When you take on the responsibility of managing a loved one's estate, one of your first tasks is creating an inventory of their assets. This list helps settle debts, distribute property, and meet legal requirements in Texas probate. Start with physical property Begin...
Many people think that it makes sense to wait to make an estate plan. In fact, since most people don’t have an estate plan, researchers have asked them for the reasons why. Planning to do it at a later date is one of the top reasons they give. Usually, people assume...
Do you remember the last time you drafted your estate plan? If you are struggling to recall the last date you updated your estate plan, then this may be the year to make some changes. It is often suggested that an estate plan is updated at least every five years....
There are many reasons why you may need to draft, review or update your estate plan. One common reason is if you have a child. While even single individuals can still benefit from estate plans, the birth of a child is often a triggering event that causes people to...
A pour-over will ensures that any assets left outside of a trust at the time of your passing transfer into the trust. This legal tool works alongside a revocable living trust to provide a streamlined estate planning process. In Texas, pour-over wills offer several...
Nowadays, virtually all young adults in the U.S. are in possession and/or control of important digital assets that need protection in the event of their incapacitation or untimely death. Although it isn’t easy to think about the possibility that one’s life might be...
Payable-on-death (POD) accounts offer a simple way to transfer funds after your passing. They ensure your chosen beneficiary receives the money in the account without the delays and expenses of probate. Understanding how these accounts work can help you streamline...
Estate planning involves more than drafting a will or naming beneficiaries. Many people overlook key elements that can simplify matters for loved ones and ensure assets are distributed as intended. Addressing these less-common aspects can provide additional security...
Misconceptions about estate planning abound, such as the belief that it is only necessary for the wealthy or that simply having a will is sufficient. Those who are considering putting together an estate plan can benefit from learning about the dangers of these common...
Beneficiaries often assume that an estate plan will be relatively equal. For instance, say that a parent has $2 million in their estate and four adult children. Those direct beneficiaries may assume they will each receive roughly $500,000 in assets when the parent...