Houston Probate & Estate Administration Law Blog

Texas families who have accrued significant wealth will want to take steps to ensure that their heirs retain as much of it as possible. The depletion of an estate is one of the biggest concerns that these families will have, so strategies to preserve assets, such as a dynasty trust are a wise consideration. Understanding how they work and other important facts about these devices is the first step toward deciding if it fits into an individual's estate planning strategy.

Because of the overhaul of the tax code, those with significant wealth are seeking strategies to retain as much of that wealth as they can. The benefits of a dynasty trust are linked to this new tax template. A dynasty trust does not expire. It contrasts from other trusts where the trustee holds the assets to benefit others.

The goal for a Texan who is creating an estate plan is to ensure that the assets go to the heirs that he or she wants to get them and to maintain as much of its value as possible. This can be confusing to some, especially those who might have real estate but not a significant amount of it to know all the methods to maintain maximum benefit after asset distribution.

Understanding how to clear a title from real property is one of the fundamental aspects of transferring it. There are certain steps that must be taken to do this correctly. To clear a title from real property, the decedent's name must be removed from the deed and transferred to the new owner. There are strategies to do this rapidly and in an efficient manner. It depends on the circumstances as to how this should be done.

Texans and people across the nation are well-advised to have a comprehensive estate plan. This is necessary to avoid a legal dispute between heirs and to ensure that the assets go where the testator wants. The pitfalls of a perceived failure to do this can be found in cases where a wealthy and famous person dies and had a blended family. Those who believe they should inherit certain items in the estate or be in control of a trust will frequently end up embroiled in a dispute that can take time and significant resources to settle. Such is the case with the late actor Alan Thicke.

Thicke's widow alleges that his sons from prior marriages are behaving in a reckless manner with his trust and have not given her what she says she is supposed to receive in the inheritance. The sons are the estate's co-trustees. It has been reported that the sons did not give their approval to the monument his widow selected at his final resting place and did not reimburse her for its cost. According to her, one son - the singer Robin Thicke - received $105,000 for a party in honor of his father.

Texas residents who create an estate plan should remember that the document is not something that should stand on its own, never to be changed. The goal in an estate plan is to prepare for the future. However, circumstances in the present can fluctuate. Updating and ensuring that all the bases are covered is a foundational aspect of drafting estate planning documents. A comprehensive document might seem intimidating with everything that should go into it, but having a list of what needs to be shored up can be beneficial.

There are four basic documents that are of paramount importance. They are: a power of attorney for finances; a power of attorney for health care; an advance health care directive; and a will. A trust, if used, must have the correct title. Beneficiaries should be named for all assets. Having a health care surrogate who can make decisions in the testator's stead can help avoid confusion, regardless of what happens. There is often a lack of awareness of why estate plan documents should be updated. A survey centered around estate planning documents found that one in six is not up to date. There could be many reasons for this, including not believing it to be as urgent as it really is. Having deadlines as to when tasks must be completed will give incentive to getting it done.