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Estate Planning Guide For Blended Families: Do’s & Don’ts In Texas
Blended family estate planning is necessary because inheritance where there is no Will is not the same as for a family where there is only one marriage and the children are all of that marriage. Step-children will not inherit the same as biological children, and your spouse will not inherit all of your estate if you have biological children from a previous relationship. You should always create a new Will or trust when you remarry, or consider getting a pre-nup beforehand to act as an estate planning tool.
Read MoreThe Risks Of Online & DIY Estate Planning
Many people turn to free online forms or online templates to complete their estate planning, rather than meeting with an attorney. Unfortunately, there are many unexpected consequences to online or DIY estate planning. These "cheaper" options can lead to your Will being contested, invalidated, or requiring extra expense to probate. It can also result in an outcome that isn’t what you would have wanted. When it comes to estate planning in Texas, working with an experienced probate attorney is the best way to ensure your assets and wishes are protected.
Read MoreHow Much Does It Cost To Set Up A Trust?
The cost of a living trust in Texas depends on the type of trust you need. A revocable trust is one that can be completely or partially revoked either during the lifetime of the person creating the trust or afterward. An irrevocable trust means just that: it cannot be revoked. The cost of a very simple living trust is a minimum of $1,500 - $2,000. The average cost goes up incrementally with the complexity of the trust document.
Read MoreWho Inherits Your Property In Texas If You Don't Have A Will
In Texas, an individual who dies without a Will is said to have died intestate. As a result, their estate will be distributed according to the Texas Estates Code if payable on death or beneficiary arrangements have been made for their disposition. In some cases, Texas's intestate law provisions for the estate are not the same as what the individual wanted for their assets. The costs of the proceedings necessary to dispose of an intestate estate are also often much more expensive.
Read MoreWhat Types Of Trusts Can You Use For Special Needs?
Trusts are an excellent tool to provide for the future needs of yourself or your loved ones. A trust can be especially beneficial if you have children with special needs, including minor children and adult children with disabilities. There are two types: general support and supplemental care. You can also create a trust for yourself if you need to apply for Medicaid and your assets exceed the limits to qualify.
Read MoreWhat Is Involved In Setting Up A Living Trust
Setting up a Living Trust is the best way to ensure your assets are passed onto the right people if you pass away. To start the process, you will need to gather all pertinent information about your assets, choose your primary and secondary trustees, determine how you want the trust to operate after your passing, and finalize the trust agreement with the help of an attorney.
Read MoreWhen A Living Trust Is A Good Estate Planning Tool
There are times when a Living Trust is a smart estate planning tool that can simplify or avoid probate, and save your family thousands of dollars. A Living Trust is not always a necessary part of an estate plan. However, if you own property in multiple states or counties, have beneficiaries who require special assistance or restrictions, or need special help in managing your assets, a Living Trust may be a good idea.
Read MoreHow To Find The Right Texas Probate Attorney For Your Family
Guardianships are a complicated legal proceeding. Most people have no clue exactly how complicated and expensive they are. In some situations, however, a guardianship is required to manage the affairs of a loved one.
Read MoreWhat Is The Cost Of Probate Or Administration Of An Estate In Texas?
One of the first questions the family of a loved one who has passed will ask is, 'What will it cost to settle the estate in Texas?' The answer to this question depends on four key factors: the type of assets that will be transferred, if payable on death designations were made on the assets, whether there was a Will, and if the heirs agree with the terms of the probate. Based on these factors, you could expect to pay anywhere between $1,000 to upwards of $5,000.
Read MoreWhat Happens If You Don't Work With The Right Will Probate Attorney
These are a few of the risks you may face if you choose an attorney who is incompetent, unethical, or simply the wrong fit for your needs. The biggest concerns will be cost, the quality of their work, their availability, and your peace of mind. If an attorney charges you well above reasonable rates, doesn't respond to your questions, or leaves you feeling confused or concerned about the probate process, don't be afraid to find a new attorney who will be a better fit for your situation.
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