Articles
Who Gets My House If I Die Without A Will?
"Who gets my house if i die without a will?" If you own a house, die without a will, and don't have some sort of transfer on death deed for the property or have in a trust, then the courts must follow very strict rules in determining who gets the property. Oftentimes...
Who Will Inherit My IRA?
Who will inherit my IRA? - If you have an IRA, you most likely have filled out a beneficiary form that dictates where those assets will go upon your death. And if this is the case, then your IRA assets will get distributed outside of the probate process. Nothing in...
What Is A Testamentary Trust?
Someone recently asked me: What is a testamentary trust? A testamentary trust is a trust that is spelled out in your will. However, it does not actually become a legal, functioning trust until after you pass away and your will is probated. At that time the trust...
Can A Person Name Co-Executors For Their Will?
Clients often ask me if they can name co-executors for their will. The reason they usually ask is that they don’t want to hurt the feelings of one of their children who could have been chosen as an executor. Or perhaps they have children who don’t get along well, and...
How Do I Probate A Will In Texas With Independent Administration?
How do I probate a will in Texas with independent administration? Well, probating a will in Texas usually takes less time and money than probating a will in other states as long as the will is properly written and executed (signed and notarized). This is all the more...
Will Estate Taxes Need To Be Paid When I Die?
In Texas, whether or not estate taxes will need to be paid when you die greatly depends on the size of your estate. Luckily for the vast majority of us, there is no need to worry. First of all, there is not an estate tax, sometimes called a “death tax”, at the state...
Can A Living Trust Protect My Assets?
Many people wonder if they can create a living trust for themselves in order to protect their assets. In Texas you cannot do this as long as you have direct control over the assets. If you created an irrevocable living trust, then you could have asset protection due...
What Happens To My Assets If I Die Without A Will?
If you die without a will in Texas, the Texas Estates Code has strict rules that dictate where your assets go. For many or perhaps people this strict assignment of their assets is not what they would have wanted. And for some people, due to their specific life...
What Is A Transfer on Death Deed?
In 2015 the Texas legislature created a new way for people to transfer ownership of real estate at the time of their death with what is called a Transfer on Death Deed (TOD). [also see A Lady Bird Deed Protects A Home Medicaid Recovery] The way it works is that the...
Usually Not All Of Your Assets Pass Through Your Will
It’s very important to keep in mind that usually not all of your assets pass through your will. This is something that many people don’t realize. And this can potentially cause BIG problems. Assets that don’t pass through your will are called non-probate assets. These...