Fans of the HBO Series Game of Thrones and the books they are based on know the scene well. King Robert, back from a hunting accident, lies in his bed about to die. His friend, the Hand of the King Ned Stark, is with him. Robert asks Ned to write down the terms of his Will, which Ned does faithfully except for one key phrase. Where Robert says "My son Joffrey," Ned writes, "My Heirs." It's a pivotal moment in the series as Robert does not know that Joffrey is not his son, a fact that Ned is … [Read more...] about Game of Wills
Wills and Trusts
Poor People Need Wills Too
Everyone needs a Will. Even if you do not have a significant financial portfolio, you should have a Will. In fact, a Will might be even more important for people with fewer financial resources. Wealthy people can use all sorts of advanced estate planning tools, but people with more limited resources generally can only use a Will. A Will is your chance to tell people what should happen to the property that you have after you pass away. Even if you do not have any financial assets, you need a … [Read more...] about Poor People Need Wills Too
Famous Estates – Legacy Champ or Chump
Harry S. Truman (1884-1972) -- 33RD President of the United States, 1945-1953. 37% Shrinkage of the Estate $747,648 Gross Estate $ 90,986 Less Settlement Costs $188,666 Less Death Taxes $279,652 Total Costs $467,996 Final Estate Value Truman might have been the President of the United States, but even Presidents can fail to properly plan. You decide. Is a 37% loss of the Estate good planning by someone with a vast array of professionals available to assist him? If you … [Read more...] about Famous Estates – Legacy Champ or Chump
Do Not Use Your Will for Funeral Instructions
A written Will disposes of your personal and real property to your heirs and beneficiaries. You should not use your Will to give others information about your funeral wishes or instructions. Because your heirs or executor may not locate your Will for several weeks after you die, you should not use it to leave your funeral instructions. Instead, you should consider using last instructions or another type of separate written document to include your funeral or burial wishes. You should also … [Read more...] about Do Not Use Your Will for Funeral Instructions
The Enforceability of Joint Promises to Will
Reciprocal Wills between spouses contain mutual promises to convey property leaving one another as the primary beneficiary to their community and/or separate property. In Texas, these contracts are enforceable if drafted properly. According to the Texas Probate Code, A contractual will is enforceable if a testator’s written Will incorporates the terms of the written spousal or joint contract and spouses execute an enforceable contract. Thus, to create an enforceable contract or testamentary … [Read more...] about The Enforceability of Joint Promises to Will
Identifying Your Heirs in Texas
In Texas, the most common way for a court to identify a decedent’s heirs if he or she dies without a will or without a validly created will is to conduct a “Judicial Declaration of Heirship.” The judicial declaration of heirship is a legal proceeding whereby a court makes a formal ruling or declaration that identifies all of a decedent’s heirs and their ownership rights to intestate property. An “intestate” is someone who dies without first creating a will. An intestate may also describe someone … [Read more...] about Identifying Your Heirs in Texas
Elizabeth Edwards Leaves Philandering Husband Out of Her Will: Part 3 of 3
During the 2004 Presidential elections, Elizabeth Edwards learned she had breast cancer. After beating her first bout with cancer, her cancer returned in 2007. She decided to undergo further medical treatments and during her therapy, she learned of her husband’s affair. His affair became national news, and she separated from him following his public admission of his extramarital affair and fathering an illegitimate child. Less than a year later, Elizabeth died when her cancer quickly spread to … [Read more...] about Elizabeth Edwards Leaves Philandering Husband Out of Her Will: Part 3 of 3
The Case for Drafting a Will: Stieg Larsson’s Estate (Part 3 of 3)
Continuing the discussion of the important of creating a valid will before you die, especially for unmarried partners, we will discuss the special laws in Texas allowing for common law marriages. As one of a minority number of states that recognizes the validity of common law marriages, Texas courts will uphold the validity of a common law marriage that complies with state law. Texas law requires you to be able to adequately prove the existence of a validly created common law marriage in order … [Read more...] about The Case for Drafting a Will: Stieg Larsson’s Estate (Part 3 of 3)
The Case for Drafting a Will: Stieg Larsson’s Estate (Part 2 of 3)
Continuing the three-part blog series covering the death of best-selling Swedish author, Stieg Larsson, we’ll further discuss the importance of drafting a will, especially for those in long-term marriages. As the story of the aftermath of Stieg Larsson’s death demonstrates, creating a written will is extremely important. Since his death, his long-term girlfriend, Eva Gabrielsson, filed a lawsuit asserting a moral right to his estate. Offered over $2 million to settle her lawsuit, Gabrielsson … [Read more...] about The Case for Drafting a Will: Stieg Larsson’s Estate (Part 2 of 3)
The Case for Drafting a Will: Stieg Larsson’s Estate (Part 1 of 3)
In most states, including Texas, failure to draft a will, or failure to draft a valid will, leads to an estate passing to a decedent’s relatives under the Texas intestacy statutes. This means that if you die without a valid will, some of your loved ones may not be able to inherit anything. For unmarried partners, without a will, they are most likely unable to inherit anything from their unmarried decedents. In 2004, famous Swedish journalist and crime writer, Stieg Larsson, passed away. After … [Read more...] about The Case for Drafting a Will: Stieg Larsson’s Estate (Part 1 of 3)
