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3 Reasons You Should Consider a Living Will 

Posted on in Estate Planning and Probate

Comal County Estate Planning LawyerWhen discussing estate plans, people often emphasize the financial aspects of the estate planning process, such as asset distribution and tax issues. However, estate planning involves much more than property-related decisions.

A living will is an estate planning document used to make decisions about medical treatment. Have you ever thought about whether you would want to receive supplemental feeding or artificial ventilation if you became terminally ill? What are your thoughts about organ donation?  A living will answer these questions and more. When creating a living will, you can decide what medical treatments you would want to receive if you become incapacitated. Drafting a living will is not only important for you, but also for your loved ones.

A Living Will Lets You Determine What Medical Treatment You Will Recieve

A living will is used to make decisions about medical treatment and end-of-life care in advance. Medical providers will use the information in a living will to determine how to proceed if you fall into a coma or experience another incapacitating medical issue.

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How to Avoid Probate When Transferring Real Estate to Heirs

Posted on in Estate Planning and Probate

Comal County Estate Planning LawyerProbate is the process of confirming that a deceased person’s assets are distributed correctly. If the person had a valid estate plan, the assets are distributed according to that plan. If the person did not have a will or any other estate planning documents addressing asset distribution, the assets are distributed according to Texas's intestate succession laws.

With regard to real estate, the process of passing a home down to heirs varies in complexity. There are several estate planning options available that greatly reduce or eliminate the role of probate in a transfer of real estate property. However, if an individual passes away without setting up estate planning instruments designed to avoid probate, the process is much more complicated.

Options for Avoiding Probate when Transferring a Home, Rental Property, or Vacation Home

A person’s home is often one of the most valuable assets they own. If you intend to transfer your home or another real estate property to your loved ones upon your death, make sure you understand the various ways of doing so. You can save your surviving loved ones substantial time and expense by designing your estate plans in a way that avoids probate for real estate assets.

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Is a No-Contest Clause Enforceable in Texas?

Posted on in Estate Planning and Probate

Wilson County Estate Planning LawyerFor many people, one of the biggest concerns regarding estate planning is that their family members will argue over the terms of asset distribution. When this happens, the situation may lead to a will contest which can cost substantial time and money for everyone involved. Even more concerningly, will contests can lead to family disputes and intense animosity that lasts years.

To prevent these arguments, some estate plans include a no-contest clause or forfeiture clause. A no-contest clause states that if any beneficiary of an estate challenges the terms of the will in court, they may forfeit their inheritance altogether. Some states do not allow no-contest clauses. However, these provisions are allowed in Texas estate plans.

What is a No-Contest Clause in a Will?

A no-contest clause discourages a beneficiary from contesting or challenging the will. If a beneficiary does contest the will, this clause may allow the executor to exclude that beneficiary from receiving their inheritance. For example, a no-contest clause may say, "If any person contests or attempts to contest the validity of this agreement, he or she forfeits his or her share of the inheritance."

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What Are the Most Common Misconceptions Surrounding Estate Planning? 

Posted on in Estate Planning and Probate

san antonio estate planning lawyer Estate planning is an important process that involves making arrangements for managing and distributing your assets and property after your death. Despite its importance, many people put off estate planning or ignore it, leaving their assets vulnerable to unintended consequences. Failing to plan can result in your assets being distributed in ways you never intended, leading to possible family disputes and financial losses.

Today, we will discuss the myriad of misconceptions surrounding estate planning. If you are interested in estate planning, consider contacting an experienced estate planning attorney who can be your legal guide as you navigate the various aspects of the estate planning process. 

Brief Overview of What Having Assets Means

First, let us discuss what having assets mean. Having assets means that an individual or entity owns property, investments, or other valuable possessions that have financial value. Assets can include physical property such as real estate, vehicles, or jewelry and intangible assets such as stocks, bonds, patents, or trademarks. Assets can also include cash or money in bank accounts. Essentially, anything that has value and can be converted into cash or used to generate income is considered an asset. Through estate planning, you can take measures to protect your assets.

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What Are Some Common Misconceptions Regarding Probate? 

Posted on in Estate Planning and Probate

Wilson County Probate LawyerProbate is the legal process that settles an estate of someone dies. The process involves the court-supervised distribution of the deceased person’s assets and the payment of their debts and taxes. It also helps to determine the validity of the deceased person’s will, identify their assets and liabilities, and pay any outstanding debts and taxes. When a will is present, probate aids in the distribution of remaining assets to the heirs or beneficiaries as specified. 

The process can be rife with stress, particularly as family members try to balance the grief of their loved one’s death with the necessity of taking care of the deceased person’s estate. Today, we are going to review common misconceptions surrounding probate so that you understand the facts surrounding the process. If you ever need estate planning or probate assistance, contact an attorney who can guide you through the process while protecting your rights. 

Common Probate Misconceptions

The following are some of the most common misconceptions regarding probate:

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