What Information Do You Need Before You Create a Will?
Writing a will is one of the most important steps you can take to protect your family and your assets. Before you sit down with an attorney, gathering the right information will help make the process quicker and more effective. Here’s what you need to prepare: 1. A List of Your Assets and Debts Start…
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Estate Planning for Unmarried Couples
Estate planning isn’t just about passing on wealth; it’s about securing your future and protecting your loved ones. For unmarried couples in Texas, estate planning can be particularly challenging. Unlike married couples, you don’t have the automatic protections of spousal rights when it comes to inheritance or healthcare decisions. That’s why it’s essential for unmarried…
Protecting What Matters: Estate Planning for Your Elderly Parents
Estate planning for your elderly parents is an essential step in ensuring their financial security and peace of mind. By taking the time to carefully plan, you can help them protect their assets, fulfill their wishes, and avoid potential conflicts down the line. Here’s how you can get started. Why Estate Planning Matters Estate planning…
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Can I Make a Handwritten Will?
If you’re considering drafting your will, you might wonder whether a handwritten will, known as a holographic will, is a viable option. In Texas, the answer is yes; however, there are several reasons why you might want to think twice before relying on this method. While holographic wills are legally valid, they come with significant…
What Is a Revocable Trust?
Estate planning is a critical step towards ensuring your assets are managed and distributed according to your wishes, even after you’re gone. Among the various estate planning tools available, one that stands out is the revocable trust. But what exactly does it entail, and how can it benefit you? A revocable trust, often referred to…
Divorce and Estate Planning: What You Need to Know
Divorce is a challenging process, and it can significantly impact your estate planning. If you’re going through a divorce in Texas, it’s crucial to understand how your assets, wills, and beneficiaries might be affected. Here’s what you need to know to protect your interests and ensure your estate plan remains effective. The following recommendations are…
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Special Needs Trusts: What Do I Need to Know?
If you’re considering the financial future of a loved one with special needs, you may have heard about Special Needs Trusts (SNTs). These trusts serve as a safety net, ensuring the financial stability of individuals with disabilities. Let’s explore what they entail and how they can benefit you and your family. Understanding Special Needs Trusts…
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Understanding Joint Tenancy with Right of Survivorship in Texas
Have you ever wondered what happens to property when one of the owners passes away? If you’re in Texas and considering owning property with someone else, it’s essential to understand the concept of Joint Tenancy with Right of Survivorship (JTWROS). This arrangement offers unique advantages and considerations that you should know about. What is Joint…
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Estate Planning for Blended Families
Estate planning is important for everyone, but it takes on special importance when you are part of a blended family. With multiple relationships and unique family dynamics, careful planning helps you protect your loved ones and honor your wishes. If you fail to plan, then the state where you live will determine who inherits your…
Beneficiary Designations: What You Need to Know
In estate planning, beneficiary designations are a key part of the process. These designations say who will receive certain assets, like retirement accounts or life insurance, when you pass away. By keeping them accurate and up to date, you help avoid confusion and make your wishes clear for your loved ones. What Are Beneficiary Designations?…
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10 Common Estate Planning Mistakes
Estate planning is a crucial process to ensure that your assets are distributed according to your wishes after your death. However, there are common mistakes that people often make in the estate planning process. Keep in mind that estate planning laws can vary by jurisdiction, so it’s essential to consult with legal professionals who are…
Estate Planning Tips for the Young Adults
While estate planning might not be at the top of your priority list, it’s a crucial step in ensuring your hard-earned assets are handled according to your wishes. Let’s explore practical estate planning tips crafted for the younger generation. Get an Early Start: Time is on your side. Starting your estate planning early gives you…
How Do I Choose the Right Executor for My Will?
Choosing the executor for your will is a critical decision that requires thoughtful consideration. This individual will be responsible for carrying out your final wishes and ensuring that your estate is settled according to your plans. To assist you in making this important decision, here’s guidance on selecting the right executor for your will. Identify…
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How Do I Contest a Will in Texas?
Contesting a will is a legal process that involves challenging the validity of a will. In Texas, as in other jurisdictions, contesting a will is a serious matter and generally requires legal assistance. Keep in mind that the laws may change, so it’s important to consult with an attorney who is familiar with the most…
8 Tips for Successful Estate Planning
Estate planning is a vital process that ensures your assets are protected and distributed according to your wishes after you’re gone. While it’s natural to avoid considering the inevitable, a well-thought-out estate plan can provide security for your loved ones and protect your legacy. To help you navigate this intricate process, here are some invaluable…
My Parents Did Not Have a Will: What Should I do Now?
