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What Makes a Will Valid in Texas?

A Texas last will and testament is one of the most important parts of a complete estate plan. Without a will, you won’t be able to ensure that your property and assets are distributed according to your wishes when you die. Because a will is so important, there are specific Texas will requirements you must comply with in order to have a valid will. Following these requirements to the letter is an absolute must since dying with an invalid will is the same as dying with no will at all. Texas Will Requirements There are several important Texas will requirements a testator (the person executing the will) must follow.  Legal Capacity Under Texas will laws, a testator has the legal capacity to make a will if they are of “sound mind,” which usually occurs (at least in the eyes of the law) when someone reaches 18 years of age. However, turning 18 is not the only way someone becomes legally capable of executing a will. Texas Estates Code Section 251.001 also permits execution of the will if the testator is currently married, has been married in the past, or is a member of the armed forces. Testamentary Capacity Testamentary capacity is a special type of capacity all testators must have to legally execute a will. Unlike legal capacity, the requirements for testamentary capacity is significantly more robust. To have testamentary capacity, the testator must, at the time they sign the will, Know that they are creating will; Understand the consequences and effect of creating a will; Understand the general scope of their estate (in other words, a general understanding of what stuff they have); Know and identify the closest surviving members of their family, called the “objects of their bounty”; and Be able to understand and participate throughout the will execution process. Each of these requirements ensures that the testator is capable and aware of what they are doing. Because a will controls the disposition of the testator’s estate—which may be of high value—these rules make it very difficult for someone to manipulate the testator. Also keep in mind that a testator can satisfy all of the above requirements even if the testator has a diagnosis of dementia or similar cognitive decline. Even if there are only moments of lucidity, as long as that lucidity persists for the duration of the Texas will execution, the will can be valid. Testamentary Intent Testamentary intent refers to a testator’s intention to create a will. If the testator wants to create a will, they have testamentary intent. Generally, “intent” in the law is notoriously difficult to prove. However, with wills in Texas, the signature clause of the will generally includes language demonstrating testamentary intent. Procedural Formalities Finally, there are specific procedural formalities for a last will and testament. Texas Estates Code Section 251.051 establishes the procedural Texas will requirements for a valid will: The will must be in writing; The testator or someone in the testator’s presence and at the testator’s direction must sign the will; and The signing must occur in the presence of at least two credible witnesses. The witnesses must be at least 14 years old and must sign the will in the testator’s presence. Additionally, the witnesses cannot be beneficiaries in the will. The only exception is if the testator hand-writes the entire will (called a “holographic” will). In that case, no witnesses are required. Can I Use a Texas Will Template? Many websites claim to offer valid will templates that you can download and fill out easily. However, even if you hand-write any fill-in-the-blanks on the templates, it will not be valid without complying with the above Texas will requirements. As a result, using a template may leave you with an invalid will. It’s generally a good idea to hire a Texas estate planning attorney to avoid this kind of issue. What Happens If I Don’t Have a Valid Will? When someone dies with an invalid will, the law treats them as if they had no will at all. This is because without the safeguards put in place by the above Texas will requirements, the integrity of the will’s provisions can’t be verified. Instead, the testator’s property is distributed according to Texas’s intestacy laws. These laws offer a “default” method of distributing property to the testator’s surviving family members. Make Sure Your Will Is Valid Massingill Attorneys and Counselors at Law offers complete estate planning services on a no-nonsense flat-fee pricing system to clients in Cedar Park and Greater Austin areas. Let us take care of the hard parts of estate planning, so you can focus on what’s important. Contact us today online or at 512-410-0343 to book a free consultation by video, phone, or in-person.

