Common Questions

Wills, trusts, powers of attorney, guardians...What Do I Need?

Estate planning can feel confusing and overwhelming. Many people know they want to plan for their family should the unexpected happen, but they don't know where to begin.

I am here to walk through the process with you and answer your questions along the way. Below, I've compiled some commonly asked questions that arise when I work with individuals and couples.

Have a question that isn't listed below? Schedule a meeting with me and I'd be more than happy to discuss!

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There are various options to get the title cleared up so that there are no legal impediments to selling the property at some point in the future. For example, if the will clearly gives the entire ownership of the home to the surviving spouse and the property is located in the same county as the county of probate, then filing a certified copy of the will and the court order admitting the will to probate in the Deed Records of the county where the real estate is located should sufficiently identify the surviving spouse as owner of the home. Another option may be completing and filing a Distribution Deed in the Deed Records which establishes that the deceased spouse has gifted his share of the home to the surviving spouse.

For a husband and wife, this would seem to be an easy solution to avoid probating the home because the surviving spouse is the remaining owner of the property. But there are some practical considerations. For example, some third parties—like lenders and title companies—are reluctant to recognize this co-ownership form for real estate in Texas. Some title companies will not insure title to Texas property owned in joint tenancy with right of survivorship. Lenders may also be skittish with joint tenancy with right of survivorship language in the loan documents. So, a couple should evaluate whether these practical roadblocks may cause problems before filing a deed with right of survivorship. Also remember that when the second spouse passes away, there still needs to be a plan to transfer ownership of the home.

Retirement accounts and life insurance are characterized as non-probate assets because upon death the funds are distributed to named beneficiaries. However, most people own some probate assets, and if you do not have a will, then those assets will be transferred according to what the government thinks is best for you. Also, you may need to direct some of your non-probate assets to pay off your mortgage or other important assets which have liens. Coordinating these plans with a will usually a cornerstone of your plan, especially since independent administration of your estate is usually straight forward in Texas.

You may or may not need to make changes to your plan. When you have big changes in your life--have a child, acquire a new home or other assets--it is recommended that you meet with an attorney to discuss those changes to see if anything needs to be changed in your plan. Otherwise, meeting with an attorney every 3 to 5 years to review your plan is a good idea. There may be some changes in your life that you did not realize created needed changes or there may be some changes in the law which requires some modifications to your plan.

Feel free to set up a consultation with me if you'd like to know more about the steps you can take to ensure your family is taken care of should you become unable to care for them.

In addition to a consultation, here are a few resources from published articles in mainstream media. These articles provide general information and do not necessarily apply to Texas, but they often have some good issues or questions to raise when you are putting together your plan. I do not represent that these articles necessarily apply to you or that the information contained in the articles is correct as it applies to Texas.

General Estate Planning

• Protect Your Loved Ones with an Estate Plan (Kiplinger.com)

• Estate Planning Checklist (Forbes.com)

• Common Estate Planning Mistakes (Kiplinger.com)

• How to Use Your Estate Plan to Save on Taxes (Kiplinger.com)

• My Dad Passed Away, How Can I Access His Retirement Funds (Kiplinger.com)

• 5 Estate Planning Scams to Avoid (GOBankingRates.com)

• 10 Simple Steps on How to Start Estate Planning (MoneyBliss.com)

• 12 Reasons Not To Leave Your House to Your Children When You Die (Financebuzz.com)

• 8 Inheritance Mistakes That Can Tear Families Apart (FinanceBuzz.com)

Couples or Individuals with Kids

• Dividing Assets in Your Will Can Split Siblings. Here’s How. (Washingtonpost.com)