Poorly planned estates invite Probate costs and litigation. The estate often has to pay taxes, court fees and attorneys' bills. The people fighting over the estate have attorneys' fees of their own to pay. However, all of that is just money. There is a far more important cost to bad estate plans that people should consider: the costs to familial relationships. Most estate litigation pits family members against each other, and it is often family members who previously got along with each other. … [Read more...] about The Hidden Costs of Bad Estate Plans
avoiding probate
Estate Planning and Asset Protection
Asset protection is an important aspect of completing a comprehensive estate plan, but exactly what is it and what can it do for you? Many consider asset protection to be a strategy used by those in professions that are exposed to litigation, such as a doctor, to protect their assets from potential claims. While this may be one aspect of asset protection, estate planning considers asset protection for other purposes as well, such as: Protecting family assets from claims of creditors of … [Read more...] about Estate Planning and Asset Protection
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
Three Reasons for Avoiding Probate
Fortunately, from the standpoint of time and expense, the probate process in Texas is not always the nightmare that we often hear about in other states. Especially for smaller estates, the process can be streamlined and may take only a few months, if there are no problems to resolve. Larger estates, or those where there’s conflict, take longer to go through the probate process. Even if you have a relatively small estate, there are still reasons why you might want to avoid probate. Here are … [Read more...] about Three Reasons for Avoiding Probate