The passing of parents is an emotionally challenging experience, and dealing with their affairs can be overwhelming, especially when they did not leave behind a will. In Texas, intestate succession laws govern the distribution of assets and property when a person dies without a will. By following certain steps, you can navigate the situation effectively.…
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The Dangers of an Online Will
In today’s digital age, the internet has revolutionized various aspects of our lives, making tasks more convenient and accessible. One such area is estate planning, where online wills have gained popularity. While the convenience and cost-effectiveness of creating a will online may be appealing, it is crucial to be aware of the potential dangers associated…
Understanding The Importance of a Digital Estate Plan
In the digital age, our lives have become increasingly intertwined with online platforms and digital assets. From social media accounts to online banking and digital photographs, we accumulate a vast amount of digital property throughout our lives. But what happens to these digital assets after we pass away? This is where a digital estate plan…
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What Makes a Will Invalid?
A will is a legal document that outlines a person’s final wishes for the distribution of their assets after they pass away. However, not all wills are valid, and there are several reasons why a will may be deemed invalid. Listed below are the most common reasons why wills are considered invalid. Lack of Capacity…
Do I Need To Include My Personal Belongings In My Will?
There are two types of personal property according to the Texas Estates Code: Tangible personal property which requires a transfer of title such as a car, boat, or motor home, and tangible personal property which does not require the transfer of a title such as heirloom jewelry, family pictures, pieces of artwork, or items located…
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How To Protect Your Assets From Nursing Home Costs
As we grow older, we often worry about what will happen if we become ill or incapacitated and need to be cared for in a nursing home. After all of our hard work accumulating assets, we don’t like to think of losing them paying for nursing home costs. There are a few ways to protect…
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The Corporate Transparency Act: What Do I Need To Know?
In September 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its Final Rule under the Corporate Transparency Act (CTA) updating the U.S. anti-money laundering laws. The Rule has new reporting requirements so that the beneficial owners of businesses will be revealed. The Rule goes into effect on January 1, 2024. There are…
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What If Someone Dies Without a Will In Texas?
If a person dies in any state without a will, they are said to have died intestate. Since they died without leaving written instructions about how they want their assets distributed, the assets will be distributed according to the Texas Estates Code. The law requires the court to appoint an executor of the estate. Beneficiaries have…
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When Do I Have To Probate A Will?
It is possible for someone with a large estate to die without a will. This happens when the decedent made other arrangements for the transfer of property, such as establishing trusts, naming beneficiaries on retirement accounts and insurance policies, or owning property with another person as joint tenants with rights of survivorship. If there is…
Can I Change My Irrevocable Trust?
If you have an irrevocable trust, you are familiar with the advantages. For example, you most likely know that the trust assets cannot be reached by creditors or court judgments. There are also tax advantages to you during your lifetime and the assets pass to your named beneficiaries without going through the probate process. All…
What Are the Duties of an Executor of an Estate?
If you are named in a will as the executor of an estate, Texas law imposes upon you certain responsibilities. One of those responsibilities is to hire an attorney to guide you through the process. This is because as executor, you represent the interests of both beneficiaries and creditors, and only a licensed attorney can…
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Do I Have to Hire an Attorney to Probate a Will?
Probate is the process where a decedent’s will is submitted to the probate court that first determines the validity of the will. Then, the court oversees the payments to creditors and makes sure the decedent’s wishes, as expressed in the will, are followed. Texas law specifically provides that “a will is not effective to prove title to,…
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What is a Living Will?
A Living Will, also known as an Advance Directive, is a document you create that gives direction to your family and health care professionals about the medical treatment and procedures you want under certain circumstances when you cannot make healthcare decisions for yourself. Your Living Will is part of your estate plan and will be…
How Often Should I Revise My Will?
Every adult who has an ownership interest in anything of value should have a will. This is true no matter how old or how young you are. Life is uncertain and unfortunately, no one knows which day will be their last. If you have a will that expresses how you want your assets to be…
Estate Planning: Do I Need a Trust?
Creating a trust is often part of estate planning. There are several types oftrusts available and whether you need one or not depends on your ownunique situation. What is a Trust Black’s Law Dictionary defines a trust as “a right of property, real or personal, held by one party for the benefit of another party.”…
Do Wills Have to be Probated in Texas?
Probate is the legal process whereby the probate court reviews a will to determine its validity and authenticity. After determining the will is valid, the probate court oversees the division of assets to be sure the distribution is done according to the wishes of the decedent. A Will Must be Submitted to Probate for Asset…
Your Top Priority: Setting Up an Estate Plan
Many people believe they must have millions of dollars in assets and investments to need an estate plan, but that is not true. Anyone who wants to ensure that their spouse and/or children receives their assets when they pass away should think about establishing an estate plan. Understanding Texas Estate Planning, Wills, Trusts, Powers of…
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