Do I need a living will?

Bychef December 10, 2020December 10, 2020

Each individual has to decide whether a living will is right for them or not.

1. 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 and you have a terminal or an irreversible condition (such as coma).
2. If you do sign a Directive, it allows you to express your wishes now about what you would want to happen once there is no reasonable possibility of your recovery to a meaningful life. It also takes the burden off of your loved ones who may otherwise have to make this decision without any guidance from you.
3. If you do not sign a Directive, but you have appointed an agent for medical decisions under the Medical Power of Attorney discussed below, your agent may have the power to make the decision whether or not you should be given artificial life support.

How can I provide for my minor children

Bychef December 10, 2020December 10, 2020

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…

Estate Planning | Wills

What property is controlled by my will?

Bychef December 10, 2020December 10, 2020

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…

Estate Planning

What happens if I die without a will?

Bychef December 10, 2020December 10, 2020

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;…

Estate Planning

Will I have to pay federal estate taxes?

Bychef December 10, 2020December 10, 2020

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…

Wills

Can I prepare my own will?

Bychef December 10, 2020December 10, 2020

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…

Wills

Why do I need a will?

Bychef October 30, 2020December 10, 2020

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…

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