A "basic will" is a
simple and low cost estate planning instrument that will allow you to determine what will happen to your property and any children you
may have after you die. It is a legal instrument that is only appropriate for individuals with modest
estates and simple estate planning needs.
The basic will allows you to designate who
will be the equal beneficiaries of all of your property. For example, I, James Smith, leave all of my property
equally to my brother, Joe Smith and sister, Betty Smith.
If you would like to itemize who receives
particular items of property, a basic will is not going to satisfy your estate planning needs. In addition,
if you wish to set up a trust for a substantial amount of assets with special instructions for a trustee, then a basic will
is also not appropriate for you. If a basic will is not going to meet your estate planning needs, then please call our
office to set up an appointment for a consultation.
The basic will allows you
to determine who will take care of your minor children (the Guardian) and who will manage your minor children's property
(the Trustee) after you pass away. The basic will also allows you to control the age in which your children assume control
of their inheritance. Any property left to minor children will be placed into a testamentary trust and
managed by the trustee.
Upon receipt of the information that you are going to submit in the form to follow,
one of our attorneys in Cedar Park will contact you by phone. During that consultation, we will discuss whether
a basic will is going to satisfy your estate planning needs.
attorneys at Terry Davis & Associates are here in Cedar Park to counsel you after the passing of a loved one.
During the initial consultation, our attorneys will gather facts from you about the passing of your loved one, review any
pending documents (i.e. last will & testament), evaluate and prioritize your current legal needs, highlight any problems
or pitfalls, walk you through a general overview of the process involved in your case, and develop an expected time line based
on your particular facts.
To get the case
started, one must invokes the Court’s power by filing a written request or petition with the Court requesting that the
“Last Will & Testament” of the testator be admitted for probate. Under simple situations, this is an uncontested
Once the Application
for Probate has been filed, our office will contact the court clerk and set the matter for a hearing. At the hearing, the
Court will hear testimony from the witnesses (number varies based on the circumstances) and once admitted to probate, will
issue Letters Testamentary to the Executor/Executrix as set forth in the “Will.”
Once the Letters Testamentary are issued, the Executor/Executrix
will have authority to act on behalf of the Estate (i.e. pay debts etc) Thereafter, one of the duties that must be performed
is the preparation and filing of an Inventory with the Court.
After the Estate matters have
concluded and the necessity for administration has been completed, the probate matter can be closed. Please call the
attorneys at Terry Davis & Associates to set up an appointment at the Cedar Park office to discuss your probate matter.