Posted on January 07, 2022 in Estate Planning and Probate

Learning that a loved one who has passed away left no testamentary estate plan can be upsetting. You may wonder why your family member did not take the time to draw up a will or trust. Alternatively, you may have discovered that while your loved one tried to write down some testamentary wishes, he did not do so in a way that is legally effective. There are a wide variety of reasons that some individuals do not have any estate plans. Many people simply do not think they need one, but they are generally mistaken. If you have been thinking about beginning an estate plan but are hesitant, speaking with an attorney may put your concerns to rest. 

Why Do Some People Not Leave Estate Plans?

Estate planning can sometimes be a very personal field of law. The topic can be a sensitive one for some individuals or families. However, the estate property will eventually need to be handled one way or another. It is much easier on surviving loved ones when there is a solid plan in place to guide them. Reasons people may refuse estate planning include: 

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 Posted on December 30, 2021 in Estate Planning and Probate

Many people these days aim to avoid probate entirely by using trusts to control their estate property. However, probate is inevitable for some. Whether your family member died intestate, used a will, or ended up with a loose asset controlled by a pour-over will, you may need to go through the Texas probate process. Many people find having the assistance of an experienced attorney invaluable during this time. Depending on the size of the estate and what, if any, problems arise, probate can potentially be a long and complicated process. 

What Challenges Often Come Up During Probate? 

Even when it seems that everything is in order and probate should go as smoothly as probate can go, unexpected problems can arise and complicate the situation. A few common reasons that probate may be more challenging than usual include: 

• Missing property - It sometimes happens that property identified in a will cannot be located. This often involves specific personal items. A will may provide, for example, that one child should receive a diamond necklace. If no one can find the necklace described when it comes time to administer the estate, the situation will need to be addressed. The decedent may have already sold or given away the necklace, but there could be a more nefarious reason for the property’s absence. 

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 Posted on December 23, 2021 in Estate Planning and Probate

For parents who still have minor children to worry about, protecting them is probably your number one estate planning goal. Many parents would want their entire estate to benefit their children should the child be left without a suitable living parent. Leaving estate property to a minor in Texas can be slightly more complicated than leaving it to an adult. Minors cannot take possession and control of their inheritance until they reach legal adulthood. A responsible adult must step in and manage the inheritance for the children’s benefit until then. Often, multiple estate planning tools are needed to adequately protect children’s interests and well-being. 

What Happens if I Leave Property to Children in a Will? 

The probate court will need to appoint a guardian of the estate to manage any assets left to the children. There is no guarantee that the guardian you want will be the one appointed. This matter is left to the probate court, which will do what it thinks is in your children’s best interest. The guardian would be a fiduciary, meaning that he is responsible for managing the estate property strictly in the children’s best interest. 

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 Posted on December 10, 2021 in Estate Planning and Probate

When a will is contested, the situation can quickly get ugly. Litigation regarding estates usually occurs amongst close family members, like in the case of siblings after the death of a parent. Will contests have the potential to permanently divide a family. If you anticipate that your loved ones - or not-so-loved ones - could potentially wind up taking each other to court over your estate, there are steps you can take to head off any potential conflict. An experienced estate planning attorney can help you create a more sound will or will alternative that reduces the likelihood of a contest. 

Who Should Take Steps to Prevent Future Conflict Over an Estate?

Some people may not find it necessary to take any particular measures to avoid a will contest. For others, it can be extremely important. You should consider taking precautions in these circumstances: 

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 Posted on December 07, 2021 in Estate Planning and Probate

The idea of creating a trust that you cannot later revoke or amend can be frightening to some people. Initially, very few are willing to place any assets into an irrevocable trust out of fear that they will not be able to change their mind or get their property back. There are, however, certain advantages to irrevocable trusts. Whether an irrevocable trust makes sense as part of your overall comprehensive estate plan will depend on your individual goals and needs. In some situations, irrevocable trusts can save you - and your future beneficiaries - substantial money. It is best to work with a qualified estate planning attorney to determine what types of trusts or other testamentary instruments make sense for you. 

What are the Financial and Legal Advantages of an Irrevocable Trust?

Irrevocable trusts may not be right for every estate plan, but they can be invaluable tools when used correctly. Whether this type of trust may work for you will depend on your unique circumstances. 

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 Posted on November 30, 2021 in Estate Planning and Probate

Planning for the possibility that you may one day lose the capacity to make medical and financial choices for yourself is a very wise thing to do. It can be an emotionally charged topic - facing the likelihood that you will experience incapacity in your lifetime can be difficult. However, there are actions you can take right now that will allow you to retain a measure of control should that day come. The time to make decisions about your later-in-life care is now, while you have the capacity to do so. An estate planning attorney can help you prepare a series of documents, such as a living will, that make your wishes known. 

Why is Incapacity Planning Important? 

Failing to plan for incapacity can leave a lot to chance. If you do not have a thorough plan in place, the court may need to appoint a guardian for you. There is no guarantee that the court, your guardian, your doctors, and others involved in your care will know and respect your wishes. 

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 Posted on November 11, 2021 in Estate Planning and Probate

For many people, probate is a dreaded process. It can be extremely complicated and flush with legal technicalities, deadlines, and mandated procedures that must be followed in the right order. If the difficulty of the probate process is not enough of a deterrent, the expense should be. Probate courts can also charge fees that many feel are exorbitant, and the process may leave your estate exposed to hefty tax burdens. It can also take months to years before a single beneficiary actually receives anything out of the estate. The reasons probate might be undesirable are plentiful. Fortunately, with the skill of an experienced estate planning attorney, there are ways to keep most or all of your assets out of probate. 

When Does an Estate Need to Pass Through Probate? 

For a long time, a will was the main way that people passed on their assets after death. This is rapidly changing. All transfers of property done by a will must pass through the probate process. So, if you use a will as your sole testamentary document, your entire estate will need to go through probate. Any property that is controlled by a will is subject to probate - which is why many are turning to trusts as an alternative.

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