Estate Planning Lawyer in Houston

Helping You and Your Family Plan for the Future

Most people, especially those in their younger years, do not give much thought to estate planning or do not even consider planning for the future until they grow older and think about their own mortality. Others mistakenly believe that estate planning is only for those with considerable resources.

However, proper estate planning can significantly benefit most individuals and their families. Estate planning lets you decide how your assets should be distributed so your family has the resources they need after you pass away.

Additionally, several estate planning documents can be used to protect your assets during your lifetime, such as creating trusts should you need long-term care or providing financial resources for family members who need assistance with managing their finances.

If you are interested in the benefits of estate planning, contact our law firm to schedule a free initial consultation. Our Houston estate planning attorney will gladly answer your questions and determine what legal options best suit your needs.

What are the Legal Benefits of Estate Planning?

Estate planning gives individuals and their family members peace of mind, knowing their affairs are in order. However, one of the most considerable benefits of estate planning is helping families streamline or avoid probate. Texas probate can be a long, drawn-out process that can leave families waiting for needed financial resources. With a solid estate plan, you can be assured that your final wishes will be carried out as indicated.

Some of the other legal benefits of estate planning include:

• Legal protections for minor children
• Clear guidelines regarding asset distribution
• Ensure that there is a smooth transfer of business assets
• Create trusts that can help avoid the probate process, provide resources for special needs family members, and protect assets
• Minimize the burden of estate taxes for family members
• Create advance directives that allow individuals to state their end-of-life decisions and preferences for medical care

If you are still considering the benefits of estate planning, contact our Houston lawyer today. Our dedicated legal team has extensive experience helping individuals create comprehensive estate plans that fit their needs. Allow us to provide you with the peace of mind you deserve as you plan for the future.

What Happens if I Die and Do Not Leave a Will?

One of Texas citizens’ most common misconceptions is that their assets will automatically be transferred to their heirs and beneficiaries if they die without leaving a last will and testament. However, when a person dies in Texas without leaving a will, any property, or assets they leave behind will be distributed according to Texas intestate succession laws.
Under state law, the decedent’s property will be divided in shares among their surviving spouse and children, parents, or siblings. However, if the decedent has no spouse, their property will be divided between their children and grandchildren.

If there are no children or grandchildren, any property or assets will be divided in the following manner:

• The decedent’s parents; however, if there is only one surviving parent, one half will go to them and the other half to siblings and their children
• If there are no surviving parents, the decedent’s siblings and their children would inherit
• If there are no siblings, the estate would be passed on to grandparents or cousins, according to the state’s intestate law
• If no surviving family members can be located, an individual’s estate is subject to escheat, meaning that any assets would become the property of the State of Texas

Due to the legal complexities of Texas’s intestate laws, it is always best to have a valid will to help your family avoid probate and being forced to pay expensive legal fees.

How Does Probate Affect Estate Planning in Texas?

Probate can be a lengthy legal process during which a court supervises the distribution of the decedent’s estate. The court ensures that the instructions in the decedent’s will are followed and that all debts are paid. Depending on whether or not the decedent left a valid will, the probate process can take an extended amount of time to complete. Unfortunately, the longer probate takes to complete, the longer family members have to wait for necessary financial resources.

However, assets such as life insurance policies or bank accounts that have named beneficiaries are not subject to probate. Additionally, under Texas law, small estates valued at under $75,000 typically do not have to go through the probate process.
One of the best ways to help your family avoid costly probate is to create a comprehensive estate plan so that upon your death, they can feel financially secure. The last thing you want is for your family to pay costly legal expenses to have access to financial resources.

The Aberdeen Law Firm: A Father’s Rights Firm provides clients with honest advice to help them plan for their family’s finances and ensure they can face the future confidently. Contact our Houston office to schedule a free case evaluation so we can determine your needs.

What Should Be Included in a Comprehensive Estate Plan?

Although many people are familiar with the term “estate plan,” some are unsure what a comprehensive plan should include. A well-crafted plan should include the following estate planning documents:

• Wills and trusts: Legal documents that provide guidelines as to how your assets should be distributed to your heir and beneficiaries after your death
  Beneficiary designations: Identify individuals who should receive non-probate assets not included in a will. Non-probate assets often include life insurance policies, bank accounts, and annuities
• Living will: Written statement that provides your preferences for end-of-life care
  Power of attorney: Also known as a POA, gives an individual the legal authority to make decisions if you become incapacitated. A POA can help prevent the need for your family to try and obtain guardianship or conservatorship over your affairs if you cannot manage them yourself
• Medical power of attorney: Allows the individual of your choice to make medical decisions on your behalf should you become incapacitated
  In addition to the legal documents listed, a HIPAA authorization that allows your medical professionals and insurance providers to share information with your designated medical POA is also essential. Finally, an estate plan should also include an asset inventory and assessment. An asset inventory and assessment allows you to list your property and other valuables so you can determine their value and can be a valuable resource for family members after you pass away.

Why Should I Create a Trust as Part of My Estate Plan?

