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 [...]
Many think the purpose of drafting a will is to avoid probate. When most people hear the word probate, they think "dispute". Probate doesn't mean disputed; it means the legal process of having the court recognize a person's will as their "last will" and that it's legally valid. And then, also appointing the person named in the will [...]
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 [...]
Do you need to call your attorney immediately after a loved one has died? Probably not. The first thing to do is to grieve, console family members, and plan final arrangements. These are what matters most. After the shock of death and dealing with final arrangements, it is appropriate to consult an attorney. Although waiting [...]
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 [...]
Nobody wants to see their estate plan contested upon their passing, so can you tell in advance that your plan is likely to be contested? What most people think of as a Will contest is a disgruntled heir who receives substantially less than others contending that the Will is totally invalid. Unless you have made [...]
If you own property, your estate will be better handled if you have a Will. However, if a loved one has died without a Will, you need to know your best options. For most estates, the best answer is opening an administration and a formal declaration of heirship. Although more expensive than probating a Will, [...]