Probate

Picking an Executor, a Critical Part of Your Estate Plan

Published on: July 1, 2016 | By McCulloch & Miller, PLLC

Choosing an executor is not easy, but it is very important. A person who is not capable of managing the tasks can drive even the best estate plan off the path.

Part of creating an estate plan is naming an executor who will be responsible for carrying out the wishes of the decedent, according to a recent item on InsuranceNewsNetMagazine.com, “The Wrong Executor Can Destroy Even the Best Estate Planning.” These tasks include everything from making sure that assets are distributed to tidying up outstanding debts and cleaning out houses. It’s important to select a person who can manage these tasks and—if they are stymied—who will recognize when they need help from professionals.

Executors sometimes are under the impression that it’s a quick and easy job. This might be the fault of the testator or the person who has executed the will. They select an executor and believe that he or she possesses the ability, acumen, time, and desire to carry out the duties of the position. Many don’t inquire as to whether the executor is interested in and capable of serving, or the chosen executor may be hesitant to say no.

Judge Sealed Probate Records in Rare Oklahoma Case

Published on: October 2, 2015 | By McCulloch & Miller, PLLC

Probate records are open to the public and many individuals seek planning methods that may protect the privacy and security of survivors. Estate planning is one tool where individuals may keep the contents of their wills, details of assets, and private matters private.

Interestingly, judges have the authority to seal probate records on a case-by-case basis if there is just cause to do so. However, that authority is rarely used. Nevertheless, in the case of Mark Costello, an Oklahoma judge has sealed his will.

So, who was Mark Costello? The Labor Commissioner in Oklahoma.

Is a TOD (Transfer on Death) Registration Right for Your Houston Planning?

Published on: July 23, 2015 | By McCulloch & Miller, PLLC

Certain assets, including life insurance, IRAs, 401(k) plans and other retirement accounts pass directly to beneficiaries outside of your will. Typically, brokerage accounts pass only through your will, and then only after probate. But there is a way to ensure that brokerage accounts transfer at death to your beneficiaries.

A recent item in Kiplinger's, "How Your Brokerage Account Can Bypass Probate" explains how to use a transfer on death (TOD) registration to have your brokerage accounts transferred directly to your beneficiaries upon your death. This is a special kind of investment account that is recognized under state law and it may solve the challenges posed by having your estate pass through probate, which can be an expensive and time-consuming process. In some states, a "TOD" can also be used to allow real estate to be transferred. An experienced estate attorney is needed to understand where this works best, and what it can and cannot accomplish.

A TOD lets you keep control over the account, and you are able to change the beneficiary designation any time you'd like.

Death and Debts: What Can You Do?

Published on: April 21, 2015 | By McCulloch & Miller, PLLC

Sometimes, a loved one’s estate may include debt. Do you know what to do should if you are the spouse or heir that inherits debt?

If you aren’t sure what to do with a loved one’s debts after they pass – or what to tell others to do with your own debts – you may want to read a recent article in The Huffington Post titled “Debt and the Deceased: How Should Spouses and Heirs Proceed?”

Be honest about your financial situation. It’s not that easy for some family members to discuss debt issues, especially older Americans who hoped for better at the end of their lives. Even so, parents and their adult children or spouses should thoroughly talk about any outstanding debts that could affect the borrower's estate.

Fundamental To-Do’s For Houston Families When Loved Ones Pass Away

Published on: September 9, 2014 | By McCulloch & Miller, PLLC

Losing a loved one is a difficult experience. Yet, during this time, you must complete a variety of tasks and make important financial decisions. The following checklist may help guide you through the matters that must be attended to.

If you have lost someone you love, it's difficult to know what to do next. In addition to the emotional stress of losing someone close to you, you may also be dealing with financial issues you weren't prepared for. Take some advice from a recent article in the Des Moines Register titled "Important financial steps to take following a death." The article contains a helpful checklist to help guide you through the matters that will need attention.

Here are some of the initial tasks:

Inherited Homes And The Challenges Ahead for Houston Families

Published on: February 3, 2014 | By McCulloch & Miller, PLLC

The process of selling a relative’s home is likely going to be emotional, from the sorting of the personal belongings to the finalization of the sale at the closing table. Expect that. And surround yourself with professionals who will be empathetic and helpful.

Many would agree that selling a home is a stressful process, maybe even claiming a spot on the "top 10 most stressful life moments" list. Even if it sells fast, there is still the hassle of moving itself. What about hen it is not your home at all? What if it is the home of your parents, and perhaps your sole inheritance, with or without siblings?

When it comes to selling an inherited home, there are some complications to ride out and with which you must deal. For guidance, consider reading are recent MarketWatch article titled “How to sell an inherited home.”

Debts And Death – What You Should Know about Death in Houston

Published on: November 1, 2013 | By McCulloch & Miller, PLLC

Coping with the death of a loved one is difficult enough without the added pressure of creditors calling you to collect on the deceased person’s credit card debt. But can a bank collect a credit card debt owed by your deceased parent or spouse?

By and large, we talk about probate as an unfortunate process. True, probate can put some undo stress on an already stressful family situation, even when there is no disagreement regarding how assets of the decedent are to be distributed. That said, probate can be utterly necessary and even useful when there are debts in the estate picture.

So, how do you handle debts after death? It is a practical question, after all. Few of us leave this life without something lingering in our accounts payable. Unfortunately, too many families do not know which debts live on after their loved ones are gone.