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There are two types of probate where there is a Will in Texas that can be followed to distribute a loved one's estate after he or she passes away. Formal probate is a longer, more complex process. On the other hand, probate as a muniment of title is a simple and affordable way to ensure your loved one's assets are distributed as required in the Will. The type of probate applicable to your situation will depend on a number of factors.

One of my biggest pet peeves over the years has been the over-selling of living trust packages to folks doing their estate planning. There are definitely times when a living trust is a good estate planning tool. However, for many individuals a living trust is an unnecessary expense.

Many people are afraid of drawing up a will and doing other estate planning because of the perceived high cost. The truth is, drawing up a will is a small cost compared to the cost of probate of an estate if you die without a will and own almost any property.

Estate planning isn't just for rich or older individuals. Even young, single 20-somethings should start thinking about how their property will be distributed in the event of a tragedy. Drawing up an estate plan is not as much an action you need to take for yourself, but one you should take for your loved ones. There are 4 elements of an estate plan you'll need to draw up: a Will, a Statutory Power of Attorney, a Medical Power of Attorney, and beneficiary designations.

If your loved one died without a Will, transferring his or her assets to beneficiaries can be quite difficult. If no action is taken, assets will not be properly transferred and the beneficiaries will have to take some legal action down the road to straighten out the situation. In some cases, a costly determination of heirship proceeding and dependent administration of the estate may be required.

Three key factors that go into making the decision of whether to incorporate or not are; Liability Protection For Personal Assets, Income Tax Pros & Cons, Business Management Pros & Cons.