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October 2017 Archives

Wealth is not a prerequisite for writing and updating wills

A mistake made by many Texans who do not consider themselves wealthy is to shun creating a will. Wills are an integral part of an estate plan and should not be ignored, no matter the amount of money and assets. They will often believe that they do not have an estate worth making out a will. The important thing to remember about a will is that it is for the loved ones. Once the person dies, his or her assets will need to be dealt with, no matter how large or small. A will is vital toward that end.

Legal requirements to create trusts in Texas

For many Texans, drafting estate planning documents can be a difficult chore. Knowing the preferable strategies is often difficult, but it is worthwhile. One estate planning document that can be beneficial is a trust. With a trust, there are certain requirements. Having a grasp of these factors is a foundational aspect of a legal trust.

Turning over the reins of your family business

Although you run your small business efficiently and successfully, you may never have needed to follow many of the formal management processes that a larger company relies on. Your staff probably consists mostly of members of your family, and your business may be more of an extension of that family dynamic.

Personal property, a major factor in estate litigation

Texans preparing for the future have well-crafted estate plans, focused on assets that are obvious, like a home, financial accounts, vehicles and similar items. However, estate litigation often arises not over the big-ticket items, but also for personal property and items of sentimental value. To avoid a court battle and unwanted bickering, testators should consider distributing property in a way that will account for these pieces of property.

Estate planning and handing assets over to children

Texans who are constructing an estate plan might wonder whether it would be preferable to hand certain assets over to children and other heirs before death. They believe that this is a sound strategy to ensure that their assets stay in the family's hands, and their children get everything the testator wants without having to go through probate and worry about ancillary factors. This is often a mistake as it fails to provide certain protections. Understanding this and formulating strategies to maximize protection is a wise step with any estate plan.