A Roadmap to Your Last Wishes
The most common estate planning document people think of is a last will and testament. These simple documents provide vital planning details for the decedent of an estate and their final wishes. I believe estate planning is for everyone, and at the very least, everyone should have a will in place to provide a roadmap for their final wishes.
Wills allow a significant amount of leeway as far as the details within them, but an effective will should detail:
- Basic personal information
- Identifying information for the executor of your estate
- Identifying information for the beneficiaries of your estate
- A list of assets and the recipients of those assets in your estate
- Key information needed to access and transfer digital assets
Your will needs to be as comprehensive or simple as you want it to be. Some assets, such as bank accounts and investment accounts, allow you to make beneficiary designations outside of your estate plan. You should not include these in your will if you have already made those beneficiary designations with your financial institution(s).
It’s important to note that all wills, even those that have been meticulously drafted and verified, must pass through the Texas probate process. This means all the details of your will are exposed to anyone who attends probate court or makes a records request. If you are looking for a more private process, you should put assets into a funded trust that avoids probate.
If you are ready to draft your will, whether it’s marking your entire estate or just a companion to it, schedule a consultation with Erinakes Law today.
