Houston Texas Estate Planning Blog

When a loved one dies, a number of actions need to be taken. During estate administration, the executor or personal representative must handle numerous tasks outlined in Texas law. In many cases, a surviving spouse will more than likely need to work with an estate administrator in order to take care of several issues that may not be quite so obvious.

For instance, a surviving spouse who is the beneficiary of a retirement account will need to determine how to obtain the funds without incurring significant tax liability. Certain distributions may be required that would not have caused a taxable event for the deceased spouse, but could for the surviving one. Health insurance could also be an issue if the employer of the spouse who passed away covered the spouse.

The estate administration process is just that: a process. Many in Houston might view it as a singular event, with one's will being read and their assets dispersed. Yet estate cases are rarely that simple. Oftentimes, they can continue on for months or even years. Sometimes that is due to disputes regarding the disbursement of the estate, yet in many instances, cases are prolonged simply because of the nature of the assets and properties they contain. 

Then there may be times when both cases are true. That is what is happening with the estate of a renowned Houston attorney who died in a car accident in 2009. From an outsider's perspective, his estate case may appear to be fairly simple: he had no children, and all of his assets were left to the charitable foundation he established in the 1980s. Yet at the time of his death, there were cases involving him, his law firm and his other business matters; in the last 10 years, most of those claims have been resolved. His law firm, which no longer practices, remains open to accept settlement payments. 

Drafting a last will and testament may not be a top priority. Yet, estate planning is important for people at any age, especially if you have young children or are the caregiver of an adult. It is important to know who will take care of your loved ones should something unexpected happen, rendering you unable to make critical decisions regarding their care. Appointing a guardian in your last will and testament may be one of the  most critical decisions you make, and it is essential that you understand what types of guardianships are available. 

In addition to appointing a guardian to care for minor children, you can declare someone as guardian of an incapcitated adult or elder citizen. If you are unable to maintain care of that person, the guardian will be given legal rights to make decisions on their behalf. Full guardianship gives full responsibility and decision-making rights over a person’s financial, medical and legal affairs. 

When people think of tasks that need to be completed, creating a last will and testament may not come to mind. It is difficult to think of a time where we will not be here with friends and loved ones. It may also be a far reach to consider what will happen to the property and assets one has accumulated during a lifetime after they pass. Whether one has just reached retirement age or is just starting a family, it is important to consider creating a will. This document records what will happen to the estate if an unexpected accident should occur. 

There are many critical details to include in the last will and testament to ensure everything runs smoothly once one passes away. The executor of the estate and will is one who will be in charge of taking the estate through the probate process and ensure everything is handled according to the wishes stated in the will. If an executor is not named in the last will and testament, one will be appointed by the state. If possible, one should choose a responsible executor that they trust to oversee the finalization of the will.