A Testamentary Will is a legal document that outlines an individual’s wishes regarding the distribution of their assets and the care of any dependents after their death. It is created while the individual, known as the testator, is alive and becomes effective only upon their death.
The Testamentary Will must meet specific legal requirements to be considered valid, which typically include being in writing, signed by the testator, and witnessed by at least two individuals who are not beneficiaries of the will. In Texas, for example, a Testamentary Will can be handwritten (holographic will) or typed, but it must be signed by the testator.
Once the testator passes away, the Testamentary Will must go through a legal process called probate, where the will is validated by a court. During probate, the court ensures that the will reflects the true intentions of the testator and supervises the distribution of the estate’s assets according to the directives stated in the will.
For instance, if the testator specifies that their house should go to their child and the remainder of their assets divided among several friends, the probate court will facilitate this process, ensuring that the wishes outlined in the Testamentary Will are honored. If there are disputes over the will’s validity or its contents, the probate court resolves these issues as part of the probate proceedings.
In contrast to a living will or trust, a Testamentary Will does not take effect until death, making it crucial for individuals planning their estate to understand this distinction.
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