In prior articles, we have considered that planning in Texas can be done with a last will and testament or a revocable living trust. Which is best for you? A Texas will, when probated, gives an executor authority to transfer all assets in the State of Texas which includes personal property regardless where the financial [...]
What is the difference of doing your planning with a will or a living trust? A will is generally a simpler document to draft and therefore you save some up-front costs in creating the document. However, since probate is required of a will, you have costs that are going to be incurred when [...]
What's the difference between doing planning with a will versus a revocable trust? Most people understand the concept of a will. It is someone's written legal instructions as to how their assets are being divided and who is going to be in charge - their executor. A revocable living trust is something that many [...]
Are you new to Texas? Well then, "Howdy!" Over 150,000 have joined us in our corner of the Lone Star State in the last year. Hopefully, before you moved to Texas, you had good, up-to-date estate planning. But, since estate planning laws are different from state to state, if Texas is now your residence, you [...]
I have been a resident of Dallas for 61 years, so I find it amazing that there are people who don't live within ten miles of the hospital where they were born. Many, because of careers or wanderlust, move frequently from state to state. Many others who may have lived in one state for many [...]
There are so many ways to transfer assets upon someone’s death. Texas now permits virtually all property, real property and otherwise, to be transferred by a right to survivorship deed or agreement. Tax deferred accounts such as IRAs and 401Ks can be transferred by beneficiary designations. Life insurance policies have always had beneficiary designations. Bank [...]
A Revocable Living Trust is a useful estate planning tool that solves problems for some people, including the ability to avoid probate when probate might be excessively cumbersome or expensive. The trust avoids probate if all the trust maker’s assets are transferred into the trust prior to death, so that the trust rules determine what [...]
A well-drafted Revocable Living Trust in another state should be fully enforceable in the State of Texas. In fact, the Trust should state that the law where the Trust was drafted is applicable, so moving to another state does not subject the Trust to a different set of laws. It is advisable that if you [...]
For many, a Revocable Living Trust is a wonderful substitute for a Will to do estate planning. There are many advantages, and a few disadvantages, to a living Trust, so we do not make a blanket recommendation that everyone have a Revocable Living Trust. However, it is not uncommon that we are approached by someone [...]