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Recent Blog Posts
Living Wills and Other End of Life Legal Options
So many things in life are completely out of our control. The estate planning process aims to give back some of this control to people and their families when the inevitable or unpredictable happens. Estate planning can address issues associated with money and property. To ensure their family is adequately provided for in the event of their death, many people create a will, laying out the deceased person’s wishes for when they are no longer living.
While most people have likely heard of a will, they may not have heard of a living will. Essentially, a living will is a document of medical instructions that allows you to determine, while you are still alive, what medical decisions you would like administered or withheld in the event you become medically incapacitated. If you believe you or your loved one may benefit from creating a living, it may be wise for you to contact an experienced attorney knowledgeable in estate planning.
Who Should Have Powers of Attorney Ready?
Powers of attorney can be powerful tools for self-protection during your own lifetime. Should you ever find yourself in a situation where you are not capable of making decisions for yourself or managing your estate, you would likely want to be able to choose the person who should step in and begin managing your affairs. Many people think of powers of attorney as being important mainly for older adults who are likely to suffer mental deterioration due to the effects of aging and aging-related illnesses such as dementia. However, senior adults are not the only group of people who should have powers of attorney in place.
Our team has seen many, many situations where a seemingly young and healthy person is involved in an emergency and needs another person to make medical decisions or get their bills paid on time. Serious accidents can happen to anyone, anywhere, at any time. With powers of attorney in place, you can be ready for any surprises life may throw your way.
Who Can Make a Will in Texas and How to Execute One
Creating a will is often seen as the most basic form of estate planning. While an increasing number of people choose trusts over wills, these documents still have important uses for many individuals. Smaller estates may be passed entirely through wills in some instances. Texas state law sets out a few basic requirements that must be met in order for a will to be considered valid and enforced during probate. Some requirements relate to who the testator is, while others proscribe a very specific method of will execution.
In general, most adults will be able to create a will in Texas. There are limitations based on the testator’s competency, however. This is one reason why middle-aged and even young adults should consider creating a will now rather than waiting until they are older adults at risk for age-related mental deterioration. It is also highly advisable to execute a will only under the direct supervision of a qualified lawyer.
How to Arrange Care for a Pet in Your Estate Plan
Many people share a strong bond with their pets. Companion animals can be a wonderful source of comfort to their owners. If you have a dear pet who could potentially outlive you, you may be comforted to know that there is a way to provide for the ongoing care of your pet using your estate plan. Trusts for the care of an animal are explicitly authorized in Texas’s trust code. There are requirements governing the use of pet trusts. For example, the animal provided for must be alive during the grantor’s lifetime. A trust to care for your dog would likely be permitted, but a trust caring for all future descendants of your dog would likely not be enforced. If you are interested in using a trust for the care of an animal to provide for your pet should they outlive you, it is best to work with a skilled attorney. Pet trusts can be complex as can any other form of trust.
What You Should Know About Trusts for the Care of an Animal
Unlike a trust designed to care for a person’s human loved ones, which may be administered for decades after the settlor has passed away, pet trusts are frequently of a more temporary nature. Most pets do not live longer than ten to twenty years in total. There are of course exceptions - some bird species have a usual lifespan on par with humans. However, for animals with shorter lifespans, the trust need not be a particularly long-lasting one. Pet trusts automatically terminate upon the cared-for animal’s passing. It may be prudent to include a clause governing what should happen to any remaining trust funds.
3 Essential Asset Protection Strategies in Estate Planning
When you are planning how your estate property is to be distributed one day, you likely want the entirety of your estate passed on to your loved ones rather than being diminished by fees and costs. Mistakes during the estate planning process can lead to the loss of estate funds and property, affecting what will be available for your beneficiaries. There are a number of estate planning strategies geared around asset protection. Everything from the type of testamentary instrument you use to the wording of a trust can have a significant impact on your estate’s asset retention.
Asset protection may be of particular importance for those with more complex assets they are seeking to pass on, such as ownership interest in a company. It is wise to work with an experienced attorney who can help you to utilize every available asset protection tactic during the estate planning process.
