Estate planning is crucial for protecting your assets and ensuring that your loved ones receive what you intend. In Austin, TX, there is the option of using a trust to manage certain assets and prevent them from having to go through probate. An estate planning attorney can carry out a full assessment of your assets and recommend the most appropriate trust for your circumstances.
How to Protect Your Assets with a Trust in Estate Planning in Austin, TX
The Benefits of Setting Up a Trust
A will plays an integral role within effective estate planning, but it has certain limitations. Assets distributed through a will form part of the estate, which typically means they will be subject to probate. Setting up a trust often allows assets to be dealt with outside the estate, avoiding probate. Some of the other benefits of a trust include:
Privacy
Unlike a will, a trust does not form part of a public record.
Protection
Trusts can put special arrangements in place to protect those who are more vulnerable, especially where it would be inappropriate to allow them full control of any assets.
Read the rest of this entry »Being appointed as an executor is a significant responsibility involving multiple duties. These include distributing assets, paying debts and notifying interested parties. An experienced probate lawyer can provide guidance, ensuring that no steps are inadvertently missed. Below, we outline the main responsibilities of an executor obtaining probate in Austin, TX.
What are the Executor’s Responsibilities for Probate Proceedings in Austin, TX?
Fiduciary Responsibility
Although the executor has specific duties, which we’ll cover in more detail below, they also have an overarching fiduciary responsibility. This describes the main principles of dealing with the estate and can be divided into three distinct areas:
- Loyalty
- Prudence
- Preservation of estate assets
The executor must exercise due care and diligence when administering the estate, as if managing their own affairs. They must always act in the best interests of the beneficiaries, heirs, and the estate. The executor must not take excessive payment or use the estate for their personal gain. They are also obligated to preserve estate assets, such as by obtaining insurance, where appropriate.
Read the rest of this entry »Starting a business in Austin is an exciting venture. Here’s a short guide from a business attorney in Austin, TX, on the steps a startup can take to lay a solid foundation for growth.
What Are the First Steps in Establishing a Startup in Austin? Answers from a Business Attorney in Austin, TX
1. Validate Your Business Idea
Make sure there’s a genuine need in the market for your product or service. Conduct research on local competitors, customer demographics, and demand in Austin’s market. Talk to potential customers, test your product, or survey target audiences to confirm interest and refine your concept.
2. Develop a Business Plan
Outline your goals, strategy, target market, financial projections, and operational needs in your business plan. Break down your timelines for launching and lay out details of your approach to competition, market entry, and customer acquisition.
Read the rest of this entry »Estate planning is a vital part of ensuring your loved ones are taken care of and your assets are distributed according to your wishes. For residents of Kyle, Austin, and the surrounding areas, avoiding common mistakes in estate planning can save time, money, and stress for your family. This guide explores frequent errors and provides actionable tips to create a strong, Texas-specific estate plan.
Skipping an Estate Plan Altogether
Many people put off estate planning, believing they don’t have enough assets or that it’s something to address later in life. However, in Texas, failing to establish a plan means the state will decide how your property is distributed. This process, governed by intestacy laws, may not align with your preferences.
To avoid this, start with the basics: a will, a power of attorney, and healthcare directives. Working with an experienced estate planning attorney in Kyle or Austin ensures your plan meets local legal requirements. Learn more about our estate planning services.
Read the rest of this entry »Life is full of changes that can impact your estate plans. Whether you’re celebrating a new addition to your family, navigating a significant financial milestone, or coping with loss, keeping your will current is an important step to protect your wishes. At Artie Pennington Law Offices, PLLC, serving Kyle and Austin, TX, we help individuals and families update their estate plans to reflect life’s changes. Below, we’ll explore why revisiting your will after major life events can help you stay prepared and avoid potential complications.
Why Revisiting Your Will is Important
Your will serves as a guide for how your assets are distributed and who is responsible for handling your estate after your passing. Over time, as your personal and financial circumstances evolve, your will may no longer reflect your current situation. Outdated documents can lead to delays, misunderstandings, or even disputes during the probate process.
