Posted on April 14, 2022 in Estate Planning and Probate

Using a portion of your estate to support a cause you believe in can be an excellent way to build a lasting legacy. When you leave money or property to a charity in an estate plan, you can keep making the world a better place long after you are gone. Your surviving loved ones will have the benefit of seeing the good you are still doing every day. The benefits of posthumous charitable giving are numerous. You will have options for how you go about designating a portion of your estate for charity. It is a good idea to talk over your options with a qualified estate planning lawyer who can help you make the most of any charitable giving you use your estate plan to accomplish. 

What You Should Know About Charitable Giving Through Estate Planning

Setting up your estate plan so that some funds go to a good cause does not have to be difficult or complicated, although you should have an attorney assist you. If you are considering using your estate to help out a charitable organization, some things to be aware of include: 

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 Posted on April 11, 2022 in Estate Planning and Probate

Many people think that the term “estate planning” is synonymous with writing a will. However, a will is only one component of the estate planning process. Estate planning is not only planning for the distribution of your assets upon your death, but also planning for your possible incapacitation. Many people are terminally ill and unable to make decisions for themselves long before they pass away. Planning for the possibility of incapacitation by illness or injury is very important. Nothing better exemplifies the need for incapacitation planning than the Terri Schiavo case.

Legal and Familial Turmoil Caused by Uncertainty

When she was just 26 years old, Terri Schiavo went into cardiac arrest. She suffered brain damage from lack of oxygen that put her in a vegetative state. Doctors had little hope of her ever regaining consciousness. Terri’s husband did not believe that his wife would want to live in that condition. In 1998, he sought to have her breathing tube removed so she could die naturally. However, Terri’s parents strongly disagreed. They wanted their daughter to be kept alive by any means necessary – even if she could never again interact with the world or communicate with loved ones.

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 Posted on March 30, 2022 in Estate Planning and Probate

Revocable living trusts can offer a number of benefits over standalone wills. The idea of an irrevocable trust can be frightening for some, as it is not easily altered once it exists. Revocable trusts are more flexible and can accomplish quite a few different goals. These trusts can generally be administered rather smoothly and with little or no court oversight. Many people prefer to use this type of flexible trust as their main testamentary document. Before you choose a type of trust, make sure that you speak with an attorney and discuss the goals you want to accomplish and your financial situation. A qualified estate planning lawyer can help you decide whether a revocable living trust is the right estate planning tool for you. 

What Are the Benefits of a Revocable Living Trust?

Some advantages of using this type of trust include: 

• Avoiding probate - Probate can be a long, complicated process. Your beneficiaries may have a difficult time, especially if there are any hiccups during the probate process. More complex probate situations need to be handled by an attorney, unless your personal representative is rather experienced. 

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 Posted on March 18, 2022 in Estate Planning and Probate

If there is anyone with special needs you would like to make one of your estate beneficiaries, a special needs trust is likely the best way to go about it. Also called a “supplemental needs trust,” these trusts allow you to leave money to a disabled adult without jeopardizing any of their public benefits. A trustee will be able to make distributions to the beneficiary to pay for needs or wants that Medicare or Social Security would not cover. However, because the beneficiary cannot withdraw funds at their own discretion, any funds in the trust are not counted as their income for purposes of need-based assistance programs. If you are trying to leave estate property to someone with special needs, your lawyer will most likely suggest using this type of trust. 

Why Do I Need to Use This Type of Trust to Provide for an Adult With Special Needs?

If you use a more traditional type of trust where regular distributions are made or they can withdraw funds at will they will need to report that money as income or a personal resource when applying for important government benefits. The same is true if you use a will and leave them a lump sum. This could lead to your loved one losing access to benefits that they rely on, forcing them to use the money you leave them to pay for things that an assistance program would have covered, such as medical care and housing. 

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 Posted on March 11, 2022 in Estate Planning and Probate

Becoming an estate beneficiary can bring a strange mix of emotions. On one hand, if you are inheriting something, it means that a loved one who cared about you has died, so you are grieving. On the other hand, you may be gaining a substantial amount of money, treasured family belongings, or even real estate. Depending on the type of testamentary plan your loved one used and how the administration of the estate is being handled, you might also be confused or upset. In many cases, the named estate administrator does a fine job and you will not need an attorney of your own. In other cases, something goes awry or the process is too complex for it to be handled without an attorney’s help. 

Do I Need My Own Attorney to Help Me Claim My Inheritance?

