An estate plan can establish several important relationships to help ensure the management of assets. A testator names an executor of the estate to manage and settle assets, including paying debts and taxes and contacting beneficiaries. A grantor can set up a trust,...
One common reason for estate disputes is when the distributions to the beneficiaries are not fair and even. These are known as unequal bequests. Some evidence suggests they are becoming more and more common, but they also increase the odds of a dispute. For instance,...
A person’s estate plan outlines their personalized instructions for what happens to their assets when they pass away. Most wills are made while the creator is sound of mind and body so they understand the implications of what they’re doing. There are instances in...
The distribution of assets often leads to disputes after someone passes away. Their estate plan should instruct beneficiaries and descendants, but some of them may decide to challenge that plan. For instance, a beneficiary may claim that an elderly parent was...
A no-contest clause, also known as the forfeiture clause, discourages beneficiaries from challenging the validity of a trust or will. It states that if a beneficiary contests such a document and loses, they forfeit or lose their inheritance. The presence of a...
Sibling rivalry may begin in childhood, but it doesn’t always end there. Many adults still have reservations regarding their siblings due to things that happened while they were growing up, or they still feel a sense of rivalry, as if the two of them are still in...
To ensure that a will is valid, it must meet certain parameters. For instance, there must be a signature from the testator and two witnesses who do not stand to gain from the estate. Furthermore, any older drafts of a will should be destroyed or revoked. Another...
In theory, anyone who is a legal adult in Texas has the authority to draft their own estate plan. Texas assumes that adults have testamentary capacity and can therefore designate specific recipients for their assets using estate planning documents. However, not...
A will is a written declaration of someone's last wishes. It describes what they want to do with their property after they die and names the person they choose to administer their estate. Typically, families in Texas will follow the instructions in someone's will as...
The will is a cornerstone of an estate plan. It outlines specific points, such as who should receive what assets when the creator passes away. Creators often take writing the will very seriously and likely have it set up how they want. While many wills go through the...