A will is a legal document by which you may direct the distribution of your property upon death in an economical and efficient manner. If you die without a Will, the state of Texas will make decisions that should be yours. For example.... * who will take your property and in what amounts; * who will handle your estate; and * who will act as guardian for your minor orphaned children. Additionally, dying without a Will can mean extra costs to your estate, in court appearances, unnecessary dollars in settling your estate, and misunderstandings or even fighting (disputes?) amongst your heirs. Below is a list of topics you should understand before preparing your Will. PROPERTY DISTRIBUTION You may give your property to whoever you decide to in your Will. Under Texas law, if you are married, your property will be classified as either "community" or "separate" property. Community Property is considered any property acquired by a married person through his or her efforts, skill or labor during marriage. Wages, retirement benefits, interest income form community and separate property are examples of community property. Separate Property consists of any property owned by one spouse prior to marriage. If either spouse receives a gift or an inheritance during the marriage that property is considered separate property. You may give all your property (1/2 community and all separate property) to your spouse, to your children, or you may place your property in trust. You could also give specific items to a named person (i.e. "baseball card collection to my brother") in your Will by making a bequest. A bequest is the legal term used to denote that you are giving a specific piece of property to a person under your Will. If you are single, you may give all of your property to your parents, brothers, sisters, or to whomever you wish. You may give different items to people by making bequests. TESTATOR The person who is executing a Will. TRUST A trust is an arrangement whereby one person or entity (Trustee) holds title to property and manages it for the benefit of one or more persons (called beneficiaries). When a Testator creates a trust in his Will, it is called a testamentary trust. One of the most common reasons for using a testamentary trust is to make sure minor children are provided for in the event of both parents’ death. It could also be used to provide income to grandchildren or children with special needs. A testamentary trust is the perfect way to provide for the care, maintenance, support and education of all beneficiaries who may survive you. EXECUTOR The person named in your Will to administer your estate. The executor is responsible for paying all of the debts, collecting the debts owed to the deceased, paying any taxes owed, and representing the estate before the probate court. It is also the duty of the executor to see that all property is distributed to the proper persons as dictated by the Will including the transfer of any real estate. GUARDIAN The person you would name in your Will to be legally responsible for the caring and raising of your minor children in the event of both spouses’ death. Some factors you may want to consider in selecting such a person are: * age of proposed guardians and ages of their children, * ages of your children & number of those that are still minors, and * financial health of all parties. This relationship would last until your children reach the age of majority (presently eighteen years). Therefore, be sure to include alternative choices, in the event your first choice is unwilling or unable to serve should death occur while the children are still minors. TRUSTEE If you decide to include a trust in your Will, you will need to name a person or persons who would be responsible for the management of the property placed in trust. This person will be in charge of making investments, paying taxes and making distributions. PROBATE Probate is the process of administering a deceased person’s estate. It is here the court will review your Will and confirm the appointment of your executor. During this process, the executor would inventory your assets, pay your debts and pay any taxes which may be due.