When everything goes smoothly, you might not need a lawyer during the estate administration process. However, if you encounter any of these situations while attempting to claim your inheritance, it may be in your best interest to work with an attorney: 

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 Posted on March 02, 2022 in Estate Planning and Probate

 Trusts are increasingly common vehicles for distributing estate assets. Contrary to popular belief, you do not need to be wealthy for a trust to work well in your estate plan. In fact, trusts can be great for smaller estates as they allow your surviving loved ones to skip probate - which can become costly.

Understanding the different types of trusts you can use may help you see how a trust might fit into your estate plan. It is important to work with an experienced estate planning lawyer, who can assess your situation and guide the process to meet your goals. 

What Types of Trusts Could I Use in My Estate Plan?

You may be familiar with the two main types of trusts - revocable and irrevocable. A revocable trust can be changed after it is established while an irrevocable trust generally cannot, although there are exceptions. Some types of trusts available in Texas that you may not be familiar with include: 

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 Posted on February 28, 2022 in Estate Planning and Probate

If you have taken the time to create an estate plan, you probably want it to be enforceable as written. The last thing you want is your beneficiaries or relatives filing lawsuits related to your estate plan. A strong estate plan can help keep the peace among a family after the testator or grantor is gone. However, when an estate plan contains certain flaws, it can have the opposite of the intended effect. Estate litigation can lead to a lot of hurt feelings on both sides of the lawsuit and sometimes causes a permanent rift among a family. 

Some of these mistakes are relatively easy to make, especially if you attempt to do your estate planning on your own. Your best bet is to work with an experienced estate planning attorney who can help you avoid these potential pitfalls and more. 

What Mistakes in an Estate Plan Can Open the Door for Estate Litigation?

Avoiding future litigation at all costs is often a primary goal of estate planners, particularly if there is pre-existing family conflict. Attorneys who have been in this field long enough have seen the devastating effect estate litigation can have on the decedent’s family and loved ones. Some flaws or problems with an estate plan that can invite litigation include: 

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 Posted on February 23, 2022 in Estate Planning and Probate

Executors, estate administrators, trustees, and some powers of attorney are all considered fiduciaries in the realm of estate planning. Being a fiduciary is an enormous responsibility. Fiduciaries are required to act strictly in the interest of the individual, or the beneficiaries of the trust or estate they represent without considering their own personal interests. They are required to avoid any potential conflicts of interest, and are not to exploit their position for personal gain in any way. Unless you are a professional fiduciary, you can easily find yourself in over your head. An attorney who is experienced at aiding fiduciaries can help you avoid potential problems, or maybe help resolve existing problems. 

When Should a Fiduciary Consider Finding an Attorney?

If you are simply serving as personal representative for a close relative’s small estate - and the rest of the family is getting along - you may be able to complete your duties on your own, without a lawyer’s help. For more complex or high-conflict situations, it may be in your best interest to seek legal assistance. You may want to get in touch with an attorney in these situations: 

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 Posted on February 17, 2022 in Estate Planning and Probate

Many older adults would prefer to avoid being placed under guardianship, and for good reason. The process can be expensive, possibly embarrassing, and you have little or no control over it once it has begun. Fortunately, there are ways to head off this possibility if you plan ahead just a bit. An estate planning attorney can help you take important steps to avoid the need for guardianship in the future. 

Why Avoid a Guardianship?

A guardianship proceeding takes place in open court and generally involves the introduction of evidence regarding your physical and mental health and status. These things are highly personal, and the loss of privacy alone is enough reason for many to seek an alternative. Aside from that, the person to be placed under guardianship does not have a say in who their guardian will be. This is decided by a judge who does not know you, your family members, or your preferences.

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 Posted on February 08, 2022 in Estate Planning and Probate

Everyone who disinherits an immediate family member has their own personal reasons for doing so. These reasons tend to fall into one of a few categories. If there is someone who would naturally inherit from you, such as your spouse, adult children, or parents if you have neither, and you do not want them to receive a part of your estate, there are a few steps you may need to take. It is not always good enough to simply omit a natural heir’s name from your will. Always tell your estate planning attorney if you intend to disinherit an immediate relative so that they can take steps to make sure your wishes are respected. 

What Are the Most Common Reasons for Disinheriting a Close Relative? 

The decision to leave a close family member who would otherwise inherit out of your estate plan can be a difficult one. However, there are numerous very valid reasons for doing so. The more common ones include: 

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