On average, only about 1/3 of all Americans have drafted an estate plan. This means that most people do not have a will, they have not created a trust and they have not taken other steps to plan for the future, such as setting up a power of attorney. When someone...
Your estate plan may need to include some digital assets. But the reality is that it is complex. It depends on the type of digital assets you have, how you acquired them and what you plan to do with them moving forward. For example, perhaps you purchased...
An estate plan helps establish what happens to your assets after you pass away. For example, you may want your spouse to inherit your entire estate. You may split your estate among your children. You can use a will to codify who inherits your assets. However, a will...
The probate process typically takes 6 to 18 months, though simple estates can sometimes be completed in 3 months. Unfortunately, even relatively minor mistakes can slow the administration of an estate, increase costs and create unnecessary stress for the surviving...
It is a common misconception that if you are single and do not possess huge assets, you do not really need a will. Many believe their property will automatically and easily pass to their parents, siblings or loved ones. However, if you pass away without a will in...
Choosing to disinherit a family member is rarely an easy decision. While estate planning allows you to decide who inherits your property, removing a close relative from your will can have lasting emotional and legal consequences for everyone involved. Before making...
Disinheriting someone can get a bit tricky. If a parent decides to cut one of their children out of the will, for example, they may simply leave that child out. They do not mention them at all and instead split their assets between other beneficiaries. But this can...
Adults should have an estate plan in place to ensure their wishes are known and legally enforceable. Creating this plan is straightforward for many adults; however, that’s not necessarily the case for those who have a blended family. One of the challenges that comes...
Creating an estate plan often begins with assets. People make an inventory of everything that they own and their financial holdings, such as bank accounts and investment portfolios. They then determine exactly how they want to split these assets up among family...
Many people assume that all assets must pass through probate after someone dies. In reality, a large portion of an estate may transfer directly to beneficiaries without court involvement. These assets are known as nonprobate property. Texas law recognizes several...