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Part 3: The Cost Of A Small Estate Affidavit

In this series of blogs, I am outlining various different types of probates or probate alternatives to settle an estate and their likely costs. As I mentioned in the introduction to this series, the cost is predominantly determined by the type of procedure followed. 

In Part One, I discussed probate as a muniment of title, which usually is the least expensive procedure. In Part Two, I discussed the cost of an independent administration of the estate. Both of those procedures require the decedent to have had a will. If there is no will, the least expensive way to settle the estate through a court proceeding is a small estate affidavit.  

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Why You Should Have A Statutory Durable Power Of Attorney

Purpose Of A Power Of Attorney 

An important component of an estate plan is a statutory durable power of attorney, otherwise called a general power of attorney. This power of attorney allows you to name an agent or agents to carry on business type activities on your behalf if for any reason you are not able to do so yourself. 

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What Is The Cost Of Probate Or Administration Of An Estate?

One of the first questions the family of a loved one that has passed will ask is, “What will it cost to settle the estate?”

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Do I Need A Trust?

I frequently am asked by prospective estate planning clients, "Do I need a trust?" The answer is the classic one: It depends.
 
For some people a revocable living trust is a very smart estate planning tool, and for others it is a waste of money.
 
Trusts are promoted in a lot of random general literature that the public receives. They are not a one-size-fits-all solution. Whether setting up a living trust is a good idea for you should be discussed with an estate planning attorney who has full knowledge of your assets, family circumstances, and desires.
 
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How Prenups Dovetail With Estate Planning

How prenups dovetail with estate planning

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Prenups Aren't Just For The Rich And Famous. 6 Reasons To Have A Prenuptial Agreement

Prenups Aren't Just For The Rich And Famous. 6 Reasons To Have A Prenuptial Agreement

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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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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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What Is A Deed With Enhanced Retained Life Estate (Lady Bird Deed)?

A fairly new estate planning trick that is extremely effective and low cost is a deed with a retained life estate or “Lady Bird” deed. This tool can be used for all types of real estate interests.

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