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FAQs: Living Trusts in Texas

When it comes to estate planning, most people have heard of a last will and testament. While this is certainly a popular option for handling one’s estate, it is by no means the only option. In fact, a comprehensive estate plan will likely include both a will and a trust. What Is a Texas Living Trust? Broadly speaking, a trust is a legal entity organized to control your assets. A revocable living trust in Texas is a specific kind of trust that allows you to retain control of the assets you place into the trust while you’re still alive. Living trusts are a flexible option for managing your estate because you control which assets to put into it. For example, you could decide to transfer the title of your home and car to your trust. From that point on, the trust would own your house and car. Who Manages a Trust? When you set up a living trust as the grantor, you designate both trustees and beneficiaries. You can designate the same person as both a beneficiary and a trustee, and you can even name yourself as a trustee and beneficiary. Ultimately, the trustees are responsible for administering the trust for the benefit of the beneficiaries. They do this by following the instructions you set out in the trust formation documents. A Texas family trust is a popular option where only family members are listed as beneficiaries. What Is the Cost of a Revocable Living Trust in Texas? The cost of establishing a living trust will depend on a number of factors, including: The complexity of your estate and the number of assets you want to transfer into the trust; Whether the trust includes a spouse or significant other; and Whether you hire an attorney. It is possible to set up your own Texas living trust using an online service. However, doing so does come with some risks since you can’t take advantage of the experience of an estate planning attorney if you have questions. What Is a Revocable vs. Irrevocable Living Trust? A living trust in Texas can be either revocable or irrevocable. A revocable living trust gives the grantor the ability to modify the trust at any time. By contrast, an irrevocable living trust can only be modified with the consent of the beneficiaries. Living Trust vs. Will in Texas? While both wills and trusts provide for the disposition of your property, there is one major difference. Where a will is only effective after you die, a living trust becomes effective as soon as you transfer property into it. You can also make changes to your living trust while you are alive. What Are the Benefits of a Living Trust? Privacy is a major benefit of a living trust. The process of administering a will, called probate, is available in the public record. A trust, on the other hand, remains private. Revocable living trusts in Texas are also much more flexible and do not require all of the same formalities associated with changing and executing a will. Contact an Estate Planning Lawyer Setting up a will and trust is just one part of a complete estate plan. Massingill Attorneys and Counselors at Law offers flat-fee pricing on our will or trust-based estate plans. We will work with you to develop the best estate plan for your needs. Contact us today online or at 512-410-0343 to book a free consultation.

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| Read Time: 5 minutes | Estate Planning

