In this article, you will discover: What is involved in succession planning of a business If a buy/sell agreement can be included in your estate plan Estate planning documents by themselves will not protect your business from lawsuits or debts. But, estate planning documents in combination with a proper business organization setup can protect you […]
In this article, you will discover: The possible dangers of drafting your own will or trust Yes, you can draft your own will or trust. I have reviewed many self-written wills and trusts during my career, and I have also reviewed wills and trusts created from online forms. I have personally never seen a self-written […]
In this article, you will discover: Ways to avoid costly expenses for probate in Texas Probate requires an attorney to file your will for probate. In turn, there will be attorney fees, court costs, and, depending on the assets in the estate, costs for appraisals, etc. The bottom line is that probate can consume a […]
I regularly meet with clients who want to take preventative measures to ensure their families are not burdened if they become incapacitated or die. The most common question I hear is, “What do I need to do to make it easy for my loved ones?” I do have a few recommendations. 1. Prepare an Estate […]
There is a common misconception “out there” that estate planning is just for the rich. Let me clear that up. Estate planning is NOT just for the rich. It’s for everyone. That’s right, everyone. It doesn’t matter what you do for a living, whether you have a dozen kids or no kids, whether you think […]
Estate planning documents are prepared based on a snapshot of your life at the time you prepare them. The documents accomplished your goals and objectives then. But, life changes. While your estate plan may have achieved your objectives then, your goals now may be different. So, the documents you have may not accomplish your goals […]
If you die without an Estate Plan, Texas law has a formula that determines the distribution of your assets. That formula does not consider your wishes or unique circumstances. The following summary explains how Texas law distributes your assets if you die without a plan. Rules for a Single Person with No Children If you […]
All property left by a Will must go through probate. Probate is the legal process by which a Will is “proved” and accepted in court as a valid last testament of the deceased. Once the Will is proven to be valid, the legal process of administering the estate of the deceased begins. The administering process […]
Example: Janet is diagnosed with terminal cancer. She has three grown children. Janet heard that her children would likely spend thousands of dollars to probate her estate after her death. Since her only real asset is her family home, she is concerned that they will spend too much on probate to get the house in […]