Estate Planning

Monday, May 21, 2018

Can I Really Avoid Probate?

In Texas, the typical way to transfer assets to heirs after a person dies is through a probate court proceeding. If the deceased person has a will when he or she dies, his or her property should be distributed according to the terms of the will. However, when a person dies without a will, the probate court will oversee the distribution of assets according to the intestate laws in Texas. In either case, a Texas probate lawyer can assist heirs in probating the estate.

However, many people want to try to avoid probate because of the time and cost involved in probating an estate.

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Monday, April 30, 2018

What's the Difference Between a Transfer on Death Deed and a Lady Bird Deed?

Texas property owners can transfer an interest in real estate to a beneficiary by using a Lady Bird Deed. However, in 2015, the State Legislature enacted laws that created another option for property owners to transfer an interest in real estate to a beneficiary. The Transfer on Death Deed is similar to a POD (paid on death) account with a bank. When the grantor dies, the interest in the property transfers to the named beneficiary or beneficiaries. By avoiding probate, the beneficiary can avoid gift taxes.

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Friday, March 23, 2018

What does it take to remove a trustee from a family trust?

While most grantors of a trust think long and hard about who should be their trustee, they may not always make the right choice. Some trustees do not take their duties seriously or take advantage of their fiduciary role. They may also butt heads with beneficiaries on other issues as well.

In most situations, beneficiaries can remove a trustee who is not doing his or her job. However, you will need to show that certain conditions have been met to warrant removal.

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Thursday, February 1, 2018

How Long Does the Probate Process Take?

When someone close to you dies, you have to deal with many issues, including the person’s estate. People in Texas are fortunate, because you might not have to go through the probate courts at all. If you do have to probate the will and the decedent’s estate falls within the guidelines for “independent administration,” the journey through court can be simple, with little official supervision.

If you have to take the estate through probate court with a dependent administration, it will take much longer than an independent administration.

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Saturday, December 23, 2017

What is Muniment of Title?

Texas probate lawyers frequently use muniment of title proceedings to administer small estates quickly. If you have suffered the loss of a loved one, you might be considering the use of muniment of title to probate the will. If that is the case, you should consult with an experienced Texas probate lawyer.

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Friday, November 24, 2017

What Types of Guardianships are Available in Texas?

America’s founders established our great nation on the principle that all men are created equal.  But unfortunately, not all of us have an equal ability to exercise our rights.  Children, for example, are legally unable to speak for themselves, and many of our brothers, sisters, and parents live with conditions that limit their capacities to take care of themselves. Guardianships are an important tool for ensuring that these people enjoy the rights of being an American.

In Texas, guardianships are generally divided into two categories: guardianships of the person, and guardianships of the estate.
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Monday, November 20, 2017

What Kind of Power of Attorney Do I Need?

A power of attorney is a potent tool that allows a person to grant someone else legal authority to act on his or her behalf.  The person granting the authority is known as the “principal,” and the person receiving the authority is his or her “agent.”  But because powers of attorney are such powerful tools, it is particularly important to use the right tool for the right job when granting one.

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Sunday, October 1, 2017

Trusted Legal Counsel to Develop Your Estate Plan

As part of the estate planning process, you should consider a Power of Attorney. A Power of Attorney allows you to give another person the authority to act on your behalf. As the “principal,” you have several options as to what type of power you wish to grant your “agent.

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Tuesday, September 26, 2017

Trusted Estate Planning

An estate plan is so much more than a will. There are valuable estate planning tools that you can implement to meet the unique circumstances of your family. Take the special needs trust, for example.
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Saturday, September 23, 2017

Trusted Legal Counsel to Develop Your Estate Plan

As part of the estate planning process, you should consider a Power of Attorney. A Power of Attorney allows you to give another person the authority to act on your behalf. As the “principal,” you have several options as to what type of power you wish to grant your “agent.” Depending on what you are trying to accomplish with the Power of Attorney, the trusted estate planning attorneys at the Law Office of Carey Thompson, P.C.
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Monday, August 28, 2017

The Benefits of a Lady Bird Deed

Also referred to as an “enhanced life estate deed,” the lady bird deed is a useful estate planning tool that allows for the automatic transfer of property to a designated beneficiary upon death. It also has the added benefit of allowing you to retain full ownership rights of the property during your lifetime. It is very similar to the traditional life estate deed, but the added benefit is that you, as the property owner, can still sell, mortgage, or make other property related transactions without seeking the approval from the “remainderman” or “remainder beneficiaries.
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