Will Category Archives — Page 8 of 14 — Houston Estate Planning and Elder Law Attorney Blog Published by Houston, Texas Estate Planning and Elder Lawyers

When Power of Attorney Forms Are Refused

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

This is one of those problems that you think you've solved, only to discover that the problem still exists. The best workaround we can think of: overdoing due diligence, well in advance.

When you took the necessary and advisable step to have a parent or other relative sign a durable power of attorney, you might have felt relieved, secure in the knowledge that you were now prepared and protected to handle their finances if they become incapacitated.

However, The New York Times explains in “Finding Out Your Power of Attorney Is Powerless” that when you take the witnessed and notarized document to a financial institution, the officials there may not accept the documents. They may not honor your power of attorney and may insist that the account owners sign the institution’s own power of attorney form.

Six Key Houston Estate Planning Documents To Protect Your Loved Ones

Published on: May 23, 2016 | By McCulloch & Miller, PLLC

Privacy and a faster resolution to settling estates are just two good reasons to create an estate plan.

You really don't have to be a millionaire or famous to create an estate plan, as noted in an article appearing on the Forbes' website, "Prince and Estate Planning: What We Can Learn from the Late Musician's Financial Picture." All you have to do is make sure that you have six basic estate planning documents in place to protect your loved ones from additional stress and worry when you pass away.

Here are the six key documents you should have to protect your assets and your family in the event of your passing:

Most Americans Still Don’t Have a Will

Published on: May 20, 2016 | By McCulloch & Miller, PLLC

Despite countless celebrity estate battles, most Americans still put off having a will created. Think of a will as an itinerary for your family that will make their lives easier once you are gone.

Prince was clearly busy with performing, writing, recording and creating. But that's still not a good reason for him to not have put a will in place. The very public court processes that are now underway could have been completely avoided had he devoted the time to creating an estate plan.

The Huffington Post, in its May 3 article, "Like Prince, A Majority Of Americans Don't Have A Will," stressed that wills are important as they establish beneficiaries, distinguish who gets what (and how much of it), and prevent the state from deciding what happens to your property.

Establishing a Value for Prince’s Estate at the Heart of Upcoming Battle

Published on: May 10, 2016 | By McCulloch & Miller, PLLC

Once again, the value of image and other intangibles will overshadow any other issue with a celebrity estate that is expected to break earnings records.

The countdown on the estate tax liability for Prince's fortune has already begun, but arriving at the final number will not be easy and certainly will not be resolved without significant legal action.

For those involved with Prince's estate, calculating just how big Uncle Sam's bite may be a real challenge. Some say it's next to impossible and might also fuel a lengthy feud between the government and the estate, as more than half the estate's value could be forfeited in taxes.

Why It’s Important for Houston’s Young Couples to Consider Estate Planning

Published on: May 9, 2016 | By McCulloch & Miller, PLLC

Many young couples choose to hold off on estate planning because they feel they are too young to worry about estate planning and death. Maybe it’s because they think they don’t have enough assets to begin an estate plan or they just don’t want to think about death and what may happen to their minor children. However, having minor children is reason enough to being the estate planning process. And being young and healthy is not a “get out of jail free” card when it comes to death, as Houston accidents happen all the time.

If you have minor children, you should consider initiating the estate planning process immediately. While it’s not the easiest topic to discuss, it’s one of the most important things you can do for your family. The estate planning process is not too difficult, and it helps to be prepared before you start. The process is much easier when you know what is expected of you:

Name a trusted individual to be the executor of your estate.

Does Your Houston Home Have a Mortgage? Estate Planning Considerations

Published on: April 29, 2016 | By McCulloch & Miller, PLLC

The moment you close on your home, you should make sure that your heirs will not be stuck with a no-win situation that leads to a home being abandoned, according to "What Happens When a Homeowner Dies before the Mortgage Is Paid?" in The Wall Street Journal. It may not be the first thing on your mind when you take possession of the house, but it should be dealt with as soon as possible.