Why Estate Planning Is Important in Texas

Many think that estate planning is only for the ultra wealthy, but that is simply not the case. If you have assets, you have an estate. If you have an estate, you need a plan. Below we will explain why estate planning is important in Texas. What Is an Estate Plan? An estate plan is a set of documents that directs others on managing your assets during your lifetime and at death. Part of estate planning includes developing instructions on your financial and medical care if you are unable to make those decisions. Your estate plan may comprise a combination of the following documents: Last will and testament, Advance power of attorney, Living will,  Medical power of attorney, and  Trusts.  At Massingill Attorneys & Counselors at Law, our goal is to make sure your intentions are clearly defined in your estate plan. We achieve this by incorporating multiple document types.  Last Will and Testament A will is your final chance to speak. This legal document communicates your wishes and instructs your executor on how to distribute your assets. Your will is only effective once you die, and only assets solely in your name (also known as probate assets) are subject to the terms of your will. With this document you can do the following: Gift specific property, cash, or other assets; Appoint your executor; and  Designate a guardian for any minor or disabled child.  Texas has its own unique requirements for a will to be valid. That is why it is advantageous to consult with an attorney to assist you in creating your will.  Financial Power of Attorney A power of attorney is a document that authorizes another person to manage your financial affairs on your behalf. There are several types of powers of attorney that are available based on your needs and goals. Powers of attorney can be broad or limited in scope and can take effect immediately or when a certain event occurs, such as incapacity.  A financial power of attorney can help protect you from financial abuse if you become incapacitated. Texas has a statutory form available, but it is best to speak with an attorney to fully understand the implications of the document before you sign. Living Will A living will, also known as an advance medical directive, provides end-of-life instructions. This document is meant to prevent confusion or disagreement among your family and health care providers with respect to how you want to be treated before you die. Typically, you would decide on the use of artificial hydration and nutrition, the use of breathing machines, whether you want to be resuscitated, and whether you want to be an organ/tissue donor. Medical Power of Attorney A Texas medical power of attorney allows you to appoint an agent to make health care decisions for you if you are unable to do so. Since the term “health care” includes a broad range of medical services, you may limit the agent’s power to only certain medical decisions. The document only goes into effect when a physician certifies that you lack competence to make health care decisions. The health care professional must follow your agent’s instructions. Trusts Trusts are used for many reasons, but most commonly to pass assets to beneficiaries outside the probate process and protect against creditors. Trusts come in a variety of types, including living trusts, testamentary trusts, Medicaid trusts, charitable trusts, special needs trusts, and life insurance trusts.  These estate planning vehicles are attractive because the beneficiaries typically get their inheritance quicker and cheaper than through a will. With proper use, trusts can also provide certain tax advantages to both the testator (the creator of the trust) and the beneficiary. Why Do I Need an Estate Plan? Estate planning is important for many reasons, from protecting your hard-earned assets to providing for your family to minimizing taxes.  Peace of Mind Planning for your death may seem like a morbid task. It is. Discussing how you want to die and who should get your car may not be fun, but it is rewarding. Knowing you are making sound decisions about your assets and providing for your family should bring you and your loved ones peace of mind. Tackle the tough questions and decisions now, so your family is not left scrambling, during an already difficult time, to figure out what to do with your estate. Protect Your Assets Without an estate plan, you and your assets are not protected. You have worked hard for what you have, so take the time to shelter it from creditors, greedy family members, or divorce proceedings. As mentioned above, estate planning is effective during your lifetime. The use of medical and financial powers of attorney can protect yourself and your assets from abuse. By incorporating wills and trusts into your estate plan, you continue to provide protection even after your death. Ensure Your Assets Go to the Intended Beneficiaries If you do not write your own will, Texas will do that for you. Under Texas intestate succession laws, your probate assets go to your closest living relatives. This highlights the importance of estate planning since your assets could pass to someone you may not want them to. Depending on who is surviving at your death, Texas will distribute your estate as follows:  If children survive, but not a spouse, then children inherit; If a spouse survives, but no children, parents, or siblings, then the spouse inherits; If parents survive, but no children, spouse, or siblings, then parents inherit; and If siblings survive, but no children, spouse or parents, then siblings inherit. The rules become more complicated when you have blended families or a mix of surviving parents, children, and siblings. There are several ways to avoid this type of distribution, such as executing a will, transferring your assets into a trust, or jointly owning property. Avoid Disputes An estate plan is a proactive measure you can take to mitigate family discord during an already difficult situation. Specifying exactly how you want...

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| Read Time: 4 minutes | Estate Planning

When to Start Your Estate Planning (in Texas)

