Estate Planning

In case you were wondering – Texas doesn’t allow an antemortem probate.  That is a probate of a person’s will while that person is still living. There is a statute that specifically prohibits it – Estates Code 256.002 – which provides “ The probate of a will of a living person is void.”   There is a companion statute – Estates Code 301.001 – which provides “The administration of an estate...

Serving as an executor for a probate estate can be tough. An executor has a duty to gather estate assets, settle estate debts, file the required tax returns, and distribute the remaining property to the beneficiaries per the Will.  Often that means wading through a lot of paperwork, dealing with family drama, and not receiving many kudos in return.   To add insult to injury, the executor is a fiduciary and...

How does a Trustee decide when, and how much, money should be distributed to a Trust Beneficiary? Interesting that you should ask. The Trust document usually spells out a distribution standard. These can vary widely, from giving the Trustee unlimited discretion to calling for mandated distributions. The most common standard calls for the Trustee to distribute funds for the beneficiary’s Health, Education, Maintenance, and Support. This is known as the HEMS...

Day 1.  Hey, we will really miss you.  Just found out you named me as the independent executor of your estate!  What an honor.  Really. Day 3.  Your funeral was packed.  I had no idea you had so many step-kids.    Noticed they and your wife didn’t sit in the same pew with your kids and your ex-wife.  Everybody was very friendly towards me, though. Day 5.  Talked to the probate lawyer...

Groom:  “I,____, take thee,_____, to be my lawful wedded Wife, to have and to hold from this day forward, for better for worse, for richer for poorer, in sickness and in health, to love and to cherish, till death us do part….” Have you ever thought how intertwined  those vows are in today’s world?  Especially the part linking “poorer” with “sicker.”   As the highly-paid policy wonks are fond of reminding...