Under the common law, whenever a beneficiary of a will predeceased the person making the will (known as the “testator”), the gift intended for the beneficiary in the will failed or “lapsed” and was given to the residuary beneficiary or beneficiaries of the testator’s estate, that is, those beneficiaries entitled to whatever was left in the estate after certain specific gifts were made. This was the default rule as long as the testator did not state that the lapsed gift was supposed to go to someone else if the first beneficiary passed away. If there was no provision in the will naming a residuary beneficiary, the property passed by the laws of intestate succession. In order to avoid the sometimes harsh results of this rule–for instance, when a beneficiary family member with children predeceases the testator, thus depriving his or her children of the benefit of the inheritance–Texas, like many…Read More
The coronavirus outbreak has now reached the level of a pandemic, according to the World Health Organization. As a result, countries around the world are taking serious countermeasures to slow its progress. Likely, you have already made changes to your everyday life to accommodate the government’s recommendations. However, planning for the future of your estate may have gotten lost in all the noise. Even though the U.S. is still collecting preliminary data, we know that the virus spreads quickly and can sometimes prove fatal. For these reasons, it is a good idea to revisit your estate planning documents. Preparing for the unexpected can’t hurt in these uncertain times. Estate Planning Preparations To Consider During The Coronavirus Outbreak Create a will or living trust In most cases, contracting COVID-19 means experiencing mild symptoms before making a full recovery. However, coronavirus can prove fatal for the elderly and those with underlying health…Read More
When a loved one passes away, family members are often left with handling the person’s property and passing it on to others. The loved one may have left a Will, designating heirs to his property, which needs to be probated. Family members in Round Rock or Cedar Park may wonder, what is probate and how does the probate process work? It is important that you know what the probate process is under Texas law for probating the Will so you do not miss any important requirements in handling the estate. In this article we will give a basic definition and overview of the process for probating a Will in Texas. If you have questions about Wills or need help probating a Texas Will, contact Austin probate lawyer Farren Sheehan for a consultation. Definition Of Probate In Texas The legal definition of probate is: The court procedure by which a Will…Read More
If you own your home, then you may be curious about your estate planning options. Choosing to leave your house to your child after you pass can offer him or her security and financial stability. In Texas, you can do this in several different ways. An estate planning attorney in Austin can help you pick the option that best suits your needs. Last Will And Testament Many people create a last will and testament to leave their personal property and assets to specific heirs or beneficiaries. If you include your home in your last will and testament, then you can choose who takes ownership after your death. It is important to note that creating a last will and testament means that your estate will go through probate court after your death. This could potentially hold up your property for months or cause your beneficiaries to incur additional legal fees. Additionally,…Read More
When you have numerous assets and multiple beneficiaries, contacting an estate planning lawyer is a necessity. After all, you want to ensure that your wishes are carried out exactly as you outline them. But what exactly should you look for when searching for an estate planning lawyer? Here are some important things to consider: Look For Someone Local When determining the future of your assets, your attorney should be close at-hand — rather than several counties away. Choose an estate planning attorney with a local office that you can visit when you want to chat face-to-face. This is especially important when you are first developing your plan and looking to avoid potential complications for your beneficiaries. Keep in mind that not all local estate planners are properly qualified. You should interview your options before making a final selection. Assess The Primary Focus Of An Attorney Law firms with a large…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 considerably 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. Protecting Your Real Estate There are several ways to pass real estate to an unmarried partner and help him or her avoid probate. One way is to consider naming your partner as a joint tenant. Joint tenancy ownership means that both parties own a piece of the property. When one partner…Read More
There are a variety of types of courts in Texas that have jurisdiction over different kinds of cases. In this article we will generally discuss the Texas court system and explain how probate courts fit within that structure. Austin probate lawyer Farren Sheehan is experienced in court settings and can assist with probate and other court proceedings in all courts in Austin, Round Rock, Pflugerville and Cedar Park. The Texas Court System The basic structure of the Texas court system was established by the Texas Constitution. In Texas, the highest state appellate court for civil matters is the Texas Supreme Court, and the Court of Criminal Appeals makes the final decisions in criminal matters. Below these highest courts there are 14 courts of appeals that exercise intermediate appellate jurisdiction in both civil and criminal cases. State trial courts of general jurisdiction are known as district courts. Each district court serves…Read More
Movie and comic book fans alike are grieving the passing of Marvel Comics former publisher and chairman, Stan Lee. The 95-year-old is known for co-creating superheroes like Captain America, the Fantastic Four, the X-Men and Spider-Man. However, in his final years, Lee was plagued by financial issues that may put his estate in jeopardy. Here are some of the estate planning lessons we can learn from the comic book icon’s life. Who Do You Trust When It Comes To Financial And Estate Planning? In an interview with the Daily Beast, Lee admitted that he made some money management mistakes in the past. When he initially began making money, he tried to manage it himself, but soon learned he needed help. When he approached individuals for assistance, he allegedly misplaced that trust, which led to him parting ways with many business partners over the years. Lee’s experience teaches us that taking…Read More
When R&B legend Aretha Franklin died, her fans and music lovers around the world were wondering why her funeral was delayed for weeks. Unfortunately, Franklin did not leave a will, and her four sons were left to determine how her assets and property would be allocated. An important component of a will is to have an executor of a will that will help the process run a lot smoother. What Do I Need To Do If I’m Named An Executor Of A Will? If you have been named the executor of a deceased person’s estate, you will have a few responsibilities that a lot of people are unaware of. First, it’s important to know what an executor is, which is a person named in a will who will carry out the wishes of a deceased person. Responsibilities might include: Giving the will to probate Protecting the estate’s assets Distributing property…Read More
Have you prepared a living trust or a will? If not, then you are not alone. A Caring.com survey estimates that only 42 percent of American adults have put together their estate planning documents. This is pretty startling considering what can happen if your estate falls into probate. Take the case of famous Texas real estate magnate James Cotter for example. A Word Of Caution For The Future Of Your Estate It was January 25, 2017 when James Cotter passed away due to cardiac arrest—he was 83. Only a year before he passed, the man’s estate was estimated as being worth $288 million. Now, his family, his estate administrators and the probate court just aren’t sure what to make of his estate. Upon his death, Cotter reportedly had $181.7 million in debts, taxes and other liabilities. This should have left around $106 million to his descendants and heirs. But the…Read More