By addressing changes in your life, you can help minimize confusion and align your estate plan with your current priorities.
Read the rest of this entry »Creating Your Will in Austin, Texas: Top Questions Answered by Estate Planning Attorneys
Understanding Wills in Texas: The Cornerstone of Your Estate Plan
When considering your estate planning in the Austin or Kyle, Texas area, you may wonder: “Do I need a will, or can my assets be distributed without one?” This question reflects a top concern that estate planning attorneys in Texas encounter regularly. A will is essential in directing the future of your assets, securing your family’s needs, and creating peace of mind for you and your loved ones.
In this article, we’ll provide an in-depth look at the essential aspects of creating a will in Texas, with key insights for residents of Austin and Kyle. Our goal is to answer common questions, discuss the steps for setting up a will, and highlight the importance of selecting an experienced attorney to guide you through the process.
Read the rest of this entry »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.
Read the rest of this entry »You can contest a family member’s will during the probate process if you believe it is fraudulent or invalid. Find out how an experienced probate lawyer in San Marcos, TX can guide you through the process of challenging a will in court.
How to Challenge a Will: Advice From Your San Marcos, TX Probate Lawyer
Reasons to Contest a Will
Texas allows anyone to contest a will as long as they have a valid reason. For example, you may have a case if you believe the person who created and signed the will lacked mental capacity, was misled about its contents, did not sign it properly, or experienced undue influence.
When someone has multiple wills or changed the will with one or more codicils, confusion may exist about which one they intended as the official document. You can also contest the will if you think it was forged or altered. Dissatisfaction with the amount of an inheritance is not a valid reason to contest a will in Texas.
Read the rest of this entry »When you experience a significant life event such as marriage, birth, or loss of a family member, you may want to update your will accordingly. A trustworthy will attorney in San Marcos, TX can guide you through the process of legally amending your will in this situation.
Step-by-Step Guide to Amending Your Will After a Major Life Event: Advice From Your Will Attorney in San Marcos, TX
1. Decide Whether to Revoke or Update the Will
For minor changes, you can add a codicil to your old will. This legal document serves as an attachment to your will and outlines revisions you’ve made. If you have extensive changes, you may want to revoke the previous will and replace it with a completely new document.
2. Create the Necessary Document
You follow the same process in Texas to make either a new will or a codicil. The will or codicil must be in writing and signed by you as well as two witnesses who are at least 14 years old. State law requires you to be 18 years old and of sound mind to create a will. You can make a valid will before age 18 if you’re in the military or married.
A valid will or codicil must be a physical document, not a PDF or digital copy. You can either type and print out the will or write it by hand, as long as it’s completely in your own handwriting. You don’t have to legally notarize a will or codicil in Texas.
Read the rest of this entry »The prospect of a contract with a large corporation may be exciting, but the process of navigating the various hurdles can be challenging. Negotiations with a sizable organization may even present obstacles that you haven’t encountered before. A skilled business lawyer with experience of operating in Austin, TX can help to manage negotiations to deliver a compliant and legal framework that forms the basis of a successful working partnership. Here’s a closer look at some of the factors that need to be considered when dealing with a larger corporation.
How To Successfully Negotiate Contracts with Larger Corporations in Austin, TX
Allow Sufficient Time for Every Step
When you’re negotiating with smaller companies, deals can be done quite quickly. This is because the decision-makers are often directly involved in all conversations and hold the necessary authority for sign-off.
With larger companies, progress can be much slower, and you may find there’s more red tape. This is because there may be multiple levels of approval required and information may need to be circulated to key individuals who weren’t directly involved in the negotiations. Having a realistic expectation of the timescale is vital to enable you to accurately plan your resources and finances in advance.
Read the rest of this entry »Connect with us
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- Telephone: 512-596-0534
- Fax: 512-233-2699
Kyle Law Office
154 Elmhurst Drive, Suite B
Kyle, TX 78640
Austin Law Office
1250 Capital of Texas Hwy South Building 3, Suite 400
Austin, TX 78746
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