Another disadvantage of dying without a validly created will is that Texas law treats a lifetime gift only as a gift and not as an advancement of a future bequest. For example, if you intended to count a niece’s car as a gift against her future inheritance, you need to state such in your will. If you do not create a will, the Texas Probate Code treats the gifted car as a gift and not as an advance. This can become a problem if you intended to give your children equal shares of your assets but … [Read more...] about Drawbacks of Dying Intestate or Without a Will: Part 3 of 3
Drawbacks of Dying Intestate or Without a Will: Part 2 of 3
As previously discussed, a major disadvantage to dying intestate is the lack of control you have as to who will inherit your property. If you wanted to leave a large portion of your estate to a special nephew, you must do so by will. If you do not create a will, your nephew only receives his intestate share of your property, as established by the Texas Probate Code. If you die with a surviving spouse and children, they will receive most of your property, and your nephew may not receive anything. … [Read more...] about Drawbacks of Dying Intestate or Without a Will: Part 2 of 3
Drawbacks of Dying Intestate or Without a Will: Part 1 of 3
Each state’s intestacy laws will establish what happens to your property if you die without a will. In Texas, the Texas Probate Code governs who receives your property and the order of priority in those distributions. The Texas Probate Code establishes an order of intestate succession or distribution scheme for residents who died before and after Sept. 1, 1993. After Sept. 1, 1993, the beneficiaries of your property depend on their degree of kinship to you. The Texas Probate Code automatically … [Read more...] about Drawbacks of Dying Intestate or Without a Will: Part 1 of 3
About Estate Planning for Pet Owners
Do you have a pet you want to ensure has a good home and are well taken care of following your passing? Be aware that such provision allowances vary from state to state. While many pet parents view their pets as they would their own children, provisions for pets fall into a completely different category. Pet owners value the idea to provide care and comfort similar to children, but laws dictate that they be treated as possessions in some states. Based on the residence of the pet owner, … [Read more...] about About Estate Planning for Pet Owners
The Basics of Estate Planning for Blended Families
There are many challenges blended families face, and estate planning is no exception. Support groups and therapists are offered to help blended families learn to mesh in a way that works for everyone. Yet, it is uncommon to see this much attention paid to estate planning. This can be an unfortunate and expensive mistake, particularly if matters go into probate. Like estate planning for non-blended families, minimizing estate taxes is a priority. However, additional challenges include … [Read more...] about The Basics of Estate Planning for Blended Families
Texas Homestead Laws and the Texas Probate Code: Part 3 of 3
Estate Planning: As previously mentioned, Texas law allows residents to exclude a broad range of personal property as exempt homestead property set-asides. Exempt personal property set-asides include any personal property of up to $60,000 per family or $30,000 for unmarried residents. This includes household furnishings, business property and tools, clothing, toys and books. Texas homestead exemptions include farming or agricultural equipment, some agriculture livestock and household pets and … [Read more...] about Texas Homestead Laws and the Texas Probate Code: Part 3 of 3
Texas Homestead Laws and the Texas Probate Code: Part 2 of 3
Estate Planning According to the Texas homestead law and the Texas Probate Code, a surviving spouse has the right to live in exempt homestead property if she so chooses. If your surviving spouse decides to claim her homestead exemption and live in her homestead during her lifetime, your homestead estate cannot pass to your surviving heirs. Texas’ generous homestead laws also provide homestead exemptions to surviving spouses for personal homestead property. This means that if you created a will … [Read more...] about Texas Homestead Laws and the Texas Probate Code: Part 2 of 3
Texas Homestead Laws and the Texas Probate Code: Part 1 of 3
Estate Planning: Texas’ homestead laws provide residents with generous exemptions from creditors’ claims. If you live in Texas and owe money to a creditor, the state’s homestead laws strictly limit what a creditor can garnish, lien or collect from you. The state’s generous homestead allowance extends to probate administration. Spouses who survive their significant others have homestead property rights under Texas law. The Texas homestead laws allow surviving spouses to use their homestead … [Read more...] about Texas Homestead Laws and the Texas Probate Code: Part 1 of 3
Nuncupative or Oral Wills in Texas: Part 3 of 3
If you read the last two posts in this series, you now know that oral or nuncupative wills may be effective to transfer your testamentary property only in limited circumstances. If a Texas probate court denies your oral will into probate, you are subject to the state’s intestacy laws created for those who die without valid wills. If you die without a written will in Texas, you may be unintentionally diminishing the assets within your estate and delaying the probate process. Call our office to … [Read more...] about Nuncupative or Oral Wills in Texas: Part 3 of 3
Nuncupative or Oral Wills in Texas: Part 2 of 3
When you create a nuncupative or oral will in Texas, you can only do so if you are very ill and devising personal property. Real property bequests by oral will are not valid. Furthermore, you must make your oral or nuncupative before at least three witnesses if you devise more than $30 of personal property. Your witnesses (or witness if devising less than $30) must probate your oral will within six months of your death. After six months, an oral will is invalid and ineligible for probate. Since … [Read more...] about Nuncupative or Oral Wills in Texas: Part 2 of 3
