The Reecer Law Firm

Texas Estate Planning & Probate Law

Wills

How Often Should I Revise My Will?

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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 distributed, it allows a probate court to see that your wishes are carried out. If you do have a will, another issue arises: how often should you revise your will?

Living Will

Revising Your Will When There are Major Life Changes

One consistent recommendation is that any time you experience a major life change, you revise your will, or review your will to determine if you should revise it. Some examples of life changes include:

  • You get married.
  • You get divorced.
  • You have a new child, either by birth or adoption.
  • You experience a financial windfall such as you inherit money, win a personal injury case, win the lottery, etc.
  • You experience a financial loss, such as losing a large sum of money in the stock market.
  • Laws change.
  • You change your mind about a beneficiary.
  • You move to another state. Each state has its own laws about what constitutes a valid will and how many witnesses are required.
  • Your health deteriorates.
  • A grandchild is born.

These are just examples. Any life change should trigger you to think about whether your will needs revising.

Periodic Review of Your Will

Even if you do not think your will needs any changes, it is a good idea to review it periodically. Many estate planning attorneys recommend you review your will every three to five years to be sure it still expresses your wishes.

Life changes can occur at times when you are not thinking about your will. A periodic review will help you be sure that your wishes have not changed and that your will still represents how you want your assets to be distributed.

Contact the Reecer Law Firm PLLC for Assistance

Dena Reecer, founder and owner of the Reecer Law Firm PLLC, is one of a few Texas attorneys who are Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. If you are considering preparing or revising your will, contact us for more information about how we can help you.

Estate Planning: Do I Need a Trust?

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Creating a trust is often part of estate planning. There are several types of
trusts available and whether you need one or not depends on your own
unique situation.

What is a Trust

Trusts

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.” Trusts serve many purposes and may be created so there are tax savings for you, the creator of the trust, and your beneficiaries.

When you create a trust, you transfer ownership of your assets to the trust.
For example, you change the deed to your home from you, John Doe, as
the owner of the property to “The John Doe, Trustee of the John Doe Living Trust” as the owner. You do this with all property you want to have managed by the trust.

You appoint a trustee in charge of managing the trust and ensuring your assets are distributed at your death to your beneficiaries according to the terms of the trust. You may name yourself as the Trustee to manage the trust during your lifetime, and you may wish to name another person or corporate entity to act as trustee upon your death. There are many types of trusts that can be established depending on your individual needs and goals.

Major Advantages of Trusts

There are many advantages to having a trust, particularly for individuals who own real estate, those who have minor children, and those who have children from previous marriages. Some specific advantages are:

  • Avoid probate. The assets are immediately distributed to the beneficiaries according to the terms of the trust. This means no probate costs and fees and no lengthy wait for the probate court to approve distribution.
  • Reduce taxes. Depending on the structure of the specific trust, there are generally substantial tax savings for you during your life and for your beneficiaries after your death.
  • Privacy. Probate court is open to the public. Property in a trust is transferred privately to the beneficiaries.

These are just a few reasons why you may want to create one or more trusts as part of your estate planning.

Contact the Reecer Law Firm PLLC for Assistance

Dena Reecer, founder and owner of the Reecer Law Firm PLLC, is one of a few Texas attorneys who are Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. If you are considering drafting any type of trust, contact one of our trust attorneys for more information about how we can help you.

Do Wills Have to be Probated in Texas?

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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 Distribution

Probated Wills in Texas

If a person leaves a will, and it is not admitted to probate within four years of the person’s death, the state could treat the person as having died intestate, meaning without a valid will, and distribute the assets according to state law.  While there are ways to probate a will after four years, to do so is more costly and the outcome is uncertain.

According to Texas law, “a will is not effective to prove title to, or the right to possession of, any property disposed of by the will until the will is admitted to probate.” A key phrase here is “property disposed of by the will…” There are other ways to “dispose of property” other than through a will.

If you made provisions for the transfer of all your property outside of a will, then there may be no need for probate after you die.

Assets That Pass to Beneficiaries Without Going Through Probate

If you plan ahead and work with an estate planning attorney, there are tools you can use so that you can leave your assets to specific people outside of a will. When you do this, the assets are transferred upon your death and there is no need for your heirs or beneficiaries to go through a lengthy and sometimes contested probate process.

Some ways to avoid probate are:

  • Establishing a living trust. If all assets are transferred to the living trust before your death, probate can be avoided.
  • Making bank accounts “payable on death” to a designated beneficiary.
  • Owning property with another person as joint tenancy with the right of survivorship.
  • Life insurance proceeds designated to the named beneficiary.
  • Survivor’s benefits from annuities.
  • Retirement accounts that name a beneficiary.

Contact the Reecer Law Firm PLLC for Assistance

Dena Reecer, founder and owner of the Reecer Law Firm PLLC, is one of just a few Texas attorneys who are Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. Contact the firm for more information about how you can use estate planning tools so that your heirs can avoid a lengthy and costly probate process.