FAQS
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September 16, 2022
If my spouse passes away, do I automatically inherit their assets?
Maybe. If your spouse had non-probate assets such as insurance or retirement benefits and you are the beneficiary, you typically get those assets paid out or transferred to you fairly quickly and simply. These typically do not need to go through probate if there is a surviving beneficiary designation. If your spouse had “payable on …
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September 16, 2022
Can I protect my house against a recovery claim by Medicaid by giving it to my child(ren)?
In Texas, if you receive Medicaid benefits, the State is required to try to recover those costs by filing a claim against the estate and a house can be used to satisfy that claim, with some exceptions. Medicaid has a 5 year lookback period so if you give your house away or sell it for …
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September 16, 2022
What is community property and what is separate property?
Texas is a “community property” state meaning that property is classified as either community property or separate property. Property owned prior to a marriage is separate property while property acquired during the marriage is presumed to be community property. However, property acquired as a gift, inheritance, or bequeathal in a Will is also separate property. …
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September 16, 2022
What Is Estate Planning?
What Is Estate Planning? An estate plan is a way of simplifying things in the event that you are incapacitated or you are deceased. If you don’t have a plan, the state has a default plan for you. Of course, falling back on the default plan can be lengthy and expensive because they have put …
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September 16, 2022
Why Do People Avoid Or Delay Creating An Estate Plan?
Why Do People Avoid Or Delay Creating An Estate Plan? No one wants to talk about death or incapacity. It’s not a fun subject to think about. We find that a good number of people come to us because either they’re planning the birth or adoption of a child, there’s been a death in the …
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September 16, 2022
Necessary Parties Involved In Creating An Estate Plan
In regards to a will, there is the person making the will, who is the testator, and the beneficiaries, who are going to benefit from that will. Oftentimes, contingent trust provisions are included in the will, so there might be trustees involved. If there are minor children, we usually designate guardians. In incapacity planning, there …
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September 16, 2022
What Is A Will?
A will is a document whereby the testator can name beneficiaries to receive property upon their passing. It can also define other roles, such as the executor, who would be the person to wind up the estate. It could designate guardians for minor children and provide for the care of pets. If there is a …
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September 16, 2022
What is a Trust?
A trust is an arrangement that is legally recognized. A trust is not a contract. It’s not an entity. It’s an arrangement with three different roles. You have the grantor, trustor, or settlor, who creates the trust. Then, you have the trustee, who manages the trust. Next, there’s the beneficiary of the trust, who benefits …
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September 16, 2022
What is probate?
Probate is the legal process of wrapping up an estate. It is getting the court to authorize someone to serve as the executor, paying any remaining bills, liquidating the estate, and distributing assets or proceeds to beneficiaries. If there is a will, it’s getting the court to acknowledge that the will is valid, to acknowledge …
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September 16, 2022
The Probate Process In The State Of Texas
Assuming there’s a will, we would file the original will with the court, along with an application to probate the will, and appoint our client as the executor. We would prepare an oath for that client whereby they would swear that they’re going to fulfill the terms of the will and they will sign that …
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