A pour-over will serves as an important tool in estate planning, often used alongside a living trust. It directs any assets not already placed in a trust to transfer to it upon death. This type of will provides peace of mind by capturing any assets that someone might...
Estate Planning
Can a beneficiary be an executor?
Many individuals choose to name a beneficiary as the executor of their will. Gaining a clear understanding of the roles and responsibilities involved can help determine if this arrangement is the right fit for your situation. The role of an executor The executor...
Is it better to give kids their inheritance while you’re alive?
Deciding whether to give kids their inheritance while you're alive or to wait until passing away is a significant financial decision that many parents face while planning their estate. This choice can have profound implications on both tax situations and family...
Specify your desired medical care in a living will
Estate planning goes beyond making a simple will. You should prepare for the possibility that someday you will be too infirm to communicate your healthcare wishes, or that a serious accident could incapacitate you. This is why many people create an advance medical...
Knowing when to revisit and update an estate plan
The estate planning process may offer numerous tools that could help you plan and prepare for a variety of scenarios in life. However, while the plan you create may align with your needs and goals for the future initially, there may be some scenarios in which your...
Can you name a guardian for minor children in your Texas will?
Planning for the well-being of your minor children is a key aspect of estate planning, and your Texas will serves as a powerful tool in this endeavor. By naming a guardian for your children within your will, you can establish a clear plan for their care in the event...
Using a will to protect your common-law partner’s financial future
Marriage plays a significant role in estate administration. Generally, a deceased’s surviving spouse automatically receives the former’s assets, even without a will, through intestate succession. Unfortunately, the same rule does not apply to common-law marriages....
Updating an estate plan after a divorce
After a divorce in Texas, it's important to update elements of your estate plan. These elements include your power of attorney, wills, trusts and life insurance beneficiaries. Updating an estate plan If you and your former spouse worked together to create an estate...
An overview of estate plans and trusts
The value of estate planning is highly beneficial for Texas residents who plan to leave a legacy for their loved ones. Estate plans help with asset distribution and guardianship of minor children, disabled dependents, and pets. Estate plans vary based on types, such...
Estate tax planning strategies
When planning your estate, you should consider the tax implications of your decisions. There are many estate tax plan strategies that you may want to consider. Roth IRA conversion In some cases, people can pay less taxes by converting a traditional IRA into a Roth...