WILLS AND ESTATE PLANNING

Probate Proceedings in Texas

Probate proceedings in Texas are relatively simple in comparison to other states. The amount of expense to the decedent’s estate depends on whether the decedent executed a valid Will and the court’s determination of how the estate will be administered by the Executor or Administrator of the estate.

If the decedent had a valid Will that directs an independent administration of the estate, then the Executor can pay debts and distribute any remaining property to the beneficiaries without court supervision. Generally, the Executor is only required to file an application to admit the Will to probate, appear once in person at the courthouse to provide testimony that the document presented to the court is the last known Will, and subsequently file a document describing the assets and debts of the estate. This is the most cost effective way to administer an estate.

If the decedent died without a Will or the court determines that the Will submitted to the court is invalid, then, depending on the county where the probate proceedings are taking place, the court may require a dependent administration of the estate. This requires the Administrator to seek the court’s approval before any debts are paid or property can be sold or distributed to the distributees in accordance with the laws of intestate succession. Dependent administration is usually very costly to the estate because it requires several filings of documents and court appearances by the Administrator before he or she can act on behalf of the estate.

Most Common Estate Planning Documents

One of the most important things that you can do for your family is to have a plan in place should you become ill or in the event of your death.

These are some of the most common Estate Planning documents you might want to consider:

• A Will: Directs the disposition of real and personal property;
• A Durable Power of Attorney: Appoints an agent to manage your financial affairs;
• A Medical Power of Attorney: Designates an agent to make decision regarding your medical care in the event you become incapacitated;
• A HIPAA Release: Allows your health care provider to discuss you medical treatment with the named person or persons.
• A Designation of Guardianship for Minor Children: Appoints a guardian or guardians for your minor children in the event of your incapacity or death.

What Should You Bring To An Initial Consultation?

1. Prior and present Wills, along with any codicils.
2. Powers of attorney and designation of health care agent.
3. Trust instruments where client is grantor, trustee or beneficiary.
4. Most recent income tax returns.
5. Deeds to property and most recent mortgage statements.
6. Stock and bond certificates.
7. Pension and profit-sharing plans and summary of current benefits.
8. Prenuptial and/or postnuptial agreements, court orders or agreements in which you are obligated to provide support, or Final Decree of Divorce.

Disclaimer: The Law Offices of Power FamilyLaw, PLLC does not provide tax advice or accounting services. If your estate plan requires such advice, please consult with a Certified Public Accountant and/or Certified Financial Planner.