If you have lost a loved one before, you know just how difficult it can be to manage their estate and affairs in the aftermath of their passing. Matters can become even more complicated if your loved one did not leave behind a comprehensive estate plan.  Everyone will die some day—this is just an unavoidable fact of life. And while you may not necessarily want to think about this, it is important to do so sooner rather than later. But exactly when should you start estate planning for yourself?  The short answer is that it is never too early to get started on creating your estate plan. At Massingill Attorneys & Counselors at Law, we know just how important it is to have a comprehensive estate plan in place that is created with your particular needs in mind. If you have questions about when to start your estate planning and how to get started when you are ready, give our estate planning attorneys a call today. Common Estate Planning Questions Before getting into when you should start your estate planning, it is important to have a general understanding of what an estate plan is and when yours will come into play.  Most people have heard of the term “estate planning” at some point or another. But if you don’t know exactly what that means in a practical sense, don’t worry—you are not alone. In fact, there are many misconceptions about what constitutes an estate plan and when you might need one. Below are some commonly asked estate planning questions to help guide you through the beginning stages of creating your own estate plan.  What Documents Are Typically Included in an Estate Plan? Many people believe that creating an estate plan is synonymous with creating a will. However, this is not necessarily the case. A last will and testament is certainly an important estate planning document. However, a comprehensive estate plan will contain additional documents as well.  Below are some examples of documents that you might want to consider including in your estate plan:  Last will and testament,  Revocable living trust, Pour-over will,  Financial power of attorney, Medical power of attorney, Directive to physicians, HIPAA waiver,  Final disposition instructions, and  Guardianship nominations for minor children (if applicable).  A comprehensive estate plan will go over more than just who you wish to leave your assets to after your passing. Contact our Texas estate planning attorneys today to discuss what estate planning documents are right for your unique circumstances. Why Do I Need an Estate Plan?  Of course, one of the primary reasons people create an estate plan is to better ensure that their property and assets end up where they belong. But there is more to estate planning than just distribution of assets after your passing.  Who will manage my finances if I become incapacitated but am still alive? How do I let my loved ones know my end-of-life decisions? Who do I designate to make medical decisions on my behalf in the event I am unable to make such decisions for myself?  These are questions that will often be addressed in a comprehensive estate plan.  So, why do you need an estate plan? There are a number of valuable reasons:  Clearly delineate your intentions regarding the distribution of your assets after your passing;  Sleep easier knowing that you have organized your affairs for the future;  Better protect the people you love;  Avoid potential legal disputes that may otherwise arise without an estate plan in place; and  Give your family peace of mind.  When someone passes away, it is always most difficult on their loved ones. And when someone dies without an estate plan in place, this nearly always results in a more complicated, time-consuming, and emotionally draining process for their loved ones.  No person knows your wishes better than you do. Thus, protect your legacy and your loved ones by making sure you have all the necessary documents in place for your estate plan. Do I Need to Hire an Attorney to Create My Estate Plan?  Of course, there is no legal requirement in Texas stating that you must have your estate planning documents drafted by an attorney. In fact, Texas law specifically permits what are called “holographic,” or handwritten, wills.  Nevertheless, wills and other estate planning documents are legal documents. Thus, there are many additional laws and best practices surrounding their drafting and execution. In an effort to ensure that all your documents are legally binding and enforceable, it is best to have an estate planning professional draft your documents and guide you through the process. Many people mistakenly believe that they cannot afford to hire an attorney to draft their estate planning documents. In reality, you cannot afford not to.  At Massingill Attorneys & Counselors at Law, we want to make estate planning documents as accessible as possible. That’s why we offer affordable pricing and flat fees for both will-based and trust-based estate planning packages.  So When Should You Start Estate Planning?  Don’t wait—get started on your estate planning today.  This life is precious. And as cliché as it may sound, it is also uncertain and can change in an instant. Thus, it is never too early to start getting your affairs in order.  People frequently believe that estate planning is reserved for the elderly, but this is not the case at all. All adults should have an estate plan in place, no matter their age or stage of life.  So if you are wondering whether it’s time to start estate planning, the answer is yes! It is best to do so as soon as possible just to be safe. Your Austin, TX Estate Planning Attorneys If you are searching for a Texas estate planning firm who will provide you with unparalleled services and attention, look no further than Massingill Attorneys & Counselors at Law.  Legal documents are complex, but we make it simple. Based in Austin, TX, our firm has helped countless clients achieve the peace of mind that comes with creating a comprehensive estate plan.  Your family is unique—your estate planning...

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| Read Time: 2 minutes | Estate Planning

