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Recent Blog Posts
6 Reasons to Choose a Revocable Living Trust
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.
How Does a Special Needs Trust Work in Texas?
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.
When Should a Beneficiary Hire a Lawyer?
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:
5 Types of Trusts That You Might Need in Your Texas Estate Plan
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:
Top 3 Reasons for Estate Litigation in Wilson County
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?
If I Am a Fiduciary, Do I Need a Lawyer?
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:
Avoiding a Guardianship in Older Adulthood for Texas Residents
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.
Top 4 Reasons You Might Disinherit a Family Member
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:
What Happens if I Never Make an Estate Plan in Texas?
People have a lot of different reasons for avoiding estate planning. Some are uncomfortable thinking about their mortality or the possibility that they could become incapacitated later in life. This is quite common. However, having a plan in place can actually alleviate some of the fear surrounding these things. Knowing that your loved ones will be taken care of when you are gone, or knowing that your wishes would be followed should you become incapacitated, may give you some peace of mind.
If you have been reluctant to start the process of estate planning, now is the time. The sooner you get on board with this type of planning, the sooner you can stop worrying about it. With the help of a qualified estate attorney, the process may be faster and easier than you think.
What if I Pass Away Without a Will or Trust?
Testamentary planning - deciding what will happen to your property when you are no longer here to enjoy it - can ease the stress on your loved ones at a time when they will be grieving. When you leave a will or trust, the process of administering your estate is likely to go relatively smoothly. However, if there is no testamentary plan in place, your family’s only option will be going through intestate probate.
Should My Estate Plan Include a Will, a Trust, or Both?
The differences between wills and trusts are sometimes a source of confusion. Deciding whether you should have a will, a trust, or both, can be difficult, and is best done with the help of an attorney who understands your situation and needs. Everything from your family structure to the size of your estate to the nature of the property you own can influence the type of testamentary documents you use. In many cases, both a will and a trust can be used in conjunction to form a strong, cohesive estate plan. Because there are so many variables at play, it is generally a good idea to work with an attorney to create these important legal documents.
Who Needs a Will?
Those with minor children almost invariably need a will for the purpose of naming a guardian. Parents can designate the individual they would like to become their children’s guardians in the event that both parents pass away while the children are still minors.
1602 N. PanAm Expressway, San Antonio, TX 78208
210-535-0870
