How to Address Changes in Estate Law Affecting Property Transfers in Austin

Estate laws can undergo frequent changes, so it’s important for property owners in Austin to stay informed about how these updates may affect property transfers. Here’s some advice from an estate planning lawyer in Austin, TX, about key points to consider.

How to Address Changes in Estate Law Affecting Property Transfers: Advice from an Estate Planning Lawyer in Austin

Review the Latest Estate Tax Thresholds

A significant change that can affect estate planning is the adjustment of estate tax thresholds. Texas does not impose a state estate tax, but federal tax laws still apply, and the amount exempt from federal estate taxes can change every year. If your estate exceeds the federal threshold, it may be subject to taxes. Regularly review the value of your property and assets to determine if any adjustments are necessary to avoid unnecessary taxes.

Update Wills and Trusts to Reflect New Laws

Changes in estate law, particularly new regulations around trusts and probate, might affect how property is distributed after death. For example, some laws may alter the requirements for trust validity or modify how certain assets are treated under the probate process. If your will or trust documents were drafted before these changes, review and update them so they still align both with your intentions and with the law.

Understand the Impact of Real Estate Transfer on Heirs

Recent updates in Texas estate law can also affect how real estate is transferred to heirs. In some cases, laws may have introduced new transfer-on-death deeds or modified the probate process, making it easier or harder to transfer property. Transfer-on-death deeds allow you to transfer property outside of probate, saving time and expense for your heirs.

Stay Informed on Homestead and Exemption Rules

Texas has specific rules regarding homesteads, which offer certain protections and exemptions. These rules may change periodically, affecting how property is taxed and transferred. For example, laws governing homestead exemptions could influence the amount of property tax your heirs are responsible for after inheriting a home.

Adjust Your Estate Plan for New Probate Procedures

Probate laws determine how a deceased person’s estate is managed and distributed. Recent changes in probate procedures may impact how long the process takes or what documentation is required for property transfers. For instance, some updates may streamline probate for smaller estates or allow for the transfer of certain assets without going through probate at all. If these procedural changes affect your estate, you may want to explore options to simplify or avoid probate entirely, such as creating a revocable living trust.

Seek Professional Guidance

The most effective way to ensure that your estate plan accounts for new legal developments is to work with an attorney who specializes in estate law and property transfers. They can help you stay up-to-date on changes to estate law and make necessary updates to your estate plan.

For guidance on how changes in estate law may affect your property transfers, contact Artie Pennington Law Offices, PLLC in Kyle TX, Austin TX, and San Marcos TX. Our team can provide personalized advice to ensure your estate plan is up-to-date and legally secure.

Posted in Uncategorized | No Comments »