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.
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