A will could be pivotal in ensuring a fair transfer of your estate when you die. There are, however, a few things that have no place in a will. Understanding the scope of your will gives you an advantage now as you’re estate planning. Public courts in Texas will honor your will as long as it’s legal, legible, and laid out with qualifying assets. Here’s a look at what not to list.
The assets of a living trust
In a trust, the contents therein are private and only distributed based on the criteria of the trust. For example, should you establish that a beneficiary must first build a house on the land they’re to inherit, then that’s the only way the land gets transferred to them. Trusts, which include a grantor, their trustee, and beneficiary, are binding agreements. A will does not override a trust.
Joint and community property
You have to determine what type of property you have before estate planning. Community property consists of things that you acquire during a marriage and is considered the property of both you and your spouse. Only separate property can be listed in your will. Otherwise, you need legal titles or consent from others to list community property. Joint property is also ineligible for a will.
Insurance providers give you a legal right to name your beneficiaries. For this reason, modern law uses the written agreement of your insurance to disburse its annuities. Your wishes in an insurance contract override what might be stated in a will regarding that insurance. Retirement accounts are managed likewise. The beneficiaries named in these accounts override anyone mentioned in a will.
Estate planning in Texas
A will is a strategic tool when used in a proper way. It’s very effective when used to manage sentiment about your possessions. Though insurances and trusts can keep your assets private, making some assets public can ensure the privacy of others. For example, if your will appeases those wanting your public assets, there’s no need for disclosing your private assets.