Without a properly-drafted Texas will, the cost of administering your estate will be expensive and time consuming.

Texas has a unique system of independent administration that makes the cost of probating an estate relatively inexpensive.  But this independent administration process is available only if you have a properly-drafted will that contains the necessary language.  With a properly-drafted will, a single court filing and appearance can lead to issuance of documents that authorize your administrator to pay your debts and dispose of your assets.  In many cases, the administrator never has to go back to court.  The administrator simply files an inventory or affidavit once the debts have been paid and the assets transferred.

If you do not have a properly-drafted Texas will, the person charged with paying your debts and distributing your assets must obtain court approval for most everything associated with probating your estate.  Repeated court filings and appearances to obtain this approval are both time-consuming and expensive.   In addition, your assets may not end up with the people you want to receive those assets.

What if you do not have much and simply want everything to go to your spouse and children?  Isn’t that enough?  For the small estate, the cost savings from a properly drafted will can save the estate from being completely depleted by attorney’s fees and costs.  In addition, your legal advisor can assist you in properly titling your assets during your lifetime to avoid unnecessary risks or the possibility that the cost of administering your estate after your death depletes what little there is.

Additionally, your Texas business needs a properly-drafted Texas will.  Your business is like your baby.  When the day comes and you cannot run your business, are your children and your spouse ready to jump in and take care of your baby?  If you have business partners, are they ready to become business partners with your spouse and/or children – or with someone else if you do not have a spouse or children?  This may very well happen if you do not have a properly-drafted Texas will and other estate planning documents.

To read more on this story by Francisco Orozco , click the “Current & Past Issues” tab and select July 2014, or pick up a copy of the July 2014 print edition of Valley Business Report.