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Probate Archives

What is a QTIP trust?

Have you gotten married for the second or maybe even third time in Texas? If so, you are certainly not alone as many other people find themselves in a remarried situation and part of a blended family whether due to a prior divorce or death of a spouse. There can be many positive things about this transition but it may also add a new layer of complexity to one's estate planning approach. 

QDROs and death benefits

Texas residents who are getting divorced certainly have many decisions to make about their divorce settlement. However, nailing down the particulars of a divorce decree is hardly sufficient and leaves many things potentially unfinished. For example, most married people name their spouses as their primary beneficiaries for things like life insurance or other survivor's benefits. They are also quite likely to be the primary beneficiaries of any assets in a will or a trust. So, when a marriage ends, it may be important that these documents and designations are updated.

Do I need to update my will or trust?

If you are one of the many Texas residents who has already created a will or even a revocable trust, you may well feel that your estate planning work is done. Certainly you should feel good about having taken the time and effort to put these types of plans in place. However, you should not think that your work is completely done. There can be many situations and changes in life that make it important for you to make changes to your estate plan.

What is a generation-skipping trust?

If you are taking a fresh look at your estate plan in Texas, you know that even the best plan can stand to use a facelift now and then. Life changes not just on your end but on your relatives' ends can make this so. Perhaps you have grandchildren now that you didn't have when you established your current plan. Maybe one of your children has gotten married or even divorced and then remarried. These are just some of the situations that may make you want to take a new look at things.

Estate planning for single parents

Are you a single parent in Texas? If so, you know firsthand some of the daily issues you must contend with when raising a child on your own. While managing these and taking care of your children is important, equally important is looking out for your children's needs in the event that something happens to you. Regardless of your age, estate planning should be a priority for you as a single parent for the benefit of your children.

Understanding types of trusts

Texas residents who are looking forward to reviewing their estate plans at the start of the year are not alone. A fresh new year is an ideal time to take an updated look at major plans and decisions about one's financial future and estate should well be part of that. When looking at an estate plan, it is important to understand the various tools and vehicles available. When it comes to trusts, there are multiple types from which to choose, each with its own set of potential benefits and specific uses.

What estate plan questions should I answer when I get remarried?

If you are one of the many Texas residents who is looking to get remarried after a prior marriage, you will want to take the time to ensure your future plans are in good order. These future plans should include much more than simply where you and your new spouse and family will live or what days each of your children will be with you. These plans should include a solid estate plan with an eye on protecting not just your assets but your children after you die.

Estate planning tips for millennials

Some Texas residents may still believe that estate planning is only necessary for people over 50 or 60 years old or perhaps for people who are considered wealthy. However, that is far from the truth. The reality is that anyone can benefit from an estate plan and that includes millennials.

How a will and a trust might work together

The reasons that people do not establish estate plans can vary dramatically. Some may feel that their estates or needs are too simple to warrant a will or a trust. Others might feel so unsure of where to start that they end up doing nothing. One of the biggest questions many people have trouble answering is whether a will or a trust is best for them. Understanding a bit about each of these tools can be helpful in directing people to start on their estate planning.

Why executing a will might not be as hard as you think - II

In our previous post, we discussed the surprising reality that 64 percent of people in the U.S. are without a will and some of the reasons behind this phenomenon, including concerns about time and money, fear of addressing mortality and worries about the level of difficulty involved with the process.

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