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 […]
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 […]
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 […]
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, […]
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 […]
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