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An important component of an estate plan is a statutory durable power of attorney, otherwise called a general power of attorney. This power of attorney allows you to name an agent to carry on business-type activities on your behalf if, for any reason, you are not able to do so yourself.

If you have ever gone through a hospital admissions process, you've likely been asked if you have a living will (also known as a directive to physicians) and a medical power of attorney. Here are the main benefits of both—and why they're worth the investment.

A widely-held belief about probate is that it is long and expensive. That is often not the case. How long it will take and how much it will cost depend on a number of factors. In most cases, it is not a lengthy or horribly expensive process.

How soon must a Will be probated after death? In Texas, generally a Will must be filed within four years after the date of the death, but I encourage you to do it sooner rather than later. Neglecting to probate the Will can leave you in a more painful situation in the long run.

What is probate? Probate, while usually referred to as any legal action to handle an estate, is actually the administration of a Will upon the death of an individual.

Unfortunately, it's all too common for parents to put off estate planning to protect the settlement of their estates for the loved ones left behind because they don't believe they are old enough to think about this. Or, commonly, younger people believe estate planning is too expensive for them to take on at this stage in their lives. Neither of these things are true!

Many people have heard the term living trust and think it is a magical estate planning tool for everyone. For some people, a living trust truly is a smart way to handle their estate, but for others, it is an unnecessary expense.

Texas law has recognized an estate planning trick that is extremely effective to help avoid probate and is low cost, called a deed with an enhanced retained life estate or “Lady Bird” deed. This tool can be used for all types of real estate interests.

Texas law provides for a shortened, less complicated, less expensive form of probate in specific circumstances. This is called probate as a muniment of title. It is a simple process compared to a full, regular probate.

Has a loved one passed away without a Will? In some cases, you can avoid a lot of frustration by using a Small Estate Affidavit to legally transfer assets at very little expense to you.