Ideally, your estate plan should consist of a comprehensive set of strategies, plans, and tools that accomplish a number of goals related to protecting you, your loved ones, and your assets. One common estate planning goal is probate avoidance. While you may be aware that avoiding probate is desirable by many, you may not know exactly why. Probate avoidance strategies are frequently included in a comprehensive estate plan for two important and inter-related reasons. The first is the time … [Read more...]
What Happens to Creditors of a Decedent during Probate?
Probate is the legal process that is typically required after the death of a decedent. Most people think of probate in terms of the distribution of estate assets. However, this is only one aspect of the probate process. Have you ever wondered, for example, what happens to creditors of a decedent during probate? Few people die completely debt-free. Therefore, most decedents leave behind some creditors. Knowing how those creditors are handled during probate is important if you are directly … [Read more...]
Does Your Law Firm Assist with Probate?
At some point in your life there is a good chance you will be involved in the probate of someone’s estate. Whether you are involved merely because you are a beneficiary or heir, or are involved because you were appointed executor of the estate, you will likely be exposed to probate at some time in your life. If you are not familiar with the probate process, you may need legal advice in order to know how to proceed. This is particularly true if you were appointed executor in the decedent’s Last … [Read more...]
What Are the Drawbacks of Probate?
Creating a comprehensive estate plan typically involves goals that reach beyond the simple division of your assets upon your death. Probate avoidance, for example, is a common goal of estate planning. Understanding the drawbacks of probate will help you understand why you may wish to include probate avoidance in your estate plan. Probate is the legal process that follows an individual's death. The purpose of probate is twofold-to account for and value the decedents estate property and to … [Read more...]
Can My Estate Avoid Probate?
Although the primary goal of an estate plan is to determine how your estate assets will be distributed when you die, another common goal is to avoid probate. There are a number of reasons why avoiding probate is a worthwhile goal. Understanding those reasons can help you develop an estate plan that allows your estate to avoid probate to the extent possible. In many cases, completely avoiding probate is not possible; however, there are many estate planning strategies that can significantly … [Read more...]
What is the Uniform Probate Code?
Historically, state law has governed issues relating to wills, trusts, and estates which include the laws and procedures that apply to the probate of an estate. While probate remains under state jurisdiction, the Uniform Probate Code, or UPC, has helped to standardize the probate process and create a more uniform set of laws and procedures among the states. The UPC was originally drafted in 1964 by the National Conference of Commissioners on Uniform State Laws, or NCCUSL. The goals of the UPC … [Read more...]
Common Costs Involved in a Texas Probate
When a person dies, his or her estate must go through the legal process known as probate. The primary purposes of the probate process is to ensure that all of the decedent’s assets are accounted for and valued, all debts of the decedent paid, and all remaining assets transferred to the named beneficiary or legally determined heirs of the estate. A Texas probate can incur some significant costs which is one reason why people frequently incorporate probate avoidance strategies in their overall … [Read more...]
How Long Does Probate Take in Texas?
When someone dies, his or her estate must pass through legal process known as probate. The probate process is intended to accomplish a number of important objectives. The amount of time it takes in Texas to pass through probate will depend on a variety of factors; however, in most cases even a fairly simple estate will take a minimum of six months to make it through probate. The main objectives of the probate process are to locate an inventory a decedent's assets, and ensure that all creditors … [Read more...]
Is Probate Always Required?
When an individual dies the assets owned by the deceased are typically required to pass through a legal process known as probate. The probate process can be lengthy and costly. Understandably, beneficiaries, heirs, family members, and loved ones as well as creditors would prefer not to have to wait through the formal probate process. Fortunately, for small estates that qualify there are alternatives to formal probate in Texas. The purpose of probate is to ensure that all of a decedent's assets … [Read more...]
What Is an Executor?
The cornerstone of any estate plan is a Last Will and Testament. When you create your Will you will have to make a number of very important decisions. You may assume that all of these decisions relate to the division of your assets upon your death; however, there is another decision that must be made when you create your Will that is likely of more importance than you realize-the appointment of an executor. Unfortunately, most people give very little thought to the appointment of an executor … [Read more...]
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