Each individual has to decide whether a living will is right for them or not. In Texas, a Directive to Physicians and Family or Surrogates (also known as a living will) allows you to state that you do not want artificial measures taken that will serve only to prolong your life if you become unconscious…
I would recommend that everyone obtain both of the powers of attorney described below: Statutory Durable Power of Attorney A Statutory Durable Power of Attorney allows you to appoint an agent to make financial decisions for you. You can choose to have the Statutory Durable Power of Attorney effective now or after you have become…
Executor’s Duties Keep in mind when choosing an executor that he or she will have the following responsibilities: to execute all documents and attend any hearings necessary to probate the estate (usually with the assistance of a probate attorney); to collect and gather together all of the assets of the estate and, if necessary, to…
Name a Guardian in Your Will If you have at least one child under the age of 18, you should name a guardian in your will to take care of your children in case both parents die before the child reaches the age of 18. Guardian’s Duties Keep in mind when choosing a guardian that…
Living Trust Basics A living trust is a trust you establish during your lifetime that gives you continued control over the assets you place in the living trust. The main purpose of a living trust is to avoid probate. In order to create the trust, you must give specific trust property to a named trustee…
Exemption Amount For deaths occurring in 2004 and 2005 each individual (or couple) is entitled to an exemption of $1.5 million. Thus no federal estate tax would be due if someone died this year with a net worth that does not exceed $1.5 million. This exemption amount will gradually increase as follows: Calendar Year of…
General Rule Your will generally controls how the assets owned by you at the time of your death are distributed. The assets controlled by your will are referred to as “probate assets,” because a probate proceeding is necessary for the transfer of title to these assets. Exceptions The assets which are not controlled by your…
There are two reasons I would not recommend that you prepare your own will. The first is that any problem with the language of the will or the way it was executed could cause the eventual probate to be extremely costly and time-consuming. The flat fee charged by most attorneys for wills is minimal compared…
If you die without a will, the court will designate: 1. the people who will inherit your estate by applying the Texas laws of intestate succession to determine your “heirs at law”; 2. the executor of your estate; 3. who will be the guardian of any minor children if your spouse does not survive you;…
Having a will saves time and money, as distributing property pursuant to a will generally takes less time and money than distributing property pursuant to the Texas laws of intestate succession which govern if there is no will. Having a will also gives you the power to make these important decisions: 1. Who will inherit…