A validly created will is one without evidence of mental duress, incapacity or fraud. This means that in addition to being mentally competent to draft your will, you must not have been coerced or pressured into making it. If someone threatened physical violence or blackmailed you into creating certain provisions within your will, your will is invalid under the duress prohibition. Texas law requires probate of your will within four years of your death. Unless you comply with the requirements of … [Read more...] about Probate Procedures in Texas: Part 3 of 3
Probate
Probate Procedures in Texas: Part 2 of 3
As recommended by the Texas Bar Association, although you may be able to draft your own will, an experienced lawyer should help you draft it, since your will controls the disposition of your assets when you die. Furthermore, a probate attorney can help you comply with the testamentary requirements to draft a legally binding will and can help your estate from expending money on probate issues you could have avoided with proper legal advice. If a probate court determines that your will is … [Read more...] about Probate Procedures in Texas: Part 2 of 3
Probate Procedures in Texas: Part 1 of 3
State laws govern the legal requirements necessary for drafting valid wills. In Texas, residents can draft three types of wills, and each type has its own set of legal requirements. Generally, as a Texan, you can create an oral will, a typewritten will or a holographic or handwritten will. Although each type is different, you must meet the general legal requirements to create a valid will pursuant to the Texas Probate Code. To create a will in Texas, you must be at least 18 years old or be … [Read more...] about Probate Procedures in Texas: Part 1 of 3
When Does a Beneficiary Receive Their Inheritance?
Choosing your estate’s executor is one of the most important decisions you make during the estate planning process, since this will be the person who will administer your estate when you die. The executor becomes the actual manager of your property during probate, which is the legal process that settles your estate – but at what point will they distribute your property to those you named in your will? During the period of estate administration, the property belongs to the executor and is … [Read more...] about When Does a Beneficiary Receive Their Inheritance?
Probate Estates Cost More than Non-Probate Estates Because They’re a Pain
Probate estates cost more than non-probate estates because they drive probate attorneys (i.e. estate planning attorneys) bonkers. They’re a pain with many more legal hoops to jump through than settling an estate wherein probate is not required (such as in the case of a fully funded revocable living trust.) First, probate rules are different for each county. There are 24 counties in Maryland, including Baltimore City; therefore, there are 24 different sets of probate rules. There is a lot … [Read more...] about Probate Estates Cost More than Non-Probate Estates Because They’re a Pain
Transferring Property Without Probate
Many estate planning tools are set up to allow property to avoid probate. Why? Probate Court can not only tie up property for months, even years, but it can rack up fees and costs as well. Property that avoids probate is called non-probate property, and it generally falls into three different categories: Transfers by Title: Assets transferred by title include property owned in joint tenancy with the right of survivorship, such as a house that is jointly owned by a married couple. It is … [Read more...] about Transferring Property Without Probate
Estate Planning and the Rights of Survivorship
A common phrase used in estate planning is the ‘rights of survivorship,’ particularly when it comes to owning real estate. But do you know what this phrase actually means in plain English? The ‘rights of survivorship’ is the ownership of property by two or more people in which the survivors automatically gain ownership of another’s interest upon their death. In the case of more than one survivor, the decendent's share is divided among the survivors. For example – Harry and Sally are … [Read more...] about Estate Planning and the Rights of Survivorship
Understanding Probate: When It’s Triggered, When Not, and How to Avoid Probate
Probate, or the settlement of an estate in the courts, is triggered upon the death of a person who has a Will as his or her Estate Planning legal tool. Probate also happens when there is no Will. However, there are cases when Probate is not automatically triggered. For example, when there were legal documents in place which will keep the estate out of Probate. The most common Estate Planning documents that help people avoid Probate fall under the category of Trusts. However, avoiding … [Read more...] about Understanding Probate: When It’s Triggered, When Not, and How to Avoid Probate
Worried About a Will Contest? A Trust May be the Way to Go
Do you have your suspicions that one of your heirs might be dissatisfied with the way you’ve structured your estate plan? Are your children apt to fight over their inheritances? If you’re worried that your loved ones might be unhappy enough with your will to contest it in court, you might want to meet with an estate planning attorney and talk about whether a living trust would be a better option. Unlike a will, a properly funded living trust allows your assets to avoid probate. And, while this … [Read more...] about Worried About a Will Contest? A Trust May be the Way to Go
Are You Responsible for Your Deceased Parent’s Debts?
When your mom or dad passes away, there are a million details – large and small – that demand your attention. One of the issues that often arises is who has a legal obligation to take care of a deceased parent’s final debts. The bottom line: unless you signed up to be a joint debt-holder, you, as your parent’s child, are not individually responsible for paying their debts. Here’s how it actually works: When the Assets Outweigh the Debts The assets left behind by a deceased person are … [Read more...] about Are You Responsible for Your Deceased Parent’s Debts?
