In life, there are many things you can’t plan for. Thankfully, what happens to your property after you die can be planned for in advance. The attorneys at Pat White are here to answer all of your questions and help create an estate plan that achieves your goals and will be honored after you die.
The term “estate planning” actually includes many areas of the law. Some areas that you might wish to explore include:
Creating an effective estate plan can be a fairly complicated process. If you are ready to start the estate planning process, or have questions about the right kind of plan to meet your needs, you should contact an experienced attorney today to discuss your options.
If you are in Tarrant County including Fort Worth, Benbrook, Lake Worth, Eagle Mountain, Saginaw, Blue Mound, Weatherford, Azle, Granbury, Aledo, and Surrounding Areas, and you are ready to begin the estate planning process, contact Pat White for a consultation today. Our Texas civil lawyers are experienced and knowledgeable about all aspects of estate planning. No one is too young to plan for their future, and the future of their family.
There are several key questions many people have about the estate planning process that our attorneys can answer for you. These include:
No one is too young, or has too little money, to create an estate plan. Estate planning serves several purposes:
Everyone passes away, and everyone has a preference for where their property goes after their death. We encourage all adults to create an estate plan, to protect their family and their assets.
If you die without a valid will in place, your property will be distributed through intestate succession or "intestacy". Intestacy is a complicated process that involves distributing the property to your heirs. Whether your property is identified as community property or separate property determines how it will be distributed.
If you do not have a will or another estate planning tool in place when you die, your property will pass to your heirs through a process called “intestacy.”
If you are married, your community property will pass in the following way:
Whether you are married or single, your separate property will pass in the following way:
Rarely, no heirs can be found, and the property goes to the State of Texas.
If you are married, most of your property will be identified as “community property.” Community property is property belonging to the marriage, and not to either spouse individually. In Texas, most property that either spouse acquires during the marriage, including wages, is community property.
Separate property includes property owned before marriage; property acquired during the marriage by gift, devise or descent; and personal injury awards obtained during the marriage. Any property that is not separate property under one of these tests will be identified as community property.
In some states, no one more remotely related to you than your grandparents can inherit from you. After that, the state will get your property. Texas does not have such a rule. That means that your property may be inherited by someone very remotely related to you, who you may not even know.
This remote heir is called a “laughing heir”, since he or she has no relationship with the deceased, and likely feels no grief over their death.
If no heirs whatsoever can be found, the property will return (“escheat”) to the state. This is very rare. It is far more common for many unknown heirs to appear at the time of death and try to claim the property than it is for property to escheat to the state.
Wills are the most well known kind of estate planning tool. There is a lot of misinformation about how to make a will, what can or cannot be included in a will, and how to revoke or destroy a will. The attorneys at Pat White, can help you create a will that is valid and achieves your goals. We can also answer your questions about revoking or proving a will, or challenging a will that you do not believe is valid.
More information about Wills in Texas
Trusts are another popular type of estate planning tool. Creating a trust can be a complicated process. If you are interested in creating a trust, or you are currently a trustee or beneficiary of a trust and you’re interested in modifying the trust, you should speak with one of our Fort Worth civl law attorneys today.
More information about Trusts in Texas
Wills and trusts are not a substitute for life insurance. They are simply means of disposing of your property after death.
Life insurance offers a special type of protection to the family of the deceased. Our attorneys advise you to consider purchasing life insurance, separate and apart from creating a will or other estate plan.
Of course, you should not plan only for what will happen to your property after you die. You should also consider planning for the end of your life. It’s never too early to plan for what will happen to you in the event of illness, accident, or old age. Some options to consider include:
Our attorneys can give you more information about your options for insuring that your needs are met and your wishes are carried out at the end of your life.
More information on Powers of Attorney in Texas
No one is fully comfortable thinking about the end of their life. However, it’s important to start planning early, to protect those you care about most. The attorneys at Pat White, can help you navigate the Estate Planning process and create an estate plan that is right for you. If you are in the Tarrant County including Fort Worth, Benbrook, Lake Worth, Eagle Mountain, Saginaw, Blue Mound, Weatherford, Azle, Granbury, Aledo, and Surrounding Areas, and you are interested in learning more, contact us today to speak with one of our attorneys.
