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What Happens If You Die and Own Out-Of-State Property?
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.
Read MoreHoliday Travel: Why Parents Of Young Children Need Wills
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.
Read MoreWhat 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. This is called probate as a muniment of title. It is a simple process compared to a full, regular probate.
Read MoreHow Do You Obtain Guardianship For An Incompetent Parent?
Obtaining guardianship for a parent or loved one who can no longer care for themselves is often overwhelming. You will need to meet with an attorney, have a doctor provide proof of the individual's physical or mental incompetence, choose a guardian, and start the legal guardianship process. Obtaining guardianship powers is not a do-it-yourself endeavor, so you will need the support of an experienced attorney to guide you through the process.
Read More4 Estate Planning Questions To Ask Your Loved Ones Over The Holidays
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.
Read MoreWhat Is The Cost Of Probate Or Administration Of An Estate In Texas?
One of the first questions the family of a loved one who has passed will ask is, 'What will it cost to settle the estate in Texas?' The answer to this question depends on four key factors: the type of assets that will be transferred, if payable on death designations were made on assets, whether there was a Will, and if the heirs agree on a plan for the probate. Based on these factors, you could expect to pay anywhere between $1,500 to upwards of $5,000, depending on which option is most appropriate for your situation.
Read More6 Compelling Reasons to Have a Living Trust
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.
Read MoreUse This Slick Trick To Transfer Real Estate Without Probate In Texas
Texas law has recognized an estate planning trick that is extremely effective to help avoid probate and is low cost, called a deed with an enhanced retained life estate, or “Lady Bird” Deed, or Transfer on Death Deed ("TODD"). These are basically the same form with minor differences. These tools can be used for all types of real estate interests in Texas and are expanding to many other states as well.
Read MoreFinding A Good Estate Planning & Probate Attorney
With so many estate planning and probate lawyers out there, how do you pick the right one for you? You don’t have to settle for an attorney who isn’t a good fit for you or your legal matter. These 6 questions will help you determine whether an attorney will have your best interests at heart.
Read More4 Signs You're Working With The Wrong Attorney
When researching potential attorneys for your case, always do your homework. Choosing an unqualified or dishonest attorney could not only result in a negative outcome for your legal situation, but it could also cost you more money in the long run.
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