On Saturdays, you explore the serene pathways and gardens at the Matagorda County Birding Nature Center while your wife plays a round of golf at the 18-hole Rio Colorado Golf Course.
This is life in Bay City.
Life in this part of Matagorda County, Texas, has given you a great life. Begin planning the rest of your life by talking to one of our estate planning attorneys in Bay City, Texas.
Real Decisions For Your Bay City, TX Real Estate
Joint Tenancy Or Tenants in Common
Have you looked carefully at the title to your home? Whether or not you can pass the property in a will outside of probate depends on the type of ownership you have in the property.
Tenancy in Common
Tenancy in common, or co-ownership, is Texas’s standard type of ownership. When two or more parties jointly own an interest in a property— such as the family home—it is known as a tenancy in common. These co-owners each have an equal ownership stake and ability to use the property. Each partner may freely sell, transfer via their will, lease, rent out, or otherwise transfer their stake in the property. When a party passes away, their portion of the property will be distributed per their will or the intestacy statute if they passed away without a will.
In a joint tenancy with right of survivorship, the remaining owners inherit the deceased owner’s part of the property. There must be a documented agreement to establish a joint tenancy with the right of survivorship. In Texas, a married couple may stipulate in writing that the entirety or a portion of the property should automatically pass to the living spouse in the event of one spouse’s passing. The couple’s county court records must receive the right of survivorship agreement for this right to exist. If you are interested in learning more about how your property may be passed on, contact us today to schedule a strategy session. One of our Bay City attorneys can talk you through your estate planning needs.
You Need an Estate Plan While You are Alive
Contrary to popular belief, an estate plan is not just a plan for your death. There are so many plans that need to be made while you are alive. Do you have children? Do you run a business or provide a service? You can put plans in place if you are not able to make decisions. You could become incapacitated or be out of the country for an extended period. Your Bay City estate planning lawyer will delve further into some tools that could be useful to you. Here are a few tools to consider when establishing an estate plan.
A Medical Power of Attorney
A medical power of attorney is an instrument that enables you to name a dependable person to make critical medical decisions for you should you lose consciousness or have your mental faculties impaired. Powers of attorney that pertain to healthcare are not exclusively for the elderly. All adults should have one in place because unexpected illnesses and injuries that cause incapacitation can happen to anyone at any age. The medical power of attorney is put into force when you sign it. Unless it specifies a particular expiration date or you revoke it, it is valid indefinitely.
Texas Healthcare Directives
Advance directives give your loved ones helpful directions if they need to make medical decisions on your behalf when you cannot. Your friends and family will feel comfortable making difficult decisions thanks to your written health care desires. Since unexpected accidents and illnesses can strike at any time, it is best to put your treatment preferences in writing before you need them. Contact a healthcare directive attorney in advance.
Bay City Office
The Hardy Building
1605 7th Street
#101 Bay City, TX 77414
950 Gemini Street
#6 Houston, TX 77058
800 Bering Drive
Houston, TX 77057
10810 Katy Freeway
Houston, TX 77043
We offer our prospective clients a consultation at Your Legacy Legal Care, so you have nothing to lose. We know you have questions but may find the conversation daunting. Don’t delay in taking the first steps in organizing your estate. An experienced attorney from our law firm can assist you with the legal services you need to plan your estate.
We are right here in the Bay City area! Contact us as soon as possible.
FAQs About Bay City Estate Planning
I don’t own a house, just a car. How can I avoid probate?
Texas permits the registration of automobiles to be transferred upon death. If you register your car like this, the beneficiary you designate will immediately receive the car upon your passing. There won’t be a need for a probate court case. Contact a member of our team for a copy of the Beneficiary Designation for a Motor Vehicle form.
My spouse and I are separated but not divorced. What happens if I die without a will?
Your spouse could inherit from you if you die intestate (without a will) unless you have a will that explicitly gives your assets to someone other than your spouse.
My spouse is not a U.S. citizen. Can they benefit if I die without a will?
Regardless of citizenship or legal status, relatives entitled to an intestate part of your property will inherit it.