We represent estate planning clients that reside across Texas by providing consultations at our office in Richardson or by phone/virtual.

Creating a Will is an essential step in estate planning, serving as a guide for distributing your assets. However, there are other significant elements to consider that offer benefits during your lifetime and after death. 

Wills are legal documents that specify your asset distribution upon death and nominate an executor to enforce these instructions. However, Wills only control assets solely owned by you, are subject to validation and potential challenges in probate court, and are fully public, leaving beneficiaries potentially vulnerable.

Trusts allow a third party, or trustee, to manage assets on behalf of a beneficiary. Revocable living trusts, which are popular in estate planning, bypass probate and allow private asset transfers. Irrevocable trusts provide significant tax benefits and asset protection but can’t be revoked or amended. Special Needs Trusts support individuals with disabilities without impacting their government benefits.

Beneficiary designations on assets like bank accounts or life insurance policies allow asset transfers, but these must be carefully arranged to avoid conflicts within the broader estate plan. These designations take precedence over conflicting Will instructions.

Planning for potential incapacity and end-of-life care is another crucial component of estate planning. Power of attorney designations for medical and financial matters, as well as advance health directives, outline your care preferences and designate responsible individuals.

The Law Office of Ana M. Pace is committed to ensuring your estate planning process is comprehensive, secure, and tailored to your needs, providing peace of mind for you and your family.

While it might be tempting to avoid contemplating your mortality and put off creating a Will, it’s important to remember that the lack of a Will can create significant difficulties for your loved ones. If you pass without a Will, your estate will be divided according to the laws of intestacy in Texas, which may not align with your wishes or the expectations of those close to you.

Disagreements could arise over the distribution of assets, from your family home to personal collections. Establishing a properly drafted and executed Will is one of the most considerate acts you can do for your family. It’s essential to work with a proficient Richardson Wills attorney to avoid the risk of the probate court rejecting your Will.

What Constitutes a Will?

A Will is a legal instrument that determines the distribution of your assets after your demise. Dying without a Will means your property will be passed on to your legal heirs as per state law. With a Will, you can leave assets to friends, charities, or designate someone to care for your pets. It also empowers you to appoint an executor to manage your estate and a guardian for any minor children.

Is It Necessary to Engage an Attorney?

Although Texas law doesn’t mandate the engagement of an attorney for drafting and executing your Will, the nominal expense is undoubtedly worthwhile for the peace of mind it offers. If your Will fails to meet all legal requirements, a Texas probate court can invalidate it, leading to the distribution of your estate based on state law, irrespective of your stated wishes.

This is particularly crucial when a Will is likely to be contested due to exclusion of natural heirs or allocation of less than expected to a close relative like a child, parent, or sibling. Estates with substantial assets that are bequeathed to charity, non-relative friends, or for pet care are almost certainly going to be contested by discontented relatives. It is your prerogative to decide how your assets are distributed. By hiring a proficient Richardson Wills attorney, you can rest assured that your desires will be executed as planned upon your demise.

Trusts serve as a valuable instrument in estate planning, facilitating the legal transfer of assets to a trustee for your beneficiaries’ benefit. Generally, trusts are of two types: testamentary trusts, effective upon your death and formed within your will, and revocable (living) trusts, effective during your lifetime.

Trusts can outline asset distribution upon the trust creator’s death, catering to specific scenarios such as providing for minor or developmentally disabled children. They afford significant control over the management and allocation of your assets.

Notably, trusts can help families bypass probate’s fees and complications, promoting a smoother transition during incapacitation or death. Particularly for residents in Dallas, Denton, and Tarrant counties, transitioning from a Will to a Trust is recommended due to extended probate processing times and stricter requirements in these regions.

Probate processes in these counties can take 2-4 months, potentially causing families to bear costs from their own resources until letters testamentary are issued. Therefore, consulting a trust attorney to address your concerns and receive appropriate recommendations is vital.

At the Law Office of Ana M. Pace, we acknowledge the challenges of navigating complex legal processes during a time of grief. As a result, we provide comprehensive, empathetic, and cost-effective probate services in Dallas, Kaufman, and Collin County. Known as the go-to probate attorneys in Richardson, we are committed to guiding clients through the probate process swiftly and smoothly.

Our success is founded on an unwavering dedication to helping you navigate the probate process and ensuring you and your family receive what you rightfully deserve. Schedule a consultation at our Richardson office or online, and allow us to exceed your expectations.

Understanding Probate

Probate commences with determining whether the deceased had a Will to distribute their estate’s assets. If a Will exists, it’s crucial to consult with an attorney to assess if probate is required. If so, the Will undergoes a court process to affirm its validity, officially appoint an executor or administrator, settle the estate’s debts, and distribute the remainder according to the deceased’s wishes expressed in the Will. If no Will can be found, the probate process can triple in duration and cost.

Texas Probate Types

In Texas, will probate and requesting determination of heirship are the most common probate types. These processes may necessitate opening an estate administration. There are two types of administrations – independent and dependent.

Independent administration allows the executor to distribute the estate’s assets without court supervision, given the estate meets certain conditions:

• The deceased requested independent administration in their Will, or
• All distributees named in the Will or heirs in the estate consent to independent administration.
  
  

Dependent administration is a more intricate and prolonged process used when:

• There’s no provision for independent administration in the Will and the distributees don’t agree to it, or
• Despite the Will’s provision, it’s in the estate’s best interest to switch to dependent administration due to substantial debt, or
• The heirs of an estate without a Will don’t agree to use independent administration, or
• An heir is a minor in a case where an individual died without a will, and the court doesn’t permit independent administration.
  
  

Dependent administration mandates the executor to be bonded and seek prior authorization for all actions, potentially costing the estate tens of thousands of dollars.

Probate and Estate Disputes

Various issues can trigger disputes over the distribution of an estate’s assets. These disputes can be complex, lengthy, and expensive, so it’s essential to hire an experienced Texas probate litigation attorney who can deliver favorable results without draining your resources. Common types of estate disputes include:

• Contesting the Will’s validity, usually due to alleged undue influence or the decedent’s lack of mental capacity at the time of signing the Will
• Disputes over Will interpretation, often arising from ambiguity when drafted by a non-professional, and
• Claims of an executor being “unsuitable” under the Texas Probate Code.
  
  

Disputes may also involve financial assets passing through a beneficiary designation or a survivorship agreement, such as life insurance policies, bank accounts, and certificates of deposit. If you feel entitled to a larger inheritance or if your entitlement is contested, it’s crucial to consult with an experienced Richardson probate litigation attorney promptly. Early negotiation can minimize the likelihood of extended and costly court proceedings.