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Probate or administration is the legal procedure for settling and transferring a person's estate, including assets and debts. If a person owns property in a different state from that in which he or she died, an ancillary probate or administration in the other state might be necessary. If there was a Will, a probate will likely be proper, and if there was no Wll, a costly administration may be necessary.

Most young parents don't want to even think about the possibility of death and see no need for estate planning. However, if a tragedy struck and both parents of minor children were killed, the situation left for their loved ones to deal with is extremely complicated, expensive, and emotional.

The holidays are a perfect time, while family and friends are gathered together (safely distanced, of course), to discuss whether your loved ones' estate planning and related legal matters are in order. It is an emotional subject to approach, but it is much better to be brave and tackle the subject than to avoid the discussion. Later regrets that plans which should have been made were not, will leave you with an even harder situation to deal with.

Not everyone needs a trust, and in some cases, it can be more money than it's worth. However, there are at least six really good reasons for you to have a living trust in your estate planning package. Key considerations for drawing up a trust include the amount in your estate, whether you own assets in another state, privacy concerns, limits you can place on beneficiaries, and protecting your assets.

Estate planning is even more important for LGBTQ+ individuals, yet it is often overlooked until it is too late. Whether you are married or not, you should consider drawing up a Will, a statutory durable power of attorney, a medical power of attorney, a power of attorney to dispose of remains, and review possible beneficiary designations to ensure your wishes are honored in the event of your passing.

The cost of a living trust in Texas depends on the type of trust you need. A revocable trust is one that can be completely or partially revoked either during the lifetime of the person creating the trust or afterward. An irrevocable trust means just that: it cannot be revoked. The cost of a very simple living trust is a minimum of $1,500 - $2,000. The average cost goes up incrementally with the complexity of the trust document.

Trusts are an excellent tool to provide for the future needs of yourself or your loved ones. A trust can be especially beneficial if you have children with special needs, including minor children and adult children with disabilities. There are two types: general support and supplemental care. You can also create a trust for yourself if you need to apply for Medicaid and your assets exceed the limits to qualify.

Setting up a Living Trust is the best way to ensure your assets are passed onto the right people if you pass away. To start the process, you will need to gather all pertinent information about your assets, choose your primary and secondary trustees, determine how you want the trust to operate after your passing, and finalize the trust agreement with the help of an attorney.

Many people incorrectly assume that a living trust is a magical estate planning tool for everyone. For some people, a living trust truly is a smart way to handle their estate, but for others, it is an unnecessary expense. A living trust is more costly to prepare than a standard Will. However, it allows you to include specific, detailed provisions in your estate plan and protect your mineral or real estate issues.

People frequently delay having a will drawn up because of concern for the cost. The cost of preparing an estate plan package is very reasonable. A standard "Mom and Pop" Will without other detailed provisions generally ranges from about $500 to $750 per person. Compared to the expense you would be out to handle your estate without a Will or other estate planning documents, it is a bargain.