Serving Denton County Since 1992 | 6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
Recent Blog Posts
The Challenges of Intestacy in Texas
Dying without a will in place to see your assets distributed according to your wishes can create additional complexities in the probate process. For one, Texas state law will have to distribute your assets as it deems fit which can cause unforeseen problems among family and friends. Do not presume that a surviving spouse will automatically inherit your left-behind assets or that your children will benefit. To truly understand the depth of the legal landscape involving intestacy will require a professional, such as an experienced estate planning lawyer, to peel back the layers and provide comprehensive insight.
Dying Intestate
Dying intestate simply means that there was no will left after a person’s death detailing their desires and wishes for their estate, how it should be distributed, and who it should be distributed to. When dying without a will, Texas intestacy laws determine the fate of the estate on behalf of the recently departed. The intestacy rules are predefined and follow distribution based on a predetermined hierarchy that is specific to each jurisdiction, such as Denton County.
The Different Types of Trusts in Texas
A trust is essential to ensuring your loved ones are well taken care of long after you have passed on. When thinking about establishing a trust in Texas, one must first understand the types of trusts that are available to them. You will also want to understand all of the responsibilities and rights as the creator of the trust, or grantor, that each type provides. An experienced Denton County, TX estate attorney can provide all of the information you need and more regarding trusts, wills, and all other aspects of estate planning.
Revocable and Irrevocable Living Trusts
Establishing a revocable living trust will allow the grantor access to his or her assets while they are still alive. In the event of the grantor’s death, the assets will pass over to the beneficiary and not require them to go through the probate process. A revocable trust can be dissolved if the grantor chooses to do so. This makes it different from that of an irrevocable trust which prohibits the grantor from dissolving the trust.
Navigating Texas Probate: What You Need to Know
After a person passes away, the individual’s estate often goes through the process of probate. If a person created a will before passing, then the court will appoint the person named in the will as executor of the estate. If a person passes without a will, then the Texas laws of intestacy will determine how assets are distributed
The probate process is complicated, but getting the best representation should not be. If you are in the process of probating your family member’s estate, do not hesitate to contact a Flower Mound probate administration attorney
What is Probate?
Probate is the process of naming someone to handle an estate and distributing assets to beneficiaries. The executor is either named in the will or appointed by the court (if the deceased died without a will). Probate will follow the terms that are specified in the will. If the deceased did not execute a will, then assets will be distributed based on the laws of intestacy (more on this later)
Components of a Comprehensive Estate Plan
Planning who will receive your assets and property upon your death is just one aspect of estate planning. Estate planning also involves deciding who will handle your finances and make medical decisions in the event that you are incapacitated.
A comprehensive estate plan will comprise several legal documents, along with beneficiary designations for certain accounts. This complex process is best handled by a Flower Mound estate planning attorney.
Last Will & Testament
Perhaps the most important document in a comprehensive estate plan, your will designates who will receive your assets and property when you die.
If your estate is probated, this legal document will tell the court who you want to be in charge of your estate (i.e., executor) and which beneficiaries will receive your assets. It also allows you to name a guardian to care for your children if they are still minors when you pass.
Identifying Financial Elder Abuse
Financial elder abuse occurs whenever someone uses your money for financial exploitation. The extensive baby boomer population is now seniors, with an estimated 10,000 people turning 65 years old each day.
The abuser might be a caregiver, neighbor, family friend, or family member. No matter who is committing the abuse, financial elder abuse is becoming a serious issue in the United States, and the aging population is at a high risk of being victimized.
If you have reason to believe that you or a family member are a victim of elder abuse, speak with a Flower Mound elder law attorney today.
What is Financial Abuse?
Financial abuse can happen to anyone, but it is especially devastating when it happens to an elderly person. Financial abuse can take any of the following forms:
Do You Need a Lawyer for Probate?
Probate is the formal legal process of validating a will in court and appointing a designated person to manage an estate and distribute assets to beneficiaries.
While you are not required to hire an attorney, the process affords no room for error. If you make a mistake, the probate process could be prolonged, stripping you of your time and money.
If you need to probate an estate, you will need the services of a Denton County probate and estate administration attorney.
How Does the Probate Process Work?
Probating a will is required if the decedent holds any assets in his or her name alone. While there are situations in which you can avoid probate, many times, assets do need to move through probate. If an estate needs to be probated, the will does not go into effect until the process is completed.
The probate process begins when the executor (appointed by the deceased in the will) files an application with the court. After you file an application, interested persons will be notified that the will is up for probate. These interested persons may be heirs, beneficiaries, or anyone related to the deceased. These interested parties are notified of the probate hearing, including the date, time, and location.
When is it Time to Update Your Estate Plan?
When most people consider estate planning, they might think about a last will and testament or trust so that upon their death, beneficiaries will be guaranteed assets.
Estate planning is much more than the distribution of assets, and even after a complete estate plan has been effectuated, there will come a time to update your current estate plan.
Below, our Flower Mound estate planning attorney discusses the components of a complete estate plan and three reasons to update your current estate plan.
Components of a Complete Estate Plan
Estate planning involves distributing the greatest amount of assets to beneficiaries while minimizing taxes. An important aspect of any estate plan is protecting assets during the testator’s lifetime.
3 Ways to Transfer Assets Outside of Probate
While comprehensive estate planning can achieve several important goals, one of the most important is ensuring that your assets go where you want them to after you pass away. Additionally, a well-crafted estate plan will transfer those assets in the most efficient way possible, saving your estate and your beneficiaries time and money.
When you pass away in Texas with or without a will, your assets will need to go through a process called probate, where a court oversees the way it is handled. In many cases, this process is expensive and time-consuming, often involving attorneys, appraisers, accountants, and court fees. Fortunately, an experienced Flower Mound estate planning lawyer can often find ways to transfer your assets outside of probate.
Estate Planning 101
Estate planning is the process of making decisions and executing documents that provide for the distribution and management of your assets in the event that you pass away or become incapacitated through injury or disease.
The primary purpose of estate planning is protecting your assets and making sure that they go to the people or organizations you want them to in the future. In addition, a well-executed estate plan can avoid probate, which could cost your family significant time and money.
Importantly, estate planning is much more than executing a will - but a will is certainly part of a comprehensive estate plan. Some of the more common parts of a comprehensive estate plan are discussed in detail below. The best way to determine what you need in your estate plan is to discuss your circumstances with a Denton estate planning attorney today.
Key Life Events That Trigger an Estate Plan Review
A 2020 Gallup Poll revealed that just under half of Americans (46 percent) have a will outlining their wishes for their estate after their passing. Surprisingly, this statistic has remained relatively consistent since 1990. If you are among those who already have a will, you might think your job is done. However, it is crucial to recognize the importance of periodic reviews and updates.
This becomes particularly critical during significant life events such as marriage, the addition of a new child, or divorce. Seeking guidance from an experienced Denton County estate planning attorney is invaluable in ensuring your estate plan is up-to-date and aligned with your intentions while addressing any potential tax implications.
Review Your Estate Plan After Marriage
Whether it is your first marriage or a subsequent one, tying the knot prompts a necessary review of your estate plan. This moment is opportune for including your new spouse or even stepchildren in your plan. For those who have been through a divorce, this is a crucial juncture to confirm that your former spouse has no unintended entitlement to your estate.
Whether you need legal assistance with estate planning, have questions about elder law, or are involved in a business litigation case you can trust Colbert Law Group PLLC to handle your case with the personal attention and commitment to a positive outcome that you deserve. From our office in Flower Mound, we serve clients throughout Denton County and Southern Oklahoma.
6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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