Adapting your will to Texas’ legal standards
Q: My husband and I had our wills prepared in 1998 while we were living in Kansas. We leave our estate to our only child. We have retired in the Houston area, and want to be sure our wills are acceptable to the state of Texas in the event either one of us or both of us passes. We only need to make the changes that are legally required for Texas, and we don’t want to spend unnecessary amounts of money to get it done.
A: A will which was prepared in Kansas for use in Kansas can still be probated in Texas, but the probate process might be considerably more difficult, and consequently a lot more expensive. The problem is that the document most likely will not contain a few key sentences that are regularly used in Texas, and the part of the will where you and the witnesses and notary sign almost certainly will not contain the statutory language required in Texas. To fix these problems, each of you would need to sign a new will.
It is important to keep in mind that Texas has its unique durable power of attorney, living will and medical power of attorney forms, and those documents should be updated as well.
Many estate planning attorneys prepare a standard package of documents at a fixed price.
Q: My mother died in February of 2005. I am executrix and had her will probated in 2005. All that remains are two estate bank accounts. They had been retained because some property was sold with self-financing. I ran the payments through an account and dispersed the money to the beneficiaries. The payments are finished, and a release of lien has been filed. Since there are no debts and no possibility of foreclosing on the property, can I just distribute the remaining funds among the heirs?
A: Yes, you can distribute funds that way. But you may want to distribute a little extra to yourself to cover the cost of filing the estate’s final income tax return next year.
Q: My mother and father purchased U.S. Savings Bonds in the 1970s. She passed away in 1982, and he passed away in 1991. My only sibling passed away two years ago. All of the bonds reached final maturity many years ago. What are my options? We never probated my parents’ wills.
A: The steps you need to take can be found at www.treasurydirect.gov. Click on the tab “Research Center” and then on the left of your screen click on the type of bond, and then on “Death of a Savings Bond Owner.”
The information in this column is intended to provide a general understanding of the law, not legal advice. Readers with legal problems, including those whose questions are addressed here, should consult attorneys for advice on their particular circumstances. Ronald Lipman of the Houston law firm Lipman & Associates is board-certified in estate planning and probate law by the Texas Board of Legal Specialization. Email questions to stateyourcase@lipmanpc.com