Life can change in an instant. When it does, it is time to update your estate plan. You should update an estate plan after any major life event and, ideally, at least once every few years. Failing to update documents can result in confusion, disputes, and unintended outcomes—such as an estranged relative inheriting your assets or the wrong person...
Continue ReadingPlanning for your estate means asking questions about protecting your loved ones best and ensuring they can enforce your wishes after you die. One common question is, Do you need a will and a trust? The answer depends on what you want to accomplish. A will is the basic foundation of most estate plans. Trusts are versatile, adaptable tools...
Continue ReadingWhen someone passes away, the executor is in charge of handling the decedent’s estate. From finding assets to paying taxes to distributing real estate, the executor has a lot to do. Let’s walk through the different responsibilities of an executor of an estate. If you have questions, please contact the Austin estate planning attorneys at Massingill today online or call us at 512-410-0343...
Continue ReadingA power of attorney is a legal document that grants decision-making authority to someone (the agent) on behalf of another person (the principal). Depending on the terms of the document, the agent has the ability to access information and accounts and make life-altering decisions for the principal. Unfortunately, there are situations when the agent fails to use their power...
Continue ReadingBeing the executor of an estate is a massive responsibility. Executors must satisfy all the legal hurdles of the probate court and ensure that heirs and beneficiaries get the property they are entitled to. Unfortunately, many legal requirements of probating a will can be challenging for executors to satisfy. One of the first legal hurdles is obtaining letters of...
Continue ReadingYou may know that estate planning is crucial to provide for your loved ones and protect your legacy after you pass. Unfortunately, many people make costly mistakes during this process. These common estate planning mistakes can lead to delays in asset transfer, financial losses, legal disputes, and conflict between your loved ones. At Massingill, we help our clients simplify complex...
Continue ReadingDecanting a trust is a novel and increasingly popular approach to altering an irrevocable trust. But what exactly does it entail? At Massingill, we pride ourselves on bringing clarity to all kinds of estate matters. We especially enjoy unraveling particularly complex topics like trust decanting. If you want to learn more about decanting a trust, then you’ll want to read...
Continue ReadingWhen a loved one dies without a will, distributing their estate can add even more hardship to a grieving family. In most cases, the decedent’s estate will go through a probate process involving lengthy delays and court oversight. Fortunately, there are some methods heirs can use to receive the decedent’s property without going through probate. A Texas affidavit of...
Continue ReadingOne of the best parts of living in the Lone Star State is its low tax burden. In fact, Texas has the 4th lowest state-local tax burden in the country as of 2022. One major reason for this is that Texas has no state-wide tax on personal income. Texas also doesn’t have a state-wide estate tax. That’ll make many...
Continue ReadingWhen a person dies in Texas, their estate must be settled and distributed among their heirs. An estate is just a fancy word for describing all the things that a person owns, including their cash and investments. When lawyers talk about “probating” an estate, they simply mean settling the estate against any outstanding debts and liabilities. Whether a person...
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