Although trusts are essential to estate planning, many individuals are unaware of the legal and financial benefits they can provide. In Texas, a trust may be created for various purposes, such as asset protection from creditors or privacy, because unlike wills, which eventually become a matter of public record, the terms of a trust remain private. Furthermore, a trust can help families avoid probate, as the assets placed in the trust are considered the property of the trust, not the individual.

Trusts can also be created for special needs family members to access financial resources without jeopardizing their eligibility for essential government benefits. Other trusts can be established to provide economic resources for heirs or beneficiaries who may need help with financial management. In other instances, a trust may shield hard-earned assets for family members who may have to enter a nursing home or long-term care facility.

Assets are placed in a trust and managed by a trustee. A trustee can be an entity such as a bank, legal professional, or individual who manages the assets for the trust’s beneficiaries. The assets placed in a trust may be distributed upon the death of the grantor, the person who created the trust, or consistently over time, such as in the case of a special needs trust. However, the trustee must distribute the assets within a reasonable time.

To learn more about how trusts work and how they can provide extra protection for you and your family, contact our law office to schedule a consultation with our Houston estate planning attorney.

What is the Difference Between an Irrevocable and Revocable Living Trust?

There are several different types of trusts that you can choose from when creating a detailed estate plan. Two of the most common types of trusts are irrevocable and revocable living trusts. Although there are distinct variations between the two types of trusts, the main difference is that a revocable trust can be changed at any time, while the terms of an irrevocable trust cannot be changed.

Under the terms of a revocable trust, the grantor may add or remove beneficiaries or how the trust’s assets are managed. Additionally, unlike in an irrevocable trust, the grantor maintains control of the assets placed in the trust. That being the case, one of the drawbacks of a revocable trust is that it does not offer protection from creditors. Once the grantor passes away, the legal status of the trust changes and becomes an irrevocable trust.

Conversely, the terms of an irrevocable trust cannot be changed or altered once it has been created. Therefore, any assets placed in an irrevocable trust must remain the property of the trust until the terms have been satisfied. The grantor is also prohibited from removing or adding beneficiaries as with a living trust. Some of an irrevocable trust’s most considerable legal benefits include asset protection, privacy, and exemption from estate taxes.

If you are unsure which trust option is right for you, contact our Houston estate planning attorney, who can help you determine which is best for your needs.

What Legal Responsibilities Does an Executor Have in Texas?

An executor or personal representative of an estate is an individual or entity responsible for executing the terms of a will or estate administration. Under Texas law, an individual may appoint an executor by naming them in a will and specifying that they want independent administration. In contrast, dependent administration can automatically be imposed where the court supervises the estate if no executor is named.

The executor has several legal responsibilities and fiduciary duties. Regarding estate administration, an executor has a fiduciary duty or legal responsibility to act in the best interest of the heirs and beneficiaries, not their own.

Some of the executor’s responsibilities include:

• Gather all assets: Locate and take inventory of the decedent’s assets, real property, and personal belongings
• Determine the value of assets: Accurately appraise and determine the value of estate assets
• File legal paperwork: File all necessary legal paperwork with the court to start the estate administration process
• Pay debts: Research and pay all outstanding debts incurred by the deceased, which may include credit card debt, medical expenses, and funeral and burial costs
• File taxes: Prepare and file all appropriate state or federal tax returns
• Notify creditors and beneficiaries: Notify all creditors of the decedent’s death and inform all beneficiaries regarding their inheritance
• Distribute assets: Distribute estate assets to beneficiaries according to the decedent’s final wishes provided in their will

How Often Should I Review My Estate Plan?

Creating a well-crafted estate plan is one of the best steps to providing for one’s family’s future. However, many people make the standard mistake of not conducting a periodic review of their estate plan to ensure it accurately reflects their current situation and needs of their beneficiaries.

Because life events and personal situations can change quickly, you should review your estate plan if any major life event occurs. Major life events include getting married, having children, getting divorced, or the death of a spouse or other beneficiary. Other events that could necessitate an estate plan review include moving to a new residence or changes that affect your health or finances.

Therefore, it is recommended that you thoroughly review your estate plan every three to five years. If you need to review your estate plan, it is best to consult with a knowledgeable lawyer who can ensure that it is up to date and will withstand legal scrutiny. Failure to update your estate plan could lead to issues administering the estate or being contested.

Our Houston area estate planning attorney understands that your needs and obligations can easily change. Contact our law firm to schedule a free consultation so we may review your current estate plan and make appropriate changes.

Why Should I Choose Your Houston Estate Planning Attorney to Help Me With My Legal Needs?

The Aberdeen Law Firm: A Father’s Rights Firm understands that making decisions about how your assets and property will be divided after your death can be overwhelming. However, one of the best ways to safeguard your family’s future and those of your other beneficiaries is to create a detailed estate plan.

When you come to us for help, we will sit down with you to discuss your needs and financial goals for your beneficiaries. We will thoroughly evaluate your needs and create a custom estate plan that will allow you to face the future confidently. We will help guide you in making informed legal decisions throughout the estate planning process. Our legal team strives to build solid attorney-client relationships so you feel secure knowing we work in your best interests.

Contact The Aberdeen Law Firm: A Father’s Rights Firm at our Houston law office by calling 713-597-6435 to schedule a free, confidential consultation with our experienced estate planning attorney.