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What Is The Legal Process To Divide An Estate If There Is No Will?

Families frequently come to me needing to know how to figure out who gets what when a loved one dies without a will. Unfortunately, the answer is that they may be in for a lot of expense and time in a very complicated legal proceeding.

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Should I Incorporate?

Is incorporation right for my business?

 

If you ask me whether you should incorporate or not, I will give you the typical lawyer response, “it depends”. Each situation is different and depends on many factors.

Three key factors that go into making the decision of whether to incorporate or not are:

  1. Liability Protection For Personal Assets

  2. Income Tax Pro’s & Con’s

  3. Business Management Pro’s & Con’s


Learn more about these three factors below.  

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Starting A Business? Find Out Which Entity Type Is Best For You

If you are considering starting a small business, you're most likely trying to sort out the different types of businesses and trying to decide which type is best for you. Each type might be better for a specific purpose or situation, relating to taxes, liability, and your ability to control the profits and losses of the business. Sorting out the terminology can be tricky. This run-down will help navigate the choices you have.
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What Is A Muniment Of Title Probate, And When Is It Appropriate?

Texas law provides for a shortened, less complicated, less expensive form of probate in specific circumstances called probate as a muniment of title. This funny-sounding procedure really means that your loved one’s will is officially recognized as valid by the probate court and placed of public record as notice to third parties to honor the terms of the will for transfer of property. This is a very simple process compared to a full, regular probate.

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Why You Should Start Estate Planning In Your 20's

Estate planning isn't just for rich or older individuals. Even young, asset-poor 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. 

Just like an older individual, a young, single person has as much need for a will to designate who would receive anything in the event of his or her death. Whether you have a little or a lot, without a will, the State of Texas will assume your parents should receive your estate. This may not be your preference. Therefore, creating an estate plan will help ensure your wishes are met.

In addition, in the event of your passing, a loved one would also have to spend a great deal of money to go through an estate administration process. If you draw up a will, you could prevent your parents from enduring this stressful, expensive situation.

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Why You Need A Living Will And Medical Power Of Attorney?

If you have ever gone through a hospital admissions process, you’ve likely been asked if you have a living will (also known as a directive to physicians) and a medical power of attorney.

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How Much Does It Cost To Set Up A Trust?

 

If you are considering setting up a trust, you are most likely wondering how much it will cost you. Unfortunately, the standard lawyer answer is “it depends.”

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How Much Does It Cost To Set Up A Guardianship?

To put it simply, guardianship are very expensive. 

Most guardianships are for both:

  • The person - actual physical and medical care for the person.                                                                                  
  • The estate - taking care of all the business affairs of the person.
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Worried About A Loved One's Ability To Take Care Of Their Own Affairs?

Hopefully, you recognize the issue before it’s too late to pre-plan. The time to seriously review all of a loved one's financial and estate planning affairs is in the early stages of Dementia or Alzheimer's. Progression of the degree of incapacity varies from person to person. Obviously, a visit to a physician for a diagnosis and treatment plan should be your first priority. Then a visit to an attorney should be next.

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How Do I Avoid Needing a Guardianship?

Pre-Planning is Key

Pre-planning is necessary to avoid needing a guardianship. People live much longer these days, and Dementia and Alzheimers are a common issue families face with loved ones or themselves. Pre-planning to deal with incapacity is very smart.

Failing to pre-plan means that it may be necessary to open a court-administered guardianship. This proceeding is very complicated, time consuming, and expensive. The time to avoid all this is before you or your loved one becomes incapacitated. If you are your loved one are already incompetent, it is too late! Guardianship is the only option then.

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