Houston Estate Planning and Elder Law Attorney Blog
At McCulloch & Miller, we specialize in probate and estate planning. As our clients know, most estates in Texas need to go through probate once the estate owner dies. For those clients with high-value estates, the probate process can be a bit lengthier and more complex. How should individuals with higher net worths prepare for probate? What should loved ones expect from the process? On today’s blog, we cover some of the basics that people with significant assets should consider as they think through their own probate processes.
Consideration 1: Length of Time for Probate
The more complex an estate, the longer probate can take. As a general rule in Texas, probate takes approximately six months from the date of filing. For high-value estates, however, expect a longer and more drawn-out process. The court might, for example, require additional time to review the decedent’s estate plan or to conduct appraisals so it can accurately value the property’s assets.
Consideration 2: Tax Liability
If you are a high net worth individual, your estate will likely be subject to taxes such as estate taxes and capital gains taxes. In order to prepare for this reality, we recommend that you consult with a Houston estate planning attorney as soon as possible; this attorney should be able to help you prepare your estate to guard against these taxes. You can, for example, put assets in a trust or pass along money to your heirs while you are still alive in order to avoid some of these tax liabilities.
Consideration 3: Communication
Unfortunately, high-value estates can be subject to significant disputes. Loved ones are prone to take issue with the distribution of assets, and it is important to try and guard against these disagreements. Communicate early and often with your beneficiaries about the details of your estate plan. It can also be helpful to hire a professional executor to help with the probate process, so that your family can have a neutral third party advising them of how probate is playing out to avoid possible bias or intrafamily disputes. While it is impossible to completely avoid the possibility of disputes, you can do everything in your power to make sure your family is aware of your estate plan before the plan passes through probate.
Are You Looking for Your Houston Estate Planning Attorney?
As you prepare for probate, talk to a Houston estate planning attorney you can trust. At McCulloch & Miller, we have decades of experience helping our clients navigate every phase of the estate planning process, and we are proud to offer not only sound legal advice but also peace of mind. For a team of estate planning attorneys you can count on, choose McCulloch & Miller.
For a consultation with a Houston estate planning attorney from our team, give us a call today at (713) 333-8900. You can also fill out our online form to tell us about your circumstances and have an attorney reach back out to you as soon as possible. We cover estate planning, probate, trust administration, special needs planning, elder law, and more.