By: Jazilyn Torres
Upon growing up, you may have heard of “wills*.” Do you have a will created already? Have you seen or asked anyone in your family if they have a will created?
Creating a will is crucial for several reasons, all of which contribute to ensuring that an individual’s wishes are carried out and their loved ones are protected after their death.
During my post, I will be talking about why wills are important, and how to make a will in Texas.
Wills are important because of many key factors. Asset Distribution: The testator outlines how their assets, including property, money, investments, personal belongings, and any other possessions, should be distributed among beneficiaries upon their death. Executor Appointment: The testator names an executor, also known as a personal representative, who is responsible for carrying out the instructions outlined in the will. The executor’s duties may include gathering assets, paying debts and taxes, and distributing inheritance to beneficiaries. Guardianship: If the testator has minor children or dependents, they can use the will to designate a guardian who will assume responsibility for the care and upbringing of the children in the event of the testator’s death. Funeral and Burial Instructions: Some wills include instructions regarding funeral arrangements, burial preferences, or other end-of-life wishes. And lastly, Contingency Plans: Testators may include provisions for unforeseen circumstances, such as the death of a beneficiary or executor, by outlining alternate beneficiaries or appointing successor executors.
4 Things to know before making a will:
In Texas, individuals must be at least 18 years old and of sound mind to create a valid will. This means that college students who meet these criteria are eligible to draft a will.
Must be 18 years or older.
College students may not have significant assets or property, but they may still possess valuable possessions, such as a car, savings, personal belongings, or digital assets (e.g., online accounts). It’s essential for students to identify and list these assets when drafting a will.
Have no outstanding financial obligations.
When creating a will, individuals appoint an executor who will be responsible for managing the distribution of assets according to the terms of the will. College students should carefully consider whom to appoint as their executor, choosing someone trustworthy and reliable.
Find a reliable executor selection(s).
Students need to decide who will inherit their assets upon their passing. This may include family members, friends, charitable organizations, or other individuals. It’s crucial to clearly outline the beneficiaries and their respective shares in the will. If college students have minor children, they should designate a guardian in their will to ensure the care and custody of their children in the event of their death.
Highlight beneficiaries*
How To Make A Will:
Your will must be “in writing,” meaning it exists in a physical form. For example, a will “in writing” can be one you’ve written by hand, or one you’ve typed on a computer and printed. A digital copy, like a PDF of your will saved on your computer, isn’t considered valid. You must be at least 18 years old. This rule doesn’t apply if you’re married or serve in the military. You must be of sound mind and memory. This means that you: Understand what it means to make a will Understand the nature and extent of your property and relationships. Are capable of making reasonable judgments about the matters your will controls (for example, naming a guardian for your minor children) You must make your will freely and voluntarily. This means you shouldn’t be under improper pressure to write your will by someone who has power over you, like a caretaker or family member. This is known as “undue influence.” You must sign your will in the presence of at least two credible witnesses, who also sign. According to the Texas Estates Code, your witnesses must be at least 14 years old. A witness is “credible” when they don’t receive any financial benefit under your will. In other words, your witnesses should be people who aren’t receiving anything from your will. (FreeWill.com. (n.d.).)
Word Bank
*Beneficiaries: are individuals or entities designated to receive assets, benefits, or advantages from a will, trust, insurance policy, retirement account, or other legal arrangement upon the death of the person who established the arrangement (the grantor or policyholder).
*Wills: Wills, also known as last wills and testaments, are legal documents allowing individuals to dictate how they want their assets and property to be distributed after death. A will enables a person, referred to as the testator, to specify beneficiaries who will inherit their belongings and assets and designate an executor to oversee the distribution of these assets according to their wishes.
Cite(s):
FreeWill.com. (n.d.). Texas Last Will and Testament. FreeWill. https://www.freewill.com/learn/texas-last-will-and-testament
10 Reasons to Have a Will. (n.d.). FreeWill. Retrieved March 19, 2024, from https://www.freewill.com/learn/10-reasons-to-have-a-will
