Estate planning is a crucial process to ensure that your assets are distributed according to your wishes after your death. However, there are common mistakes that people often make in the estate planning process. Keep in mind that estate planning laws can vary by jurisdiction, so it’s essential to consult with legal professionals who are familiar with the laws in your area. Here are some common mistakes to be aware of: 1. Procrastination One of the most common mistakes is delaying the estate planning process. Accidents and unexpected events can happen at any time, so it’s important not to put ..read more

While estate planning might not be at the top of your priority list, it’s a crucial step in ensuring your hard-earned assets are handled according to your wishes. Let’s explore practical estate planning tips crafted for the younger generation. Get an Early Start: Time is on your side. Starting your estate planning early gives you more control and flexibility. It’s a strategic move to safeguard your financial future. Take Inventory of Your Assets: Know what you own. List down your assets, from bank accounts to real estate. Understanding your financial landscape is the foundation of effective ..read more

Choosing the executor for your will is a critical decision that requires thoughtful consideration. This individual will be responsible for carrying out your final wishes and ensuring that your estate is settled according to your plans. To assist you in making this important decision, here’s guidance on selecting the right executor for your will. Identify Responsibilities: Start by understanding the responsibilities of an executor. This person will manage your estate, pay outstanding debts, distribute assets to beneficiaries, and handle any legal matters that may arise. Clarifying these dutie ..read more

The passing of parents is an emotionally challenging experience, and dealing with their affairs can be overwhelming, especially when they did not leave behind a will. In Texas, intestate succession laws govern the distribution of assets and property when a person dies without a will. By following certain steps, you can navigate the situation effectively. Consult with an Attorney Seek the guidance of a qualified estate attorney who is familiar with the state’s laws on intestate succession. An attorney can provide essential advice and help you understand the legal process involved in distributi ..read more

In the digital age, our lives have become increasingly intertwined with online platforms and digital assets. From social media accounts to online banking and digital photographs, we accumulate a vast amount of digital property throughout our lives. But what happens to these digital assets after we pass away? This is where a digital estate plan comes into play. What is a Digital Estate Plan? A digital estate plan is a set of instructions that outline how you want your digital assets to be managed, preserved, or distributed after your death or incapacity. It encompasses all the online accounts ..read more

A will is a legal document that outlines a person’s final wishes for the distribution of their assets after they pass away. However, not all wills are valid, and there are several reasons why a will may be deemed invalid. Listed below are the  most common reasons why wills are considered invalid. Lack of Capacity One of the most common reasons why a will may be considered invalid is if the person making the will lacked the mental capacity to do so. The law requires that a person making a will must understand the nature of their assets, the extent of what they are giving away, and the peo ..read more

There are two types of personal property according to the Texas Estates Code: Tangible personal property which requires a transfer of title such as a car, boat, or motor home, and tangible personal property which does not require the transfer of a title such as heirloom jewelry, family pictures, pieces of artwork, or items located in another item, such as the contents of a cedar chest. How you handle these items and whether you mention each item in your will depends on whether you want a specific person to inherit the item, or you want your personal representative to distribute the property at ..read more

There are two types of personal property according to the Texas Estates Code: Tangible personal property which requires a transfer of title such as a car, boat, or motor home, and tangible personal property which does not require the transfer of a title such as heirloom jewelry, family pictures, pieces of artwork, or items located in another item, such as the contents of a cedar chest. How you handle these items and whether you mention each item in your will depends on whether you want a specific person to inherit the item, or you want your personal representative to distribute the property at ..read more

In September 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its Final Rule under the Corporate Transparency Act (CTA) updating the U.S. anti-money laundering laws. The Rule has new reporting requirements so that the beneficial owners of businesses will be revealed. The Rule goes into effect on January 1, 2024. There are different deadlines for business entities depending on the date they were established. There are long lists of types of business entities that must report as well as a list of 23 categories of businesses that are exempt from reporting ..read more

If a person dies in any state without a will, they are said to have died intestate. Since they died without leaving written instructions about how they want their assets distributed, the assets will be distributed according to the Texas Estates Code. The law requires the court to appoint an executor of the estate. Beneficiaries have no say in who this executor will be. Also, the law lays out clearly how the assets of someone who dies without a will are distributed. This law cannot be challenged. Texas Property Distribution Law When Someone Dies Intestate An overview of who inherits the as ..read more