FAQS
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September 16, 2022
What is the difference between a Living Trust and a Testamentary Trust?
A Living Trust is a trust created and funded during the Trustor’s (sometimes called Grantor or Settlor) lifetime which is typically for the benefit of the Trustor during Trustor’s lifetime and then provides for other beneficiaries after the death of the Trustor. The primary purpose of a Living Trust is usually to avoid the probate …
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September 15, 2022
What are the benefits of a LLC?
LLCs offers benefits such as limited liability, tax benefits, legitimacy in business dealings, creating a structure for operations, and remaining personally anonymous. A LLC is an entity having its own legal rights and obligations, of which the owners are not. This allows for compartmentalizing liability and asset protection which is one of the main and …
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September 15, 2022
Should I have a Series LLC for my rental properties?
Some people may ask what is a Series LLC and why would I need one? The Series LLC concept was created by the Texas Legislature and is in Chapter 101 of the Texas Business Organizations Code as a form of LLC. A LLC allows for the limiting or compartmentalizing of liability to protect other assets. …
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September 15, 2022
What is the difference between a Power of Attorney and a Guardianship?
A Power of Attorney is the granting of authority for another person or persons to handle certain decisions or transactions on your behalf. A Power of Attorney is a decision made by you to allow someone else to have authority to make decisions but it doesn’t remove your power to make those decisions yourself. It …
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September 15, 2022
Who are my heirs if I die without a Will and who gets my property?
The answer to this question could be simple or complex depending on the nature of the property you own and the makeup of your family when you die. For example, to keep things simple, let’s assume you have only been married once, you are still married to your spouse, and all children are shared with …
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September 15, 2022
What is an Executor supposed to do?
If you are an Executor appointed in somebody’s Will, you will likely need to take a few steps to handle the estate of the person who is deceased. Below are some of the basic duties of an Executor but generally, a probate attorney will help you with most of these tasks: Locate the Will and …
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September 15, 2022
Manufactured/Mobile Homes: Real or personal property?
Manufactured/mobile homes: Real or personal property? Buying and selling real property or land with a manufactured or mobile home (“MH”) can be confusing and tricky if you don’t know what you are doing. Generally, a MH is treated as personal property and is regulated by the Manufactured Housing Division of the Department of Housing and …
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September 15, 2022
How did the 2021 Legislature Affect Property Owners Associations (HOAs/POAs)?
How did the 2021 Legislature Affect Property Owners Associations (HOAs/POAs)? There were quite a few changes in the 87th Legislative Session in 2021 that affected Property Owners Associations. Below is a summary of those changes: Texas Property Code § 82.1141 was added to incorporate provisions for keeping and producing records by condominium associations similar to …
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September 15, 2022
Do you have a simple estate and want to avoid probate?
While generally speaking, probate is typically not difficult or expensive if you have a well-designed estate plan. However, if you do not have a complex estate, you may desire to plan for probate avoidance. Transfer on Death Deeds (TODDs) can be used to pass real property outside of the probate process and you can read …
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September 15, 2022
What is the HEMS Standard?
What is the HEMS Standard? HEMS is an acronym for Health, Education, Maintenance, and Support. The HEMS standard is often used in trusts to give the trustee broad direction in determining how to provide funds to the beneficiary(ies). Health covers the healthcare needs of the beneficiary. Education covers tuition, room and board, and other relevant …
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