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The following is a simple breakdown of some of the most common aspects of probate law in Texas. First of all, probate is the name of the legal process that takes place to distribute a person’s estate With some exceptions, such as trusts, life insurance payments, retirement plans, and a few other things Once an individual passes away, someone will need to petition the court to be named as the Executor of

Property can become non-probate property depending on whose name is listed as the owner. is already designated on a life insurance or a retirement account Property is owned by a trust with named Knowing the difference between which assets are subject to probate and which are not can save your family

However, the will dictated that if Duke and his wife died at the same time, then his property was to

These guys may charge you a lot of money for a boilerplate trust, but they really want to make a bigger sale designate, manages the assets in the trust, which can be bought or sold but always have to stay in the name Some long-term annuities may lock up your money for more than ten years, subjecting you to penalties Best advice: avoid living trust mills and anyone who uses high pressure sales tactics, including fear

Kiplinger’s recent article, “5 Simple Steps to Decrease Your Estate Costs,” offers some steps to minimize When you pass away, some of your estate may not pass by your wil Cash in any physical bonds and stock A trustee can list the house for sale within hours of your passing, but an executor of your will must documents and procure family signatures to begin the probate process, then apply to the court and—in some Small families should name all of their nearest relatives because many states require a list of heirs

A medical power of attorney document names someone you trust to follow the directions in your living Financial Side Of Things You might have noticed that the person given medical power of attorney gets some or incapacity typically necessitates planning for long-term care in a nursing home facility or with some

When this happens, family members and loved ones can legally request to be named as “guardians” of the

Many name a spouse or a child as a beneficiary but don’t realize that there can be legal issues to consider As an illustration, some folks who have owned life insurance policies for a very long time haven’t looked they review the policies, items of concern often pop up—like an ex-spouse or a dead relative still named Speak with your estate planning attorney for help naming beneficiaries.

Believe it or not, creating a legacy is not all about having libraries and hospitals named after you. Many nonprofit organizations will happily work with you to put together some kind of a giving plan for

However, there are some financial advisers that now say many Americans might not need a will. Also, a will or a trust will let you name someone to watch over assets for a disabled or elderly family Whether you have prized possessions or you want to bequeath some of your estate to the local animal rescue A will can name a responsible person and make for a smoother transition for the animal.

While an inheritance is a natural part of estate planning, there are a few different reasons that some Some worry about others taking that money from their child, while others may want their children to qualify However, in order to qualify for Medicaid, special needs children cannot have more than $2,000 in their name Another approach that some parents take is to disinherit their special needs child and instead give the

For example, in some families, an older sibling or aunt may step in and act as a guardian if the disabled today’s legal world, you can make sure that you are taking the steps necessary to keep your loved one safe