A trust is a legal arrangement in which a trustee manages assets on behalf of another party, known as the beneficiary. People use trusts for many purposes, such as managing and protecting assets, ensuring that assets get distributed according to the grantor's wishes...
Choosing a guardian for your child may be the main focus of your estate plan. You may also take other steps, like putting money into a trust or making medical decisions in advance. But as a parent, setting up a positive future for your child is the main goal. You may...
A Transfer on Death Deed (TODD) is a useful tool for Texans planning their estates. These documents simplify estate planning and avoid probate proceedings. If you’re working on your estate plan, it is important to understand how a TODD can be a benefit to you and your...
If a loved one asks you to be their estate's executor, you don't need to respond immediately. Request time to obtain adequate information to decide whether or not you accept the appointment. Below are three things to consider: The estate's complexity Administering an...
Estate planning is an important process that allows you to make decisions about your assets and how they will get distributed after you pass away. However, family conflict can sometimes arise during the estate planning process, leading to tension and discord among...
Many people know to update their will, but if you have a trust, you should know how to make changes to it as well. While it is very hard to alter an irrevocable trust, a revocable trust allows you to modify its terms as your life circumstances change. Depending on...
Digital assets encompass everything from social media accounts, email and online banking accounts to digital photos, music libraries and cryptocurrency. These assets hold both sentimental and financial value, making it important to include them in your estate plan....
Planning for the future is important, especially when it comes to preserving wealth and securing the well-being of your loved ones. However, many families encounter challenges when transitioning assets through generations. The so-called "third-generation curse" refers...
Estate planning is a smart way to ensure the distribution of your assets according to your wishes after you pass away. However, in Texas, there are circumstances under which someone might attempt to challenge or invalidate your estate plan. Understanding these...
Estate planning can be a complex problem, especially when it involves family businesses. It can be difficult to decide how to handle one. Business owners do not need to consider just inheritance, they also need to think about what happens to the business. This is...