Community Property Basics

As you may know, Texas is a community property state. This means that Texas law differentiates between community property, which belongs to both spouses equally, and separate property, which belongs to one spouse. In general, property acquired during marriage is community property. Separate property consists of anything one spouse owned before marriage, property acquired by one spouse by gift or inheritance, and recoveries for personal injuries sustained by one spouse (except for a recovery for loss of earning capacity during marriage). DISTINGUISHING COMMUNITY PROPERTY FROM SEPARATE PROPERTY CAN BE DIFFICULT. In theory, the distinction is easy to draw. But in practice, things often get more complicated. For example, if you owned a duplex rental home before marriage, it would remain your separate property during marriage. However, rental income generated by the duplex during marriage would be community property. And if you sold the duplex, the proceeds would remain your separate property…unless you commingled the proceeds with community property and rendered them untraceable. The same goes for inherited property, which remains the separate property of one spouse unless commingled with community property. Things get especially complicated when a couple has acquired property while domiciled in other states with different marital property laws. These “wrinkles” make it easy to unknowingly convert separate property to community property. DIFFERENTIATING BETWEEN COMMUNITY AND SEPARATE PROPERTY IS VERY IMPORTANT FOR ESTATE PLANNING PURPOSES BECAUSE IT DETERMINES HOW PROPERTY IS DISTRIBUTED AT DEATH. In Texas, if Spouse A dies intestate (without a will) and is survived by Spouse B and their children, all of Spouse A’s community property is distributed to Spouse B. But if Spouse A had children from a previous marriage, then the community property would be split, with one-half going to Spouse B and one-half going to Spouse A’s children (but Spouse B would have the right to use the homestead residence for life). Separate property, on the other hand, is treated differently. Spouse A’s separate personal property would pass one-third to Spouse B and two-thirds to any children. Separate real property would pass to any children, but Spouse B would have the rights to one-third of the real property for life. However, it is important to remember that these rules merely specify what happens when a person dies intestate. A thoughtful estate plan allows you to specify exactly how, when, and to whom you want your property distributed. IF ALL THIS SOUNDS COMPLICATED, THAT’S BECAUSE IT IS. As you can see, even these relatively simple concepts can become exceedingly complex when spouses move between states, have children of separate marriages, etc. This article is not intended to serve as a definitive guide to Texas community property laws. The purpose here is merely to underscore the importance of having an estate plan. Failure to plan can result in some very complicated, and often very undesirable, outcomes. To learn more about Texas community property laws or the benefits of estate planning, browse our archives, or contact an attorney.

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| Read Time: 2 minutes | Estate Planning

Will or Trust? Or Both?

In general, estate plans are either will-based or trust-based. Both wills and trusts are powerful estate planning mechanisms (and each has its own advantages and disadvantages). BUT DOES IT EVER MAKE SENSE TO HAVE BOTH A WILL AND TRUST IN YOUR ESTATE PLAN? THE ANSWER IS…YES. Our trust-based estate plan packages always include a “pour-over” will to provide for the distribution of any assets inadvertently excluded from the living trust. In other words, the pour-over will acts as a backstop that can be used in the event certain assets are accidentally omitted from the trust. This allows the client to rest easy, knowing that all of his or her property will be properly distributed. Also, sometimes a will creates a trust after probate. These kinds of trusts, which arise from a will and become effective when the testator dies, are referred to as “testamentary trusts.” Testamentary trusts are often created to care for young children because minors cannot directly receive substantial gifts. A testamentary trust allows the testator to leave a gift to a minor child and appoint a trustee to manage the trust until the minor becomes old enough to handle that responsibility him or herself. ONE OF THE MOST FUNDAMENTAL ESTATE PLANNING DECISIONS IS WHETHER TO MAKE A WILL OR A LIVING TRUST. But it is important to remember that trust-based plans should also include a will, and wills can create testamentary trusts. Does the terminology confuse you? Don’t worry – you are not alone. To learn more, visit the estate planning section of our web site, or contact an attorney today.

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| Read Time: 2 minutes | Estate Planning

Do I Really Need an Estate Plan? (Spoiler Alert: Yes)

