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
drafting a will
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
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
Nuncupative or Oral Wills in Texas: Part 1 of 3
An oral will is a nuncupative will. In many states, nuncupative wills are invalid or strictly construed. Typically, in states that acknowledge oral or nuncupative wills, testators must create them as their final acts before death. Commonly known as a dying deathbed exception to the typical requirement that a will is valid only if in writing, oral wills may be valid in Texas. Texas law limits the use of nuncupative wills to those who are dying on their deathbeds or at war. In Texas, a nuncupative … [Read more...] about Nuncupative or Oral Wills in Texas: Part 1 of 3
Estate Planning to Reflect Your Values
Estate planning not only distributes your property and eases the burden of your passing on your loved ones, but it can also pass along your value system to your beneficiaries as well. How? Not only can you leave a legacy of your actions, since those certainly speak louder than words, but you can incorporate those values in your estate plan itself. There are estate planning tools that can be used to pass on your values. Many of these methods involve creating a trust, which allows you more … [Read more...] about Estate Planning to Reflect Your Values
Five Questions to Ask When Considering Creating Your Own Will
With so many resources available on the internet, you may be tempted to turn to online forms and will kits for your estate planning needs. But ask yourself these five questions first…. 1. Do you have children? Parents with minor children have specific challenges in estate planning – not only in naming a guardian for their children, but in making sure they have tools in place to handle the transfer of property and more. 2. How much property do you own? If you do not own a home or … [Read more...] about Five Questions to Ask When Considering Creating Your Own Will
DIY Estate Planning Mistakes
If you choose to go it alone in estate planning, you run the risk of making at least one of these estate-planning mistakes: Naming your estate as a beneficiary When it comes to life insurance, qualified retirement plans and annuities, you can name one or more persons to be the recipients of the death benefit. That way you can bypass estate administration and probate court. But many people name their estate as a beneficiary, perhaps thinking that they will sort it all out later and then change … [Read more...] about DIY Estate Planning Mistakes
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 married … [Read more...] about Estate Planning and the Rights of Survivorship
