The Lockett community was named after the Lockett family who settled there in 1888. The T.J. Lockett family remained on the original homestead land and the majority of it is still owned by their descendants. Other early settlers and their families also made contributions to the community's development. The first school and church were established in the late 1800s. The community also had a cotton gin, blacksmith shops, and general stores. The Wilbarger Memorial Park and Mausoleum were established in 1952. The Lockett Foundation provided a marker to commemorate the community's history and to demonstrate its charitable purposes. The marker site was on land provided by the Sue Virgie Lockett Cato family from the original T.J. Lockett homestead tract.