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Show Your Love by Creating an Estate Plan
Happy Valentine’s Day! While Valentine’s Day typically focuses on celebrating romantic love, love comes in many forms and all should be celebrated. Everyone, regardless of their status or feeling about the holiday, should commemorate the holiday by creating (or updating) an Estate Plan! Estate Planning offers a practical and easy way to show your loved…
What Does the Respect for Marriage Act Mean for Estate Planning?
On December 14, 2022, President Biden signed the Respect for Marriage Act (the “Act”) repealing the Defense of Marriage Act (“DOMA”). The Act mandates that all states, United States territories and possessions, the District of Columbia, the Commonwealth of Puerto Rico, and the federal government (hereinafter “States” or “State”) must recognize as valid any marriage…
What Happens When You Don’t Trust Your Trustee – Part II
Estate Plans often incorporate revocable and irrevocable trusts. Regardless of the type of trust created or the reason for its creation, naming a suitable trustee to administer the trust requires careful consideration. After all, the trustee acts as the gatekeeper for the trust, doling out distributions pursuant to the terms of the trust agreement using…
How Much Does Estate Planning Cost in Texas?
When you create an estate plan to document your wishes, you may worry about the potential cost of estate planning. Although estate planning can involve upfront costs, a tailored, comprehensive estate plan can save you and your family considerably more money. Factors That Affect the Costs of Estate Planning Some of the factors that may…
What Are the Disadvantages of a Trust in Texas?
Many individuals and families in Texas use trusts as part of their estate plans due to benefits such as minimizing probate costs/paperwork, maintaining the confidentiality of family wealth, and offering tax benefits based on the trust’s structure. However, various kinds of trusts can have disadvantages that individuals and families should consider when including a trust…
Differences Between Revocable and Irrevocable Trusts in Texas
Individuals and families frequently use trusts as an estate planning tool. A trust is a legal structure in which a person can place their assets under the management of a trustee, who must manage the assets per the terms of the trust document. The trust document may allow a trustee to distribute income or principal…
What Is Required for a Will to Be Valid in Texas?
When you create an estate plan, you may make a will to appoint an executor to manage your estate and direct the disposition of your assets after your death. But what requirements do you have to meet to ensure your executor and family can enforce your will under Texas law? Basic Requirements for Wills in…
Common Mistakes to Avoid When Drafting a Will in Texas
You will likely develop a last will and testament when creating an estate plan. However, individuals may make mistakes that could jeopardize the validity and effectiveness of their will. Working with an experienced estate planning attorney in Texas can help you avoid many common errors that others make when drafting wills. Failing to Meet Legal…