A: Probate refers to the process where a court approves a will, often appoints an executor, and oversees the administration of a deceased person's estate. Probate property refers to property that was titled in the name of the deceased person and did not have a beneficiary otherwise designated during the lifetime of the Decedent. A probate proceeding takes place in the county where the deceased person resided, where the deceased person owned property, or where the Decedent died. You will need to hire an attorney who practices in one of these counties.

Q: What is the purpose behind the probate process?

A: The purpose of the probate process is to ensure that the will meets Texas standards, that any assets in the Decedent’s name are distributed to the beneficiaries named in a will; or if the decedent died intestate (without a will), thatany assets remaining are distributed to the correct heirs under the Texas laws governing intestate succession. Part of the process is alse to ensure that any final bills and expenses are paid.

Q: Are life insurance policies and retirement benefits (such as IRAs) subject to probate?

A: Life insurance policies and retirement benefit accounts have beneficiary designations which control their disposition upon your death. Assuming the stated beneficiary has survived the Decedent, probate will not be necessary. However, if the named beneficiary is deceased and a contingent (back-up) beneficiary isn't named, probate may be required to determine who is entitled to the asset. There are tax and other planning implications involved in designating a beneficiary-careful consideration should be given when naming a beneficiary.

Estate Planning

Q: What is a living trust and how does it differ from a will?

A: A living trust is a trust created during a person's lifetime. Assets retitled to the name of the trust and held in a living trust do not require probate when an individual dies. When the person who created the trust (referred to as the "trustor" or "settlor" of the trust) dies, the assets in the trust are distributed to the persons named, and in the manner specified, by the trust. The person or entity named in the trust as the successor trustee oversees the administration of the trust after the trustor or settlor dies.

Living trusts offer other advantages beside probate avoidance; they provide a plan for the incapacity of the trustor and offer certain tax advantages for the beneficiary.

We understand that every client situation is unique, and we invest the time to get to know you, including your goals and planning objectives. Our firm takes the time to fully explain your planning options in clear and understandable terms.