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

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.”

Estate Planning Resolutions for Houston Families

Published on: January 8, 2014 | By McCulloch & Miller, PLLC

Here are the must-do estate-plan tasks you should get done now.

What's on your list of New Year's resolutions? Yes, it's that time of year yet again. In addition to the normal list of diet, exercise and the sort — did "estate planning" make the list for 2014?

We all know that an estate plan is a matter of personal responsibility. No one truly can plan your estate for you, at least like you would. Trouble is, you might know what needs to get done, and you might have put it on that master to-do list, but you still need to have the resolve to get it done. For many of us, estate planning is that perennial subject on the to-do list.

Is Your Texas Will The Final Word? Not Necessarily

Published on: December 5, 2013 | By McCulloch & Miller, PLLC

A will may say to divide an estate equally among three children. But if a particular account is titled to pass to just one, only that beneficiary will get the account.

Your Last Will and Testament is the legal document to put your wishes in writing and get it all straight, right? Not necessarily.

The key to the disposition of your estate is how your assets are “titled” and how the beneficiaries are designated.