A timeshare can be a great opportunity to have a vacation spot every year. It’s your little getaway from the hectic life that comes with living in a city or working long hours at your job. It may be in the Texas Hill Country or a place with a view of the Gulf. It could even be a desert refuge where you can escape the daily grind and recharge. However, you begin to realize as you grow older that escaping to that Read More
Transfer On Death Deeds: Another Way To Avoid Probate
Creating an estate plan isn’t just for the rich and famous. Every individual should have an estate plan that fits his or her specific needs. This includes planning for future incapacities with a financial power of attorney, a medical power of attorney and a directive to physicians (often known as a living will). Estate planning also involves making a plan to distribute your assets upon your death. The most common Read More
Three Safety Measures in Place for Surviving Spouses
Texas is a community property state. This means that all property amassed during the marriage is equally owned by each spouse, subject to certain exceptions. However, what happens when there is an agreement in place that divides up the marital property unevenly, or when all property owned at the time of passing was separate property held by only one spouse? Does the surviving spouse have any rights to the property or Read More
Challenges of the Probate Homestead
Debbie Cunningham recently wrote an article for Headnotes, a publication by Dallas Bar Association, titled “Challenges of the Probate Homestead.” You can click on the link for the full article or continue reading below. On the face of the issue, the probate homestead is quite simple and straightforward. Estates Code Chapter 102 provides clear direction on how to handle a decedent’s homestead. In summary, the Read More
What Needs to be Done When a Loved One Passes Away?
When a loved one has passed those left behind are often at a loss for how to proceed. What needs to be done? When must it be done? Can I delay the process to allow time to grieve? Following are some general guidelines to help answer these questions for residents of Texas. Since laws vary from state to state and change over time, you will want to consult an attorney to ensure you have information relevant to your Read More
Four Mistakes Many Executors Make
When it comes to handling the probate of a loved one it is easy to fall prey to these mistakes. These mistakes are made by surviving spouses, surviving children, surviving partners and other heirs but are easily avoided with a little planning and preparation. 1. Working with the wrong lawyer or law firm. This mistake can be hard to avoid. You may have called the person who prepared the will or was recommended by a Read More
What is a Probate Proceeding?
When a loved one has passed those left behind are often at a loss for how to proceed. What needs to be done? When must it be done? Can I delay the process to allow time to grieve? Following are some general guidelines to help answer these questions for residents of Texas. Since laws vary from state to state and change over time, you will want to consult an attorney to ensure you have information relevant to your Read More
What Happens in a Property Transfer?
The death of a loved one can bring a great deal of stress and confusion into the survivor’s life. What is to be done with the home, furnishings, financial accounts and pets? Who is responsible and how does it get done? When someone dies any property owned must be transferred to a new owner. This transfer takes a variety of forms and which form depends in part on what the deceased owned. Some property can be Read More
Define Your Estate
The most basic definition of estate is everything you own. This includes tangible items like a house, car, boat and furnishings. It also includes intangible items like investments, bank accounts, 401K’s and IRA’s. When defining your estate for planning purposes there are two categories of assets. They are probate and non probate. Probate assets are assets that come under the jurisdiction of the court at the time Read More
What Can Happen to Children if Their Parents Die Without a Properly Drafted Will?
Many of us embrace the do it yourself (DIY) lifestyle. Why pay someone to do something you are fully capable of doing yourself? In many cases this is wise money management but it can be a disaster in the making. Consider the plight of Jane’s children. Jane received a medical diagnosis that ensured her premature death. She left behind four children (4, 8, 12, 15), a life insurance policy and a modest estate. She Read More
