Will Category Archives — Page 13 of 14 — Houston Estate Planning and Elder Law Attorney Blog Published by Houston, Texas Estate Planning and Elder Lawyers

Houstonians Can Back Up Life With An Estate Plan

Published on: September 1, 2014 | By McCulloch & Miller, PLLC

…As with hard drives, our limited shelf life requires that we make the most of each day while also planning for a peaceful transition. Having loved ones struggle with managing unorganized financial affairs with no assistance only prolongs grief and blemishes fond memories.

Why do most of us give more attention to backing up our PCs than we do to our estate plans? This question was explored in a recent Time article, titled "How Writing a Will Is Like Backing Up Your Hard Drive." To make sure our computers work effectively, we conduct updates, check for viruses, and clean up unwanted material. Being unorganized only leads to trouble and added expense. Making our loved ones deal with unorganized financial affairs and estates only creates more stress and adds to the grief.

In one way, if you do not back up your PC's hard drive or do not have an estate plan, you are not alone. However, that really is not good news. Just because a lot of people flunk the final exam does not make the conversation with your parents any easier. So too, in estate planning—being unorganized only makes more work for your family and your estate planning attorney. On top of that there will be more expenses involved.

Think You Don’t Need an Estate Plan Because You Don’t Have Kids? Think Again, Houston!

Published on: August 15, 2014 | By McCulloch & Miller, PLLC

Did you think estate planning would be easier because you don’t have children … or that you don’t really need an estate plan? If so, you couldn’t be more wrong!

The website dailycall.com recently posted an article, titled "Aging and estate planning for singles and couples without children," to help get you thinking about the special challenges people face who do not have adult children to assist them in their aging years.

Here are some of the ideas suggested:

The World Knows All About Lou Reed’s Estate – Do You Want the Same Exposure in Houston?

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

If Lou Reed had used a revocable living trust, and transferred his assets into the trust during his life, then all of this information would have been kept private. No one would know how much he had, whom he left it to, or how much his executors were charging.

When a celebrity passes away, reporters scramble to find out how much money the celebrity had and how it will be distributed. But how exactly are they getting the information? Is it in-depth investigative journalism … or a common estate planning mistake?

Recently, the New York Post has had story after story about the specific details of Lou Reed's estate plan. We know how much he had when he passed away. We know how much money his intellectual property interests have earned for his estate since he passed away. We also know how much money each of Reed's heirs will receive. How do we know so much?

Inheritance “Bugs” at the Smithsonian

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

Carl J Drake spent his life studying bugs, everything from aphids to water striders. When he died in 1965, the entomologist left his life savings and his vast insect collection to the Smithsonian. But now Drake's will has become something of a pest.

The case of the Smithsonian Museum and the entomologist Carl J Drake, as relayed in a recent article in the Guardian titled “Smithsonian Museum is bugging out over insect inheritance,” provides an example of how a gift of charity can actually be a gift of a burden to your institution of choice without the proper plans in place.

Most museums across the globe, including many Houston museums, really only start out and build their vast collections through the largesse of charitable donors. The Smithsonian is no stranger to gifts of the strangest collections with the most peculiar needs and various limiting conditions. That said, Drake’s bug collection is beginning to bug them. The Museum is actually petitioning the courts in an attempt to modify the gift.

Creating Inheritance Incentives For Houston Heirs

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

The vast majority of estate planning lawyers get requests for trusts that "motivate responsible behavior by the next generation," said Los Angeles lawyer Jon Gallo, who presented an overview of the topic at the annual Heckerling Institute on Estate Planning.

If you are leaving behind an inheritance for the good of your young loved ones, you likely want to ensure that the inheritance will be a blessing and not a curse. Are they ready for the responsibility of having wealth? Or will they use it for "fun" to their own detriment? With careful planning you can make the inheritance itself provide the incentive to engage in good behaviors.

Incentivized inheritances offer you the chance to give the gift of possibilities and a secure future. Properly planned, such an inheritance can make your heirs pause to respect the inheritance and take responsibility for it. The Chicago Tribune looked into the topic in a recent article titled “Making sure your kids are trustworthy.”

Inheritance Problems for Houston Families: Fighting Over “Stuff”

Published on: May 21, 2014 | By McCulloch & Miller, PLLC

Dividing money is easy. But who gets Mom’s tea set?

When we hear about heirs fighting over an inheritance, most of us think about money as being the main issue. But money isn't everything! How you split up priceless family artifacts and other physical goods can start or end fights before they happen. So how do you plan to fairly spread the relics and keep the peace?

Sure, there are many inheritance fights over dollars and cents. On the other hand, there are even more fights leading to protracted probate battles and just plain old hurt feelings over the disposition of physical goods, relics and family keepsakes. Unfortunately, it can be more difficult to plan for the disposition of these “things” in contrast to cash.

No-Contest Clause: Don’t Let Heirs Contest Your Houston Will!

Published on: March 27, 2014 | By McCulloch & Miller, PLLC

A no-contest clause may be a good idea if you have a beneficiary who may be upset by the property distributed to him or her.

Consider this common estate plan predicament: you are drafting a will and know that if it is challenged by a spurned heir or for anyone for any reason, it will end up potentially ruined on the shoals of probate for all to see. What can you do?

This scenario is a all too common. Fortunately, a well-drafted will in many states can include a powerful tool such as a No-Contest Clause. Recently, ElderLawAnswers considered this approach in an “answer” titled “Using a No-Contest Clause to Prevent Heirs from Challenging a Will or Trust.”

Wills And Trusts: Do Houston Families Need One Or Both?

Published on: March 14, 2014 | By McCulloch & Miller, PLLC

The question that many Americans want answered is: is a will or trust best for retirees?

There are simple solutions to simple problems, and complex solutions to complex problems. That being said, when it comes to estate planning many Americans ponder the following: "will or trust?"

If you have found yourself between these horns of dilemma, the simple will and the (sometimes) complex trust arrangement, then you will want to consider a recent Forbes article titled “Wills vs. Trusts: What's Best For Retirees?”

Preparing A Will: What, Where And Why for Houston Residents

Published on: February 17, 2014 | By McCulloch & Miller, PLLC

You should prepare a will so your heirs will be taken care of in an organized, legal and efficient manner, according to your wishes.

Preparing your will is not exactly a "fun" thing to do, as most people don't want to think about the end of their own lives. Even Baby Boomers that are reaching that stage of life procrastinate on this arduous task.

Whether you tell yourself there is still time or “I do not have enough assets to have an estate worthy of planning,” the excuses likely run much deeper. Perhaps you are intimidated by the process, by the concept of facing mortality, or the fact that you really need to involve (and pay) an attorney to help you.

Inheritance Isn’t Always About The Cash

Published on: January 17, 2014 | By McCulloch & Miller, PLLC

“Money can be divided pretty evenly, but the teacup that grandma always used? Maybe there’s only a $2 value associated with that teacup, but because of the sentimental value and the emotions around it, that causes the controversy.”

While it is easier to think about an inheritance as money or assets, don't forget the other valuables that get left behind. The gift of “family” itself in the form of history, stories, memories, and mementos are also part of your legacy — a part that your heirs may value more than the cash.

For support of this notion, consider the findings of a recent survey of baby boomers, as reported in a recent article of MarketWatch titled “Your heirs want this even more than your money.”