A will can designate beneficiaries, who are the individuals or organizations that will receive the assets outlined in the will. It can also name a executor, which is the person tasked with carrying out the instructions in the will.Importantly, a will must be signed by the testator in front of two witnesses to be considered valid.
Who can be a beneficiary of a will?
When it comes to who can be a beneficiary of a will, there are no strict rules. In general, anyone who would inherit property from the deceased person if they died without a will can be named as a beneficiary. This includes the deceased person’s spouse, children, parents, and other close relatives. Additionally, friends or charities can also be named as beneficiaries.
However, there are some exceptions to who can be a beneficiary of a will. For example, in Texas, an attorney cannot be named as a beneficiary of a significant gift from an instrument that the attorney drafted. Additionally, any debts owed by the deceased person must be paid off before any assets are distributed to beneficiaries.
What are the benefits of being a beneficiary of a will?
If you are named as a beneficiary in a will, you have certain rights and benefits under Texas law. As a beneficiary, you are entitled to receive notice of the probate proceedings and to be notified if the will is contested. You also have the right to inspect the will and to receive a copy of it.
If the will is admitted to probate, you are entitled to receive your share of the estate according to the terms of the will. In most cases, beneficiaries are paid out of the estate’s assets after all debts and expenses have been paid. If there are not enough assets in the estate to pay all of the beneficiaries, they may have to be paid in installments or over time.
As a beneficiary, you also have certain protections under Texas law. For example, if you are owed money by the estate, you can file a claim against it in court. This is called a creditor’s claim. You may also be able to challenge the validity of the will itself if you believe it was not properly executed or if it was created under duress or undue influence.
Read more at: https://san-antonio-probate.com/can-an-attorney-be-the-beneficiary-of-a-will/
