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This may sound surprising but almost everyone needs estate planning done in their lifetime. Whether you are a young couple with children, an older individual nearing retirement or a same-sex couple, having an estate plan in place can protect your assets and legacy.

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.

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.

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.

Probate can be costly and complicated. Unfortunately, not probating a Will could cause your family more stress in the long run. Failing to probate a Will can lead to title or asset transfer problems, debt, disputes, and even potential lawsuits. There are a few situations in which a Will does not have to be probated in Texas. An attorney is essential to help you determine if this is the case with your situation.

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.

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.

I am frequently asked by prospective estate planning clients, "Do I need a trust?" The answer is the classic one: It depends. 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.

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.

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.