at your death. Also, your family situation may make having a will crucial to your loved ones. For example, if you are married with a minor child, having a will can make all the difference for your survivors, even if you have few assets. On the other hand, if you have little property, are unmarried, with no children, with both living parents, and you want all of your property to pass to your parents, you may not need a will. These are just examples. Ask an attorney at our firm about your situation to see how important it is for you to have a will.

Maybe, but probably not. A plan like this may work in some situations, but in most cases it fails to cover many contingencies which may occur, with disastrous results. For example, if the person you designate on a beneficiary designation or signature card dies before you do and you do not change the designation, the property could go to someone you don't want. A well-drafted will covers many more contingencies.

If the person who ends up with the property is a minor or an incapacitated person, insurance companies, brokerage firms and banks will not pay proceeds to or transfer assets without a guardianship or trust. A well-drafted will may contain a trust for minors and incapacitated persons, but without that trust an expensive, cumbersome guardianship is the result.

There also are potential negative tax consequences of using only beneficiary designations or pay-on-death designations to pass property at your death. For example, if your estate is a taxable estate for federal estate tax purposes, a well-drafted will can provide for creation of a trust after your death to save taxes. If you do not have a will, your loved ones could end up paying estate taxes which may have been avoided if you had a properly drafted will.

If you know that you have a terminal condition and you are concerned about the disposition of your property or the care of loved ones after your death, you may want to execute a will as soon as possible while you are well enough and have the capacity to do so. These situations are very personal and if you find yourself in this position, you should consult an attorney to discuss your options with you.

Yes. If you are concerned about making sure that some of your property goes to your children in this situation, you can take certain steps in a will to help accomplish your goals. For example, you could make a gift of a certain amount of cash or a certain percentage of your estate to your children, outright or in trust, at your death (however, there may be negative tax consequences in doing this). You could also leave property in trust for the benefit of your spouse with what is left of the trust (the remainder of the trust) passing to your children at your spouse’s death. This type of arrangement has potential problems as well. These are just two examples of steps you can take in this situation. However, this is very personal and the appropriate provisions to include in your will depend on your family dynamics and your estate planning objectives. Having a properly drafted will can help. You should contact an attorney to assist you.

There are many estate planning products on the market today that represent to consumers that legal documents such as a will may be prepared on a home computer without the help of an attorney. In some cases, these products may work. However, many of these products are not state specific, and therefore, do not meet the specific requirements for the state in which the testator resides and, ultimately, where the will is offered for probate (even though the form may be "valid in all 50 states," it could fail to include provisions required by Texas law for low-cost, efficient administration of your estate). The best way to go about doing a will is to contact an attorney in your area to assist you. Prior to meeting with an estate planning attorney, you should think about how you would like to leave your property at your death and who you would like to designate to handle your estate after your death. Click here for more information about the estate planning process and preparing to meet with an estate planning attorney.

This question is difficult to answer because the complexity (or lack thereof) of each individual’s situation will determine the amount of time that is necessary to prepare the will. Many estate planning attorneys bill hourly for their services while others may work on a flat-fee basis. When you hire an attorney to assist you in preparing a will, make sure that you fully understand the fee structure and that you are comfortable with the fee arrangement. If you have questions regarding the fee or the fee arrangement, you should always ask.

A living trust can be used as an alternative to a will. In most cases, these trusts are more expensive and complicated than wills. Texas has relatively simple and inexpensive probate. For these reasons, most Texans can achieve their estate planning goals cheaper and more simply with a will. However, there are times when living trusts are appropriate and a better solution than a will. Click here for more information about living trusts, and be sure to ask your attorney to weigh the pros and cons for you.