In this article, you can discover… What trust administration entails. The financial records that a trustee must keep. How an estate planning attorney can help guide families and trustees. What Is Trust Administration? A trust is an agreement to hold assets for another person’s benefit. Trusts operate based on distribution standards, meaning that there are guidelines that stipulate when money can and can not be paid out to the beneficiary. The trust administrator is someone appointed by the creator of the trust to manage funds, invest the trust’s money wisely, and ensure the standards of the trust are adhered to. Finally, the trust administrator distributes the trust’s assets in compliance with the trust’s parameters once the trust is terminated. What Are The Fiduciary Duties Of A Trustee? Fiduciary duty means that the trust administrator (or trustee) is legally obligated to put the interests of the beneficiary above their own. When…Read More
In this article, you can discover… The essential elements of a loan agreement. The borrower’s responsibilities under a loan agreement, How an attorney can help you draft and review a secure loan agreement. What Is A Loan Agreement? A loan agreement (also called a promissory note) lays out the terms of the loan to be used in a real estate transaction. The loan agreement establishes who the buyer is, who the seller is, who the lender is, and how much is being loaned. It will also include interest rates, expected monthly payments, and any taxes or insurance to be paid. Loan agreements also lay out how the lender (usually a bank) is going to be paid, the penalties for late payments, and the date by which the loan must be paid back. It’s important to make sure to have an attorney look over any loan agreements before you sign them…Read More
In this article, you can discover… The function and importance of a deed. How different deeds affect property ownership. How an attorney can help you determine which type of deed is best for you. What Is A Deed And Why Is One Important To Have? A deed is a document that describes a property and declares the deed’s owner to be the lawful owner of that property. Under Texas law, any transaction or conveyance of real estate must be done in writing. The best practice in light of these laws is to have a formal, written deed drafted so that property can be conveyed from one person to another. It is also important to understand that in Texas, a valid deed must be drafted by an attorney. Simply writing up a deed on your own and having it notarized does not make the document legally binding. To ensure any transfers…Read More
Drafting a valid deed or conveyance of land in Texas, in its most basic form, is subject to a number of statutory and common-law requirements. Many of these date back hundreds of years to their basis in England during the Dark Ages. These broadly relate to the following: These are only the basics of a rudimentary deed in Texas. They do not address more complex arrangements or potential liabilities. However, they should provide some insight into the law governing transfers of land. Austin real estate attorney Farren Sheehan has experience with a variety of land transfers. Furthermore, she offers a case evaluation for deeds and other real estate matters. The Form of the Deed In Texas, a deed must be in writing and signed by the person transferring the land. We call this the “grantor.” The person the grantor transfers the land to is the “grantee.” You do not have…Read More
On September 13, 2021, one bitcoin was worth $44,890.10. Back in 2013, that price was hovering between $50 and $300. If you got onto the cryptocurrency bandwagon early, then it’s very possible that you made a lot of money, and Bitcoin isn’t the only game in town. Ethereum, Stellar, Dogecoin, and Litecoin are just a few of the other popular cryptocurrencies circulating on the web. The values of these alternative forms of money can make them a significant part of some portfolios. But what happens to these digital assets when you pass? Why Your Estate Plan Needs to Include Cryptocurrency Texas is one of 42 states that allows executors to handle digital assets, but there are a few difficulties when dealing with these assets. Courts can make traditional assets available to executors through court orders. But there is no court order that can guarantee access to cryptocurrencies like Ethereum or…Read More
Sometimes a movie can shake the foundations of established law. Netflix’s new movie I Care a Lot may be one such movie. Not only has the film been a success for Netflix, it has a lot of people rethinking how adult guardianship works. The movie follows Rosamund Pike’s character Marla, who is a professional guardian. She steps in when the court finds that an elderly individual is unable to manage their life. Marla’s job is to help care for elderly people who can no longer care for themselves. Instead, she sells their belongings, forces them into nursing homes and charges her wards outrageous hourly rates. In the end, Marla leaves her wards penniless, with no civil rights, living out the rest of their days in a nursing home. Can This Really Happen To You? This is just Hollywood fiction, right? Surely this couldn’t happen in real life. Unfortunately, predatory professional…Read More
For many people thinking about probating a will, the costs are a big concern. Some may consider independent administration as an alternative. Texas law allows a streamlined process of probating Wills called independent administration. However, the decedents will must be valid to provide for independent administration. This process will allow executors and administrators to perform their duties largely independent of court supervision, thereby reducing the cost. However, not every will can undergo independent administration. The following blog will discuss the costs involved in probating a Will in Texas. It will also discuss how an Austin probate lawyer, such as Farren Sheehan, can help you during this process. If you have any questions, our law firm can assist with probate proceedings in the Austin, Round Rock, Pflugerville and Cedar Park areas. What Costs Are Involved In Texas Probate? The primary types of costs involved in probating a Will are: Court costs…Read More
Marriage makes life easier in many ways. If one partner in a marriage becomes incapacitated, then the other spouse can make important healthcare and financial decisions for that person. If one spouse passes away, then any community property passes to the remaining spouse. Unmarried couples often do not have many of these rights. As a result, estate planning for unmarried couples is much different from estate planning for married partners. Note that Texas law does recognize common law marriage. If your relationship meets the standards of a common law marriage, then your estate planning needs to account for that. Include Each Other In Your Wills A will is one of the first and strongest estate planning documents you can have. It will allow you to leave assets and property to your spouse. It will also help you plan out which of your beneficiaries will receive certain portions of your estate.…Read More
In estate planning, a power of attorney is a written legal document that offers power and authority to another person over specific things on your behalf. It allows another person to “step into your shoes” with tasks that can be either very general or extremely specific. In order to be considered a power of attorney, however, the document must have specific provisions by law. Many people are unaware of how a power of attorney can benefit them in their estate planning, mainly because they believe in some common misconceptions relating to it. What Are These Misconceptions Relating To A Power Of Attorney? You can sign a power of attorney if you are incompetent: Once your loved one has lost physical or mental competence (this competency level must be determined by a physician), they are legally prohibited from signing any legal documents, including a power of attorney or living trust. This…Read More
The process of probate involves the compensation of any final expenses and the transferring of property and estate assets to beneficiaries after a person dies. Probate is a legal process, but it does not mean that a probate judge has to be there along every step of the probate process, nor does it mean that you have to appear in probate court. Each state has its own set of probate laws, but most states allow a tsteype of informal probate that has its own unique benefits. What Is Informal Probate? An informal probate, which is also called an informal family settlement in Texas, is a common substitute that people use if an estate is small and has mostly personal property. Informal probate is best used when the person who died left only personal belongings such as clothes, and other personal household items. Texas courts enforce family settlement agreements even if…Read More
