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December 2019 Archives

Successor trustee could be liable for previous breach of trust

People in Texas need to plan for where their property will go after they pass away. One very effective way of doing that is to create a trust and transfer their property to the trust. As part of the trust they will need to appoint a trustee. This individual will be responsible for managing the property and eventually distributing the property to the beneficiaries of the trust.

What do spouses receive if one dies intestate?

When people are married in Texas they generally share their lives. When one spouse earns income, it is as if both earned the money. They also share their assets such as a house, car, investment accounts and other assets. However, spouses do not always pass away at the same time and when one dies before the other, a spouse does not necessarily receive all of their spouses' property. This is especially true if the spouse that passes away first did not have a will.

Common reasons that people may challenge a will

During people's lifetimes in Texas, people will acquire various property or acquire money which may be held in bank accounts, investment accounts and other places. People acquire these assets in order to maintain a certain lifestyle while they are living. However, all of these assets are only useful to them while they are living. After they pass away they cannot take it with them. This means that they must leave it behind with their family or other people that are close to them.

Initiating lawsuits on behalf of an estate

A will is meant to give instructions on how to distribute an estate, but someone must be in charge of carrying out those instructions. This is a big part of the process known as estate administration. The individual responsible for doing administering the estate is referred to as the personal representative. This person is often a relative or friend, and is appointed to the position by the terms of the will. If there is no will, or if the person appointed in the will is unavailable, the court will appoint a personal representative.

Choosing a reliable health care power of attorney

Having a will and a trust in place is a commendable step in the estate planning process. These documents show your concern for the future well-being of your loved ones. A carefully planned will or trust can ensure your family members receive their fair share of your estate while minimizing any negative implications of receiving an inheritance.