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, [...]
If you are contemplating remarrying, or are in a second marital relationship, what special concerns are there for your estate planning? The major issues are: Determining whose assets are whose; Deciding if you have a joint plan or two separate estate plans; and How to ensure that your estate plan succeeds if you are the [...]
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 [...]
I was talking to a friend recently who innocently confessed that he just didn't understand what I meant by "estate planning." I guess, like other attorneys, I take for granted that people understand what we mean by estate planning. Simply put, what I mean by estate planning is planning for the eventuality of death and [...]
If someone dies without a Will, does that guarantee years of probate expense? There is no doubt that if someone dies without a Will, the cost to transfer their property will be higher than if they had a Will. In most cases, an heirship proceeding is necessary which is about double the cost of probating [...]
Probate sounds like a nasty thing that your family is trapped into when someone dies. Probate can be difficult and expensive, even when there is no dispute, in some countries and some states. Luckily, Texas has very modern, streamlined probate rules. But why do we have those rules at all? Probate is the process of [...]
In the past, a fundamental part of estate tax planning was to imbed “bypass” trusts into wills. The purpose was to allow the surviving spouse to have the benefit of their spouse’s assets but not to have those assets merge into the survivor’s estate. So, when the estate tax exemption was only $1.5 million, incorrectly [...]