Ways to Preserve Estate Property
There are a variety of tools available in estate planning that can help you and your future beneficiaries make the most of the assets you have built up throughout your lifetime. Asset protection strategies used in estate planning may include:
Why Young Adults Need Estate Plans Too
Estate planning is often thought of as a task for the sick and the elderly - those who reasonably anticipate that their life will draw to a close in the relatively near future. Those with great-grandchildren are meant to make out their wills. A father diagnosed with late-stage cancer should create a trust. Those who are of an age to be concerned with Alzheimer’s and other age-related impairments of the mind need powers of attorney and health care advance directives.
While it is true that the aforementioned groups should create estate plans with haste, it is also important for young adults to undertake the task. Little can be predicted in life. Even those who are young, unmarried, and with no descendants would be wise to create an estate plan to cope with the contingencies of life. If you are interested in making an estate plan, an attorney can aid you in preparing the documents your plan should be comprised of.
When Should a Successor Trustee Seek Legal Assistance?
The duties of a successor trustee can be complex and varied. Depending on the nature of the instructions left by the grantor, a successor trustee may have significant discretion in distributing trust funds, or none at all. Despite holding the instructions of a now-deceased grantor sacred, a series of difficulties may arise for the successor trustee. Situations may arise frustrating the purpose of a trust or rendering its continued administration impracticable. Successor trustees, even professionals, may encounter situations that are legally complex and require a high level of skill and commitment. Beneficiaries, or those who were not named as beneficiaries, may not be amenable to the successor trustee’s handling of the trust. Legal challenges may be brought. A majority of fiduciaries tasked with managing another’s trust for the benefit of the grantor’s selected beneficiaries may benefit from legal assistance at some point in the execution of their duties.
Top 5 Challenges Families Face During Probate
Probate is generally not fun. It can be complicated. It can be prolonged. It can be costly. There are multiple steps in the Texas probate process, so there are plenty of points where something could go wrong. It is fairly normal for families to run into difficulties during probate. Although the personal representative may initially have things under control, that could change at any moment. Anything from a surprise challenger to a few missing documents can throw a wrench in probate unexpectedly.
Many bereaved families start the process by themselves only to find that they need help from an attorney midway once a challenge arises. It is often best to have a lawyer on board from the beginning if possible. Our goal as probate lawyers is to take on the legal side of handling your loved one’s estate so that you and your family can focus on healing from your loss.
The Most Common Problems That Arise During Probate
Even if everything goes smoothly, probate can still be difficult. Some of the most common challenges that people face during probate include:
The Two Main Types of Trusts
Estate planning trusts come in many different forms. There are trusts with specific purposes, like charitable trusts and minors’ trusts. There are trusts created by a will. If you are looking to create a trust, you have numerous options. However, the two main types of trusts you will likely work with are revocable living trusts and irrevocable living trusts. The differences between the two largely revolve around how flexible the trust is. Many people choose revocable living trusts because they are rather easy to go back and make changes to. The idea of an irrevocable trust frightens some people. However, there are numerous benefits to using irrevocable trusts, mainly related to asset protection. You should speak with an attorney about what your particular estate planning needs and goals are before settling on a type of trust.
What Is a Revocable Living Trust?
A revocable living trust is the standard type used by estate planning lawyers. When you create one of these trusts, you “fund” it by placing your property in the trust. Most people name themselves trustee so that they can retain control over their property.
3 Tools Texas Parents May Need in Their Estate Plan
No parent ever wants to think about the possibility of passing away while their children are still children. It can be a terrifying and uncomfortable thought. It is also statistically very unlikely, especially if your children currently have two living parents. However, life is nothing if not unpredictable. No one can predict the future. While you are highly unlikely to need an estate plan that provides for your minor children, it is far better to have one and not need it than to need it and not have it.
As you cannot leave money directly to a minor, even if they are your own child, you will need to use several different estate planning tools to protect them. If you have minor children and you do not already have a strong estate plan designed with them in mind, the time to start building one is today.
Estate Planning Tips for Parents With Young Children
There are a handful of legal tools parents of minor children can use to protect their children should the worst happen. Documents and strategies that may belong in your estate plan include:
14603 Huebner Rd., Bldg. 32, San Antonio, TX 78230
210-535-0870