If you don’t have an estate plan, the state of Texas will ultimately decide who receives your property after your death, and a judge will decide who cares for your children (and pets). If this scenario makes you uncomfortable, consider making a comprehensive estate plan. There are many reasons to make an estate plan.  The three reasons most commonly cited by attorneys are: 1) to transfer assets from one generation to the next; 2) to avoid probate; and 3) to avoid estate taxes. But there are many other reasons to plan your estate, such as naming guardians for your children, planning for Medicare and other government benefits and protecting assets from creditors, bankruptcy and divorce. THERE’S NO WRONG TIME TO MAKE AN ESTATE PLAN. In general, clients don’t randomly wake up in the morning and decide to make an estate plan.  Instead, the need is made obvious to them by a life event, such as: the illness or death of a family member a marriage a birth or adoption of a child when a child first goes off to preschool or daycare when a child leaves for college before, during, or after a divorce The benefits of estate planning are clear…so why do so many people avoid planning their estate? Because the process requires making tough decisions. The hardest decision clients typically encounter is determining guardians for their minor children. The decision can be an emotional one, and can even create conflict between spouses. But the sense of relief experienced by clients who have tackled this tough decision to protect their children is often overwhelming. EVEN THE MOST BASIC ESTATE PLAN IS BETTER THAN NO ESTATE PLAN AT ALL. We advise our clients against “letting perfect be the enemy of good.” The pressure to make perfect decisions shouldn’t deter you from thoughtful planning. And because we want our clients to feel completely comfortable with the decisions they’ve made, we offer free revisions for 90 days after signing.  If a client discovers that after a period of time, a decision they made just doesn’t feel right – we’ll make the change, free of charge. Our goal is to make the estate planning process simple, easy to understand, comfortable and rewarding. To learn more about estate planning concepts, the building blocks of a comprehensive estate plan (such as wills, trusts, advance directives, powers of attorney, and more) visit the estate planning section of our web site, or peruse our blog archives.

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| Read Time: 2 minutes | Estate Planning

Thanks, But No Thanks: Reasons to Disclaim Inheritances

The “laughing heir” (one who inherits property and laughs all the way to the bank because his relation to the deceased is too distant to warrant grief) is a common conceit in television and movies. A woman opens the mail to find a letter explaining that one of her long-lost relatives has died and, as the relative’s only surviving heir, she has inherited a large sum of money. If the opportunity arose, most of us would gladly cash a large inheritance check or take title to a beautiful property in Martha’s Vineyard.  Would it ever make sense to disclaim an inheritance?  The answer, like most things legal, is maybe. In certain circumstances, disclaiming an inheritance might be wise.  For example, real property might be littered with nuclear waste, or be subject to back taxes that greatly exceed the property’s value. Heirs may also choose to disclaim property for tax reasons.  In some instances, heirs that meet the requirements of a “qualified disclaimer” are treated as if they never owned the property, enabling the property to pass to the disclaiming party’s heirs without a “gift” having been made. Finally, heirs may wish to disclaim property for personal, moral, or religious reasons. Disclaimers are irrevocable, so any decision regarding whether to disclaim an inheritance should not be made without legal counsel.  Consult a qualified attorney and/or tax professional before proceeding. Need advice about disclaiming an inheritance?  Looking for an affordable estate planning attorney in the Cedar Park, Leander, Round Rock, or Georgetown area?  Contact us today.

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| Read Time: 3 minutes | Estate Planning

