Estate Planning is
the process of discussion of options available for handling your estate, creating a plan, and preparing needed documents to manage and distribute your assets after you pass away. It involves creating legal documents such as Wills, Trusts, Powers of Attorney, and Directives to Physicians.
Almost every adult and their loved ones would benefit from an estate plan. Just talk to someone whose loved one passed away without one. Estate planning can be confusing and complex. Let us simplify it and help you find the best way.
Estate planning is a way to show you care. Many families may need only simple Wills designating their children or spouses or others as beneficiaries. However, there may be other issues to consider when you are planning your estate. We can discuss your options and help you make the best plan for your family's future.
The Benefits of Estate Planning
are numerous, not the least of which are the peace of mind for you and your loved ones in knowing that things are taken care of, including being sure that your property will be distributed according to your wishes, and that you have provided for your loved ones. Make it as easy as possible for them after you are not here to help them. They will have enough to deal with without having to go through "the nightmare" of probate where property issues are left in disarray. We have seen many difficult situations arise and many family relationships terribly damaged because of lack of planning.
If you own anything in Texas, you have an estate. What you own, whether it's a vehicle or a bank account or a home or vast wealth, when you die, is your estate. If you have loved ones or even a beloved charity, you may want to make sure what you have goes to those you care about, and not to others. Estate planning is key to this successful end because through it, your estate can be administered properly and distributed according to your wishes and not dictated by the government.
At Adams, King, & Smith, our estate planning attorney in Longview will explain what estate planning is and how it can impact your estate if done right versus if done wrong. Contact us today at (903) 757-3331 to schedule a FREE CONSULTATION FOR WILLS, PROBATE OF A WILL, OR ESTATE PLANNING TO INCLUDE TRUSTS and learn more about the importance and benefits of estate planning.
Estate Administration is
the process of handling someone's affairs after they pass away. It includes identifying their financial accounts, real estate, and other tangible property. It also involves settling debts, filing tax returns, notifying Social Security, and distributing their remaining assets.
The Estate Administration Process in Texas includes
Appointment of a Personal Representative
If someone dies with a Will, their Will is most often filed with the probate court where the deceased lived. A personal representative handles the administration of someone's estate. Where someone has a Will, they usually name an executor as their personal representative. If someone dies without a will (intestate), a probate court appoints an administrator as their personal representative. If there is no Will, the closest heir (usually a spouse, adult child, or parent) typically applies to the court to become an administrator.
Notification of the Relevant Parties
The personal representative notifies any involved parties of the probate of the estate.
Identification of the Assets
The personal representative must identify the deceased's assets and prepare an inventory of all them.
Settlement of Outstanding Liabilities
The personal representative typically pays or otherwise settles the deceased's required legitimate outstanding debts or bills. These can include but are not limited to:
- Personal loans
- Car or other vehicle loans
- Condominium or homeowners association fees
- Income taxes
- Phone bills
- Utility bills
- Credit card debt
Filing Any Necessary Tax Returns
Distributing the Estate
Once all the legitimate debts and liabilities have been paid or otherwise resolved, they can then distribute the deceased's estate. This is done according to the deceased's Will if there is one and any relevant laws. The personal representative may reserve a portion of the estate for a period of time in case of any other possible claims and costs associated with finalizing the estate.
Timelines and deadlines
There are strict timeframes around the estate administration process. You should speak to an estate administration attorney in Texas for guidance on the relevant laws and deadlines.
How to Choose an Executor in Texas for Your Estate
When appointing an executor in your Will, there are quite a few factors you may want to consider. Keeping in mind which factors are relevant to your specific circumstances, here are some points to keep in mind.
- Choose an executor who is responsible, trustworthy, and competent. While an executor doesn't need to have specialist qualifications, they do need to be able to handle your affairs ethically and follow your wishes. They also need to be able to manage the responsibilities involved in being an executor.
- Name at least one or more contingent executors in case your first named executor is unable or unwilling to perform their duties. Common reasons they may not be able to perform is their own death or incapacitation by an illness or another condition. For these reasons, you should name one or more alternative executors for the estate.
Common Issues in Estate Administration in Texas
Many issues can arise in the context of estate administration, and many can create problems or challenges. It is in part why you want a lawyer to help you create a solid estate plan that can anticipate, address, and hopefully avoid problems. With that said, here are some common estate administration issues in Texas with which you should acquaint yourself.
- A poorly drafted Will, such as a "Do It Yourself" Will, or one that had become outdated due to passage of time or one in which circumstances of beneficiaries or assets have changed. If your Will is outdated or poorly drafted, people whom you do not wish to receive certain property or assets may end up in line to receive it. You can avoid these problems by reviewing and updating your Will periodically, especially when life events of you or your intended beneficiaries or named representatives or agents have changed.
Contact an Estate Planning Lawyer in Longview Today
Estate planning is important in Texas if you want to be certain your loved ones are taken care of with minimal legal burdens and fully benefit from your life's work. The right plan can make all the difference and help ease the grief and stress loved ones experience.
Contact us today either by using our online form or calling us at (903) 757-3331 to schedule a FREE CONSULTATION FOR WILLS, PROBATE OF A WILL, OR ESTATE PLANNING TO INCLUDE TRUSTS. We will discuss all your concerns, review your estate, and move forward with a plan best for you and your family.