Inheritance laws in Texas are generally less complicated than in other states since Texas does not impose any inheritance or estate tax. Estates with a will that are valued at less than $75,000 do not have to go through the court system and only require one simple...
A last will and testament stands as a critical document in estate planning. When a testator passes away, their will reflects decisions they made while alive regarding who receives what assets, among other directives. Often, carrying out the directions presented in the...
Drawing an estate plan allows a testator to write a will that distributes assets in an intended manner. Other estate planning documents, such as a financial power of attorney or a health care proxy, serve other important purposes. Unfortunately, fraud may rear its...
Filing for divorce late in life can present problems that younger Texas couples do not usually have. Individuals in the mid-life stages have often acquired significant wealth that must be not only protected during life but also properly allocated after death. Many...
If you are planning your Texas estate, there are many ways to achieve this goal. Some people prefer to take care of a portion of their estate planning through joint tenancy, which occurs when two or more parties agree to share ownership of a property. What are the...
Every year, many people in Texas die without a will. Though the prospect of one's mortality may be depressing, it's still important to make the appropriate plans. Creating a will allows you to decide what you want to happen to your estate once you're gone. That can...
Every Texas adult will need to go through the estate planning process. Contrary to popular belief, this isn't a one-and-done type of deal. Rather, estate planning is an ongoing process that should be reviewed every three to five years to ensure that it's updated. If...
Probate is a legal process that addresses collecting a deceased person's assets, paying off their debts and distributing the remaining assets to those outlined in the person's will. This process can take months to years depending on the size of the deceased person's...
Each state has different laws surrounding wills and probate, so you need to check Texas law to ensure you do everything you need to do as an executor. Before you finalize the estate, you need to handle all tax and debt issues. Estate and income tax returns Based on...
Generally speaking, people look forward to inheriting money, real estate or other assets from their parents or grandparents. However, there are scenarios in which it may make more sense to decline the opportunity to receive ownership of a bank account, brokerage...
