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?

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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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 Posted on January 28, 2022 in Estate Planning and Probate

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. 

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 Posted on January 21, 2022 in Estate Planning and Probate

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. 

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 Posted on January 14, 2022 in Estate Planning and Probate

The term “irrevocable” frightens a good many people out of taking advantage of this type of trust. Many people are afraid of putting their assets into a trust that they will not be able to take back later, which is entirely reasonable. However, there may be less risk involved with creating an irrevocable trust than you might think. The benefits of using an irrevocable trust may outweigh the risks in a number of situations as well. Finally, there are legal means for modifying even an irrevocable trust under certain circumstances. A qualified estate planning attorney can help you determine what types of trusts make sense as a part of your comprehensive estate plan. 

What Are the Benefits of an Irrevocable Trust?

The major goal for most people who create an irrevocable trust is asset protection. Assets contained in an irrevocable trust are given a rather high level of protection against creditors, judgments stemming from lawsuits, certain taxes, and others. Those the named beneficiaries owe money to will not be able to access funds contained in the trust. Since the beneficiaries cannot make voluntary withdrawals, they generally cannot be compelled to make withdrawals to pay debts. 

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 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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