Wills

Making Sure Your Final Wishes Are Realized

A last will and testament is probably the most common form of estate planning. A last will and testament is typically a type-written document singed in-front of a Notary Public stating your wishes regarding disbursement of assets. Wills allow you to:

• Designate who receives your assets
• Designate who will oversee your estate (Executor)
• Provide for certain life scenarios like a child preceding you in death
• Ensure the court has record of your last wishes

A last will and testament serves to establish basic guidelines for asset distribution. To execute a last will and testament, your Executor must complete the probate process. In North Texas, the average probate case takes about nine months to complete and costs about $10,000 in court, attorney, accounting and appraisal fees. Furthermore, an attorney MUST represent the Executor before the court.
There are at least eight steps in a typical probate proceeding:

• Filing an application for probate in the county where the decedent lived
• Posting notice of probate at the courthouse
• Validating the will before a judge
• Completing an inventory of all assets
• Identifying beneficiaries
• Notifying creditors
• Resolving disputes
• Distributing the assets

Additionally, completion of the probate process is often impeded by familial disagreement. Each time someone involved in the probate proceeding raises a dispute, the probate process stops and a hearing before a judge takes place to resolve the issue. Establishing a trust may help prevent such disputes.