A 2022 Caring.com survey found that while