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People often think they can simplify their affairs and avoid probate by not creating a will. They erroneously assume that their property will go where they want it to automatically, so there’s no need for the legal fuss. However, the lack of legal planning can cause problems, particularly for husbands and wives […]
Category: Probate and Estate/Trust Administration
Understanding Pour-Over Wills Compared to Traditional Wills
November 29, 2024 April Nordhaus Estate Planning Probate and Estate/Trust Administration Wills & Trusts
If you are considering or have already created a revocable living trust, you may have heard that you should have a certain type of will known as a “pour-over will” to complement the trust. This is good advice, but it is a little confusing if you’re not thoroughly familiar with […]
Many people establish estate plans based on revocable living trusts to avoid probate. The popularity of these plans is based on a healthy fear of the probate process. Probate has a reputation for being long, complicated, and expensive. Is it always necessary in Texas? And is it really that bad? […]
Trustees have a variety of obligations, and sometimes their duties are more complex than others, depending on the type of trust they are administering. However, one set of duties that remains the same is a trustee’s fiduciary duties. As the name implies, trustees are put in a position of extreme […]
While people used to think of trusts as something only used by the extremely wealthy, the popularity of revocable living trusts as part of a probate avoidance strategy has focused more attention on these versatile estate planning tools. Avoiding probate is just the tip of the iceberg. Trusts can accomplish […]