A Texan who crafts a will does so to ensure that the assets and anything else he or she owns will go to the designated heirs. Regardless of the intent and the comprehensive nature of the document, legal issues can often arise with wills and other estate planning devices. In some cases, this will necessitate judicial intervention. Understanding when the law dictates that there can be judicial modification or reformation of a will is important when the legal issues are such that it must be done to make certain the document achieves its desired ends. As always, legal assistance with handling estate complexities is a must.
May 2018 Archives
Legal dispute and allegations continue from late actor's trust
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.
When a will just isn't enough, think trust
You know that you should at least have a will, just to prepare for what will come eventually. A will is a good place to start with any estate plan, but sometimes it just isn't enough. This is where trusts enter the picture. A trust may give you all the protections you desire, but what kind do you need?
Estate planning documents must be updated as time passes
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.
Family disputes over will settled before going to Texas court
In Texas, one of the main reasons that family disputes occur over a loved one's estate plan is if there was illness and changes were made to the document during the latter stages of the person's life. Since it is so imperative to have an estate plan - even a basic one - those who are considering whether they need one or not should pay attention to situations in which people end up pursuing litigation over an estate because of various issues. Even when these situations are settled without going too far, it is still important to think about all aspects of estate planning with help from an experienced law firm.
Estate planning to incorporate new assets like crypto is critical
Estate planning in Texas has grown far more complicated than it once was. With the number of different financial vehicles available in which people are willing to invest, online banking and the secret nature of much of these new investments, navigating an estate plan can be difficult for the testator when crafting the estate plan and for the loved ones after the testator has passed. One issue that is growing more concerning is "cryptocurrency," alternatively referred to as "crypto." When investing in crypto, it is imperative to understand how to ensure these assets do not simply disappear after the person has died.
