Q: Do I really need an estate plan?
A: A comprehensive estate plan includes much more than a will. It is advisable for Texans to have an all-inclusive estate plan that may include some or all of the following: wills, trusts, statutory and medical powers of attorney, advance declarations of guardians for oneself or children, living wills, and more. Probably the most common question for Texans considering estate planning is "Who do I want to receive my property upon my death?" but the fact of the matter is that there are a number of other questions that one's death or incapacity may bring up as well, including:
- Who would take care of my children if I died or became incapacitated?
- Who would manage my financial or medical affairs if I became unable to do so during my lifetime?
- What would happen to my creditors in the event of my death?
- What decisions could my medical attendants make in the event of my severe incapacitation?
A well drawn estate plan should address these and other questions that may arise by the death or incapacitation of the average Texan as well as minimize the time and effort required by the family regarding distribution of property.
Q: My family recently lost a loved one. How do we determine ownership of her property now?
A: If the loved one maintained a valid Texas will, the typical procedure is to seek probate of her will. The Texas probate system legally establishes ownership of assets after providing notice to required parties and paying valid creditor claims. The system is designed to legally establish ownership of the assets owned by the deceased individual.
Q: What is the difference between an independent administration and a dependent administration?
A: Each type of administration is a method of conducting the probate of a will. An independent administration requires very little court supervision and is the preferred method of probate in most circumstances as it is simpler and less time consuming. Executors or representatives may be personally liable for any mistakes that they make under this independent administration, and therefore the assistance of a qualified probate attorney is recommended. A dependent administration is a much more formal process that applies to complicated estates and requires court supervision for much of the probate process. Dependent administrations require much more time and effort on the part of executors and representatives but may be advisable under certain situations.
Q: What if the will of a loved one cannot be located or if I have questions about the validity of a loved one's will?
A: If a will is unable to be located or can be located but is deemed to be invalid by a Texas court, generally the court will rely on the Texas laws governing descent and distribution. A qualified probate attorney can aid the parties in making this process as simple and efficient as possible.
Q: What is a muniment of title?
A: A muniment of title is an efficient procedure allowed by Texas law that transfers property left under a will without the necessity of conducting a full probate of the will. The procedure is available only in limited circumstances but is probably the easiest and least time consuming method of transferring property under the probate system.
Q: What is a family settlement agreement?
A: A family settlement agreement is a contract between those parties who have an interest in the estate of a loved one. Family settlement agreements may not always be used (and there are potential downsides to using them in select cases) but when available and correctly utilized, they may be the easiest and most efficient option regarding distribution of an estate.
Q: I've heard about living trusts. Should I have one?
A: Maybe. There are a handful of reasons for a Texan to establish a living trust, but they are frequently employed by Texans who probably really don't need them. We frequently hear clients say something to the effect of "I want a living trust so that I can avoid probate," but the simple fact is that the Texas probate system is one of the most simple, efficient, and inexpensive state probate systems in the country, and the formation of living trusts are often an unnecessary expense.
Q: Can I change an already existing will?
A: Yes. Frequently a will is changed by adding a codicil to the existing will, but there is specific Texas law governing the formal addition of a codicil to one's will, and a will cannot be changed (and no change should be attempted) by simply adding, deleting, or amending a will's provisions.
Contact our office online or call 806-371-FIRM (3476) or 866-864-6413 to schedule a free consultation to discuss your specific legal concerns today.
The general information contained on this page and on the rest of this website does not constitute legal advice and should not be relied upon, nor should it be used in place of advice received from a licensed attorney. None of the information contained on this website constitutes legal advice because they were not written for your reliance, nor are they necessarily applicable to the facts of your specific case, in the event that you have one.