The mortgage is secured by the house. Nonpayment can't damage an heir's credit score unless he or she is a co-signer on the mortgage. Nonetheless, they should keep paying on the mortgage if possible because missed payments could incur penalties and lead to foreclosure.

Lenders who are notified of the borrower's death right away are usually understanding about resolving estate issues to avoid foreclosure.

How to Talk To Your Houston Parent About Their Will

Published on: April 25, 2016 | By McCulloch & Miller, PLLC

The natural tendency, according to "How to handle a parent not having a will" in New Jersey 101.5, is to postpone the preparation of a will after a husband or wife has passed. Grieving a loved partner is difficult and painful. The last thing they may want to do is get involved with their own will.

Also, if Dad has recently passed away, Mom may be hearing a different message in between the lines: "You're gonna die soon, so please leave me an appropriate share." This makes matters even harder. And talk of drafting a will may bring back painful emotions linked to the father's death. These feelings are to be expected.

But instead of the children pressuring Mom, they should point out some of the benefits a will can provide, such as how a will allows her to specify how her assets will be transferred at her death. This can include making bequests of family heirlooms to specific people or include charitable contributions. If there's no will, Mom won't have any control. Her assets will pass according to the intestate laws of the state.

Author Harper Lee Protect Privacy Throughout Life

Published on: March 9, 2016 | By McCulloch & Miller, PLLC

When the author of "To Kill a Mockingbird" was found to have written another novel, "Go Set a Watchman," there was much mystery about the second book, which generated a fortune. Now the mystery surrounds the estate of Nelle Harper Lee.
While the value of her estate isn't exactly known, an old lawsuit showed that Lee earned nearly $1.7 million during a six-month period in 2009 — before she announced the release of her second book last year, sales of which were well over $40 million.

The International Business Times says in its recent article, "Did Harper Lee Have a Will? Here's What Could Happen To The 'To Kill A Mockingbird' Author's Money," that Lee never married and had no children. Her parents and siblings died years ago—and those closest to her have been accused of scamming her. So what happens now?

Lee once publicly said she had a will, but only her friends and family know for certain. She most likely didn't die without her affairs in order: her father and sister were both practicing lawyers (and her estate has been involved in several lawsuits). But given her reclusive nature, she may have created a trust rather than a will. Wills become public record when they are submitted to probate court, but trusts are continued by a successor trustee and administered accordingly. Some reports say

New Life Event? Review Your Houston Estate Plan

Published on: February 22, 2016 | By McCulloch & Miller, PLLC

From the following Forbes article, "8 Reasons to Revise Your Estate Plan Today," we learn that 51% of Americans age 55 – 64 don't have a Will. That's bad news for their families, who will have to deal with the estate plan default: whatever the rules are for their state. But for those who are smart enough to have an estate plan in place, there are still some maintenance issues that need to be addressed with a review every now and then. Everything changes over time, including your personal and financial situations and tax and estate planning laws.

Even if your estate plan was crafted by a skilled and experienced estate planning attorney, you'll want to talk to him or her if any of these things occur:

Marriage or Re-marriage. This doesn't automatically change the provisions of your will or trust and won't necessarily provide for your new spouse. Talk with your attorney to ensure your plan reflects your new goals, both individually and as a couple.

New Baby? Good Time to Review Houston Estate Planning Documents

Published on: February 15, 2016 | By McCulloch & Miller, PLLC

Few things in life are more joyous than the arrival of another new baby in the family. Among the necessary tasks is a review of your estate planning documents. If you had a will prepared for your first child, it is possible that the existing documents simply need to be updated. But don't wait. Make sure that you also address guardianship issues, should anything tragic occur in your family.

In the post "Will another baby affect your current will?"New Jersey 101.5 advises checking on your will to see whether it identifies your "children" or "descendants" as your beneficiaries—and then defines those terms to provide that children born after you executed your will are included.

If it does, then it is probably not urgent to update your will to include your new child's name. However, if the will was drafted without that flexibility and only identifies your first child by name as the beneficiary, then you need to talk with your estate planning attorney and have your will updated.