When a resident of Texas dies, the property of the decedent must be distributed to the decedent's heirs and beneficiaries according to state law. If the person dies with a will, the person who oversees the collection and distribution of the decedent's estate is called...
Year: 2019
Debts and settling an estate
Many people who become executors are unpleasantly surprised to learn that creditors can continue to seek repayment after a person's death. It is not quite as bad as it might, however. Some debts will simply go unpaid after the debtor dies. Any outstanding debts that...
What is a transfer-on-death deed?
Many Houston couples reside in a house or condominium that is owned by only one of them. In most cases, the person who owns the real estate wants to ensure that title to the property passes to the other member of the couple, if the owner should be the first to die.In...
Where do your debts go after you pass away?
Your loved ones may be expecting to inherit certain items from your estate. Perhaps you have antiques, real estate or other valuables that you hope to leave to your children to ease their burdens after you are gone. However, without careful planning, you may be...
Understanding intestate succession in Texas
Most Texans die without leaving a valid will that instructs the probate court how to distribute their assets. In such cases, the decedent's property must be distributed according to rules that have been adopted in the state's statutes. These rules are known as the...
What is a Texas special needs trust?
Texas parents with special needs children are constantly faced with the question of how to provide for the child's expenses. This question is especially vexing when the issue is estate planning. Special needs children often rely on a variety of state and federal...
What is estate administration in Texas?
Texas estates come in all shapes and sizes. Some are large, involving thousands perhaps millions of dollars in assets, some are small, comprising only a few thousand dollars in assets. Some estates consist entirely of cash and stocks and bonds, while others include...
Is an DIY estate plan really in your best interests?
There are numerous and often very personal reasons why people put off creating an estate plan. You may be among those who find it difficult to think about these topics in the privacy of your own home, let alone discussing them with a stranger in a lawyer's officer.If...
Estate planning and annual gifts
Recently on this blog, we discussed the federal estate tax and noted that its exemption is now set at $11.4 million. Since Texas has no state estate tax, and few Texas individuals leave behind an estate worth more than $11.4 million, most Texas families need not...
Clearing up some estate tax myths
Estate planning and probate are subjects that can profoundly affect people's lives, and yet they don't come up very often in conversation. One of the few occasions on which the popular news media will discuss the subjects is when there is a courtroom battle over a...