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 [...]
Gifting someone a specific property in your will is known as a specific bequest, and the wording of these can be a problem. We see some horrible will provisions, even in attorney-drafted wills, that do not fulfill the decedent’s specific bequest. The problem occurs because a specific gift in a will, of a specific property, [...]
If you did your estate planning with Pyke & Associates, we provided you with a binder to hold all your estate planning documents. You might just have your documents in a folder in a safe place at your home. Either way, along with your documents, whether in a folder or in a binder, other information [...]
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 [...]
Britney Spears, as almost everyone knows, had been under “conservatorship” in California. What does that mean? Do not try to make me understand California “law”, but if Britney was a Texan, we wouldn’t call it conservatorship. We would call it guardianship, and Ms. Spears would likely never have had a guardian for her as an [...]
Almost everyone has heard of Living Trusts and some have suggested they are almost magical in the things they can accomplish. Living Trusts are effective at what they do, but “magic” and “law” rarely coincide. We believe that Living Trusts can be a wonderful device for some people's estate planning, but is it right for [...]
Texas has a legal system to protect persons who are unable to care for themselves due to physical and mental incapacity. After an individual is found to be incapacitated by clear and convincing evidence, and that it is in their best interest, the Court may appoint a guardian who has the legal authority to help [...]
Although the legal age of majority here in Texas is 18 years old, I have yet to meet a parent that agrees with that definition! If you don’t plan in advance, your child would be able to directly access their inheritance on their eighteenth birthday. If something happens to you and your spouse, would your [...]
There is no law in Texas that requires an adult child to pay a parent’s nursing home bill out of their own personal funds. Likewise, under federal law a nursing home cannot require you to commit to pay your parent’s nursing home bill before admitting your parent to the facility. However, this does not [...]