Will Category Archives — Page 11 of 14 — Houston Estate Planning and Elder Law Attorney Blog Published by Houston, Texas Estate Planning and Elder Lawyers

Don’t Just Think about Your Houston Estate, Plan It!

Published on: April 7, 2015 | By McCulloch & Miller, PLLC

The sad truth is that most of us — some 70% of adult Americans — have neglected to write a will. Some think their assets are just too puny to worry about, others worry that the costs of writing a “last will and testament” are too high. But wills aren’t just vehicles for the wealthy or the morbid. If you’ve got a family and a home — not to mention a savings account — you should definitely have one. Cost is no excuse.

A recent MarketWatch article, titled “Why wills aren’t just for the wealthy,” sheds light on this important life-planning topic.

Like many people in the U.S., you may not think about estate planning until you have kids. A will is critical when you have children, because people think about what would happen if both spouses die at the same time. Without a will, a probate court judge will be tasked with selecting the individual who will care for your minor children as a guardian. That could be just about anyone, including a person you would never ever pick to take care of your kids! Why not name someone yourself right now? You also should name an alternate guardian in the document in the event your first choice is unable to serve.

Houston Estates Can Be Subject to Same Discord as Celebrity Estates

Published on: March 11, 2015 | By McCulloch & Miller, PLLC

Ernie Banks died on January 23rd at age 83 from a heart condition. Interestingly, his death certificate listed dementia as a “significant condition contributing” to his death. Why is that important? Well, three months before he died, Banks signed a new set of estate planning documents, including a power of attorney, healthcare directive, new will, and a trust.

Ernie Banks signed a new set of estate planning documents that left his caregiver and talent agent, Regina Rice, in control of everything. This new will and trust totally left out his family members and named Rice as his sole beneficiary. Rice would stand to inherit not only whatever assets and wealth Ernie Banks accumulated during his life, but the right to control (and profit from) his name, likeness, and image.

Since Banks had dementia and made these changes a mere three months before his death, his children are planning to take Rice to court over Banks’ estate. Houston families should make note of family dynamics that could place estate planning in jeopardy.

Should Houston Family’s Care About Marlon Brando’s Estate?

Published on: March 9, 2015 | By McCulloch & Miller, PLLC

In part due to questions about his true intentions as expressed in his will and trust, Brando’s estate was involved in more than two dozens lawsuits by 2009 — five years after his death. He passed away on July 1, 2004, at 80 years of age, suffering from a host of ailments including dementia and lung failure.

Marlon Brando once said “The only thing an actor owes his public is not to bore them.” Ironically, the public hasn’t been bored one bit since Brando’s passing as issues over his estate have made many headlines.

Right before his death eleven years ago, Marlon Brando couldn’t leave his bedroom and was so paranoid that he wanted the room padlocked at his death so no one would steal the buttons off of his shirt!

Lessons Learned from Robin Williams’ Estate Battle

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

There’s barely a person over the age of 40 or so who does not come with a family squabble about, well, things following the death of a well-loved parent, grandparent, or family friend. Even Robin Williams, who planned his estate well, could not avoid a family feud after his passing.

Sadly, it’s true. In just four months after the comedian’s death, litigation has begun between Williams’ three children and his third wife. Even a well-thought plan can be challenged by those you leave behind.

The recent slate.com article, titled “Robin Williams’ Family Is Like Yours” says that a good talk with the family is the best way to avoid post-death struggles over your estate after you pass away. Sit down with your loved ones and tell them about your will, and how you’d like to see your belongings divided up. Convey some life values while you’re at it. You can even ask for their input.

A Trust Can Help Keep Public Lives A Bit More Private

Published on: January 8, 2015 | By McCulloch & Miller, PLLC

In all likelihood, [film director] Nichols had a "revocable living trust," that contained the dispositive provisions of his estate so that his wishes were shielded from the public.

Celebrities and high-profile estates tend to be a hot topic in the media, but sometimes the media doesn't get the full story.

An article from The National Review, titled "The Death of Mike Nichols and Estate Planning," sheds some light on why we know so little about the estate of award winning director Mike Nichols.

Who Gets Grandma’s Houston Keepsakes?

Published on: December 29, 2014 | By McCulloch & Miller, PLLC

There is no magic formula or solution available for transferring personal property because each family and their possessions are different. However, the Extension program "Who Get's Grandma's Yellow Pie Plate?" suggests there are some factors for every family to consider whether planning for the transfer an individual's own personal property or working together to plan the transfer of items belonging to a family member.

While an estate plan is critical in dealing with titled property, there are few individuals who take the time to plan ahead regarding the items in their household.

Helpful Houston Estate Planning Add-Ons: A Letter of Instruction

Published on: November 28, 2014 | By McCulloch & Miller, PLLC

Where there’s a will, there’s a way—and sometimes an ugly family feud. Families are consumed with grief when a loved one dies, but unfortunately certain legal and organizational tasks that arise can’t be ignored or put off for long. But you can ease the burden on your loved ones by making some simple preparations in addition to a will.

Sometimes your family may need more detail than what is normally included in a will. To get in front of hard feelings and potential conflicts over your personal possessions, think about adding a letter of instruction to your will. This is an informal document you can draft which isn’t legally binding, but can be a helpful guide for your family.

A recent article in The Wall Street Journal, titled “When a Will is Not Enough,” suggests that you organize your letter into three sections: funeral arrangements, financial and personal affairs, and distribution of personal effects.

“Sweetheart Wills” for Houston-Area Couples with No Children

Published on: November 25, 2014 | By McCulloch & Miller, PLLC

Recently, I outlined a basic estate plan for a couple with children. Now, a reader in California asks: “What about marrieds without kids?”

Married without children? What essential estate planning tasks should you focus on?

The Wall Street Journal says, in an article titled “Estate Planning for Childless Couples,” that you have two main estate planning tasks: (i) decide what will happen to your property after you die; and (ii) specify the individual who will oversee your medical and financial affairs if you’re unable to do so.

Houston Families: Don’t Shy Away from Key Estate Planning Questions!

Published on: November 19, 2014 | By McCulloch & Miller, PLLC

Establishing a will is a vital part of protecting your financial legacy and there is no benefit in delaying it. Here are six often-avoided questions to help you get over your fear of wills and establish one for your family.

There are no silly questions when it comes to your Houston estate plans!

A recent Forbes article, titled "6 Questions About Wills You Were Afraid To Ask," gives us some answers to several often-avoided questions to help alleviate some trepidation over wills and to motivate you into creating one for your family. Here are a few of them:

Why Should Houston Residents Have a Will?

Published on: November 11, 2014 | By McCulloch & Miller, PLLC

"If you make a will you can distribute the wealth as per your wish and avoid many hassles. It particularly becomes more complicated if there are immovable properties involved and there are disputes on the values of such properties," says Ashish Kehair, EVP and head – private wealth and international businesses, ICICI Securities.

Why do you need a will?

One of the big reasons to make a will is to distribute the wealth as you want and avoid many of the headaches and expenses for your heirs, especially when you have immovable properties and disputes over their value. This caution is discussing in a recent article in The Business Standard titled "Why you should make a will." If there is no will and more than one legal heir, the distribution of assets is conducted by the court under probate law. This can be time-consuming and cumbersome.