In a Texas Last Will, the decedent usually also establishes a personal representative-or co-personal agents (two or more persons acting together in this capacity) to deal with the estate. A personal agent is an individual who gathers all the information in relation to the decedent’s debts and possessions, pays off any outstanding debts using the assets on behalf of the estate, and ensures that the decedent’s property is distributed as written in the last will, making this a position with a lot of responsibility. The personal representative chosen is commonly a person the decedent really trusts to bring to completion their last will.
In the event that somebody passes away with no valid Texas Last Will (which in most states means the document must be properly witnessed, not only signed), somebody will typically be designated by the court to become the personal representative and pay off the decedent’s outstanding debts, utilizing assets as necessary to do so. Next, the remaining assets will be shared amongst the decedent’s beneficiaries in accordance with the laws of the state the will creator resided in.
In a few states, if one spouse dies leaving behind their husband or wife, that surviving spouse will acquire most of the decedent’s assets without a Last Will stating the opposite. In other cases, the decedent might have determined a specific individual to acquire a life insurance policy, retirement account, or other asset, and this inheritor designation will determine who acquires those assets in the absence of a Last Will and Testament.
The important thing to pay attention to is that anyone who wishes to designate how their possessions will be used after their death should make and properly sign a Last Will to make sure that their wishes are recognized and executed. Without having a last will, you might be leaving it up to chance, the legislation of the state, or a lawcourt regarding the way your last matters will be settled.