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Cost Of Drawing Up A Will VS. Probate Without A Will

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.
             


For a simple “Mom and Pop” will, where spouses leave everything to each other, if surviving, or on the death of the survivor to their adult  children, the cost is not likely to be more than $500 per person. Even if trust provisions are added to the will for possible minor beneficiaries, the cost is still likely around $750 per person.

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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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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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What Do I Do If A Loved One Dies Without A Will? (Part Two)

This blog is part two of What Do I Do If A Loved One Dies Without A Will. Part One discussed an Application To Determine Heirship  proceeding, the more formal court proceeding to determine heirs and order transfer of property.

Sometimes, we determine after a review of the assets of the deceased loved one that a more informal, less expensive “Affidavit Of Heirship” would be sufficient.

It is not always certain that third parties will accept the informal “Affidavit,” but because it is so much less expensive than the formal court proceeding, it may be worth trying this first.

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When is probating a will in Texas not necessary

Sometimes, if your loved one has no assets that are not already disposed of by beneficiary designation or payable on death provisions, there is no need to probate a will. This frequently happens if they had already sold their home and were residing in a nursing home, and the only assets they still owned were liquid assets.

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Advance Planning Tools To Help Avoid Probate

Sometimes, even when a person has drawn up a will, probate of the will may not be necessary. Advance planning with probate-alternative documents can avoid the need for probate in many cases.

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What Happens In Probate in Texas?

There are generally two types of probate in Texas where the decedent had a will. A full probate or a muniment of title are the two main options. A muniment of title probate is only available when there are no debts of the estate other than those secured by liens on real estate.

A full probate in Texas is complex and can be difficult to navigate without the legal counsel of an experienced probate attorney. There are many steps in the process, all of which are essential to legally settling an estate.

After the Will is located and it is determined who will serve as executor, the executor (or someone on his or her behalf) applies to the court in the county where the deceased had legal residence to probate the will.

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Is There More Than One Type Of Probate? [Probate Q&A Video Series]

Is there more than one type of probate? In Texas, there are two broad types of probate.

Learn more about the two types of probate in Texas by watching the video.

 

 

 

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