Demystifying Probate: What You Need to Know

probate (noun): the process of winding up the affairs of a person who has passed away. The concept of probate can be confusing to clients (and even attorneys). In simple terms, a probate is a lawsuit filed against yourself after you die – paid for with your own money – for the benefit of your creditors. PROBATE CAN BE MESSY AND EXPENSIVE. However, probate in Texas is easier to navigate than in most other states. Texas law is often referred to as being “probate friendly” because it allows for independent administration. What does that mean? The Texas Young Lawyers Association explains it this way: [A]fter an independent executor or administrator is approved and an inventory of estate assets or an affidavit in lieu of an inventory, is filed with the court, the executor or administrator can simply take care of the administration of the estate without any further court involvement or supervision. The independent executor or administrator is free to settle with creditors, set aside the homestead and other exempt property, manage the property of the estate, sell assets for payment of debts or taxes, and distribute the remaining estate to those entitled to it. Texas Young Lawyers Association, Texas Probate Passport (2014). However, to qualify for independent administration the will must either specifically allow it, or all of the estate heirs or beneficiaries named in the will must agree to allow it. And while the independent administration process is typically easier and less expensive than the alternative, the executor must still publish notice to potential creditors in a newspaper, and in certain instances file an inventory of assets and/or affidavits with the court. Probate can also be time-consuming. In Texas, the probate process commonly lasts between four and eight months. During this time, the decedent’s assets may not be fully accessible, which can be extremely inconvenient to family members desiring access. Throughout probate, the estate remains open so that claims can be made against the estate by creditors. Only after probate is completed can the estate be closed and assets be distributed. Another issue that frequently arises in probate proceedings is that some of the decedent’s assets cannot be located. IN TEXAS, APPROXIMATELY TWO BILLION (THAT’S BILLION WITH A “B”) DOLLARS IN UNCLAIMED PROPERTY IS HELD BY THE STATE! How did that money get there? When a person dies, their family if often unaware that they owned an insurance policy, real estate parcel or bank account, and when it’s not claimed after certain period of time it escheats (reverts) to the state. If you’re feeling lucky, you can search for unclaimed property that might belong to you by visiting the Texas Comptroller’s web site. Another clear downside to probate is that the process is public. Although most people draft their wills in secret and opt against broadcasting their decisions, few seem to realize that once probate begins, the will becomes a public record. Those wishing to keep the winding up of their affairs private should consider creating a living trust, which allows you to avoid probate altogether. Helpful Tip: Certain kinds of assets are not subject to probate, such as life insurance and retirement accounts that transfer from one person to another via beneficiary designations. Unfortunately, even these assets can be subject to probate under certain circumstances. For example, if you name a minor child as a primary or secondary beneficiary on your life insurance policy and then pass away, the assets may be probated because life insurance companies won’t directly pay insurance proceeds to minors. To make matters worse, the court often appoints a professional fiduciary (who charges by the hour) to manage the asset(s). The proceeds are held in a fund for the benefit of the minor until he/she turns eighteen, at which point he/she receives everything left outright, with no oversight and no direction. For most people, this scenario is less than ideal. While probate in Texas is substantially easier and less costly than in other states, it remains a complicated process with many pitfalls. We typically explain to clients that in most states probate is like a grizzly bear. In Texas, it is like a trained, circus grizzly bear that seems far less threatening – but under the right circumstances it can still bite your arm off, and those who ignore that fact do so at their own peril. To learn more about probate, visit the estate planning section of our web site. If you have questions about your particular situation you should contact an attorney.

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| Read Time: 2 minutes | Estate Planning

Lame Excuses for Not Devising a Comprehensive Estate Plan

Most people don’t spend much time thinking about planning their estate.  It’s complex, daunting, and quite boring.  (Editors’ Note: We actually find estate planning incredibly fascinating!  But we understand that’s not normal.) Here are some of the top excuses people make for not devising an effective estate plan… Estate planning is for wealthy people. This is a common misconception that we’ve discussed before. Estate planning is too expensive. Many people think they can’t afford to make a will when, in reality, they can’t afford not to.  Estate planning is an important investment that can pay major dividends to your family and loved ones in the event of your death.  Let us show you how affordable estate planning can be in the Cedar Park, Leander, Round Rock and Georgetown areas. Estate planning is complex and takes too much time and effort. In truth, drafting effective estate planning documents can be extraordinarily complex.   But from a client’s perspective, the process is quick and painless because we do the heavy lifting.   You make the decisions while we do the legwork. I don’t want to think about dying. Nobody does.  But estate planning is for the living, not the dead.  In the event of your death, what would happen to your children and/or pets?  Will your loved ones be forced to spend countless hours in probate court?  There are countless reasons to plan for the future. Estate planning is too invasive.  I don’t want to reveal my private information. Trust is the hallmark of the client-lawyer relationship, and we are bound by law to keep your information confidential.  We take your privacy seriously. Planning for the future is a wise decision, and can be surprisingly easy and inexpensive.  If you’re looking for a rock-solid, affordable estate plan in the Cedar Park, Leander, Round Rock, or Georgetown area, contact us today.

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