Estate planning is the process of arranging for the transfer of a person’s assets and property after their death.The estate plan you create may cover cars, homes, life insurance, assets, real estate, jewelry, and other types of personal property. When you create an estate plan, you must sign it in front of a notary public.
Even if you don’t have many assets, it’s still a good idea to create an estate plan, to help prevent disagreements among loved ones over how assets are distributed when you pass away. Your estate plan will ensure everything you own goes to specified parties and doesn’t end up in the wrong hands.
Individuals with extensive or complex assets typically hire an estate planning lawyer to help draft their will. Many use a will to divide personal property, such as a home, among their family members. When you’re preparing your will, you need to make sure you meet specific legal requirements. Having witnesses present when signing the documents is crucial.
Of course, it’s possible to draft a will on your own, especially if you don’t have significant assets to leave behind. However, hiring an estate planning lawyer can ensure that your documents comply with current law and that everything is divided among your family the way you want, to avoid confusion.
A power of attorney is a legal document that grants one person the authority (an agent or attorney-in-fact) to act on your behalf if you become incapacitated. When you create a power of attorney, you can designate a specific person and decide how much authority they will have.
If you grant your agent the authority to provide, withhold, or discontinue medical treatment, you can provide instructions about which medical services you do and do not want, when to stop life-saving measures, and when to cease specific treatments.
It’s devastating to lose a loved one, and handling their affairs may be the last thing on your mind. However, you must ensure that property and assets go to the intended beneficiaries and that their final wishes are followed.
The first thing you should do when your loved one passes away is to request a copy of the official pronouncement of death. You should also notify close friends and family of their death. If necessary, arrange for the supervision of dependents or minor children. You’ll also be able to find instructions for carrying out their plans in their will or trust.
A trust is a document that places your assets into a trust fund to transfer to a beneficiary upon your death. Many people create a trust to speed up the process of settling their estate. You can also protect your assets, reduce taxes, and prevent probate.
With a trust, you’re not only able to control who receives your assets but also how the money is distributed. This is especially beneficial if the person you’re leaving money to may have difficulty managing money. You can create a payment schedule with a specified amount paid weekly or monthly, rather than as a lump sum.
When a loved one dies, and the execution of their estate plan begins, many disputes can arise among family members. Even when the deceased has created a well-prepared estate plan, problems can occur if an agent acting under a power of attorney fails to perform their duties or someone is dissatisfied with how assets are divided and distributed.
The most common disputes estate lawyers encounter include:
Many disputes arise when an agent acting under a power of attorney, executor, or trustee fails to properly perform their duties. That failure is called a breach of fiduciary duty. Common breaches include:
To avoid these issues, you should ensure your loved one chooses the right fiduciary during the process of planning their estate. Careful selection can help prevent breaches of duty, and they act in the deceased’s best interest.
When someone contests a trust or will, it is often because they believe it is legally invalid or that someone improperly influenced the creator's decisions.
To be legally valid, a will must be signed under specific circumstances and in a particular manner. In Texas, the person must meet the following requirements:
Improper execution of a will is less common than undue influence. Many argue that the creator of the trust or will made decisions due to another party's influence. The person accused of undue influence could be a friend, caregiver, professional advisor, or family member.
Sometimes conflicts arise when the creator of a will or trust intends to leave someone their property but dies before they can change their estate plan to reflect that decision. Conflicts can also arise when beneficiaries believe the distribution of property is unfair or inequitable.
If you encounter any of the disputes listed above or other types of disputes, there are options for resolving them. The remedy you choose will depend on the particular conflict and the people involved.
The attorneys at Staubus, Blankenship, Legere and Walker PLLC have over 100 years of combined experience in estate planning, probate, and litigation. We have the knowledge and skills to tackle complex legal issues, such as guardianships, will contests, fiduciary litigation, and trust litigation. We can also handle routine matters, such as estate administration, probating wills, heirship determinations, and other probate court matters.
Staubus, Blankenship, Legere and Walker PLLC received a preeminent AV rating from Martindale-Hubbell, which is the highest rating possible from a peer-rated legal service. This rating recognizes our hard work, dedication, and the case results we’re able to achieve.
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