Texas wills second marriage info
You may ask yourself the question, why do I need a will if there are laws such as Section 38 and 45 of the Texas Probate Code?
Inheritance Laws in Texas
The answer to that question is simple. In the State of Texas, the probate procedures are greatly simplified in comparison with other states.
With a properly executed will, with the proper terms set forth therein, the probate procedure can be conducted as an "Independent Administration. The person who dies intestate, or without a will, in Texas, with a substantial estate, will burden his beneficiaries with the requirements of a dependent administration requiring constant court supervision.
This procedure requires a bond, is very costly, and time consuming for all parties involved. With a properly drafted will, an Independent Administration can be used. The beneficiaries of the estate of a person dying in the State of Texas are merely required to have a brief court appearance to prove the will, followed by the filing of an inventory, appraisement and list of claims.
All other probate matters involved in an independent administration are taken care outside of the court's supervision. This leads to a very economical and cost effective procedure. And although the rate of remarriage has dropped over time for most age groups, it's higher among the and-older crowd: 57 percent in versus 42 percent in The older you are when you remarry, the more likely it is that you're bringing assets into the marriage — retirement savings, life insurance policies, brokerage accounts, real estate and the like.
If you die without a will — called dying intestate — the courts in your state will decide who gets what. That process is public and often messy if would-be heirs have competing priorities and conflicting notions of what is rightfully theirs. While every situation is different and some can be more complex than others, here are some key things to consider when contemplating how to make sure your heirs end up with the assets you want them to. One easily overlooked item after people remarry is updating beneficiaries on retirement accounts, life insurance policies and the like.
Whoever is listed as a beneficiary will get that money when you die. That designation supersedes any intention stated in your will.
Can a Husband or Wife Inherit After a Divorce in Texas?
In other words, if you named your ex-spouse as the beneficiary on your life insurance policy, guess who gets the money. Additionally, k plan rules dictate that your current spouse must be the beneficiary unless he or she legally agrees not to. This means that if he's your listed beneficiary and you predecease him, those k assets become his to do with as he wants, which might not include passing them on to your kids.
Same goes for other accounts for which he is the beneficiary and, typically, those on which he is a joint owner.
Often, remarriage involves a jointly owned home. Depending on the laws of your state and how the property is titled, your desire for your children to inherit your share of it could be upended. In most states, if it is deeded as "joint tenancy with right of survivorship" or "tenancy by the entirety," the property automatically belongs to the surviving spouse, no matter what your will says.
If you own the house in "tenancy in common," you can leave your share to someone other than your spouse if you choose. However, some states have different rules. Moreover, there can be other considerations when it comes to how a house is titled, including protection from potential creditors or for tax reasons later when the home is sold. If you want your children to receive particular items when you pass away, it's important to be as specific as possible in your will so there is no room for interpretation.
If you want your kids to receive money but don't want to give a young adult — or one prone to poor money management — unfettered access to a sudden windfall, you can consider creating a trust to be the beneficiary of a particular asset. There is no fee for the initial consultation. We take your privacy very seriously. We are keenly aware of the trust you place in us and our responsibility to protect your privacy. We treat all information provided to us with care and discretion.
Robert Ray is the Editor and owner of this site. We handle cases throughout Texas. Click here to email us or to go to the contact form if you want to contact us about a Texas inheritance dispute.
Interesting inheritance news on our blog, take a look blog. Children - natural born, adopted or adopted by estoppel in Texas Who are the heirs in Texas? Can Adopted Children Inherit in Texas? Who is a "descendant" in Texas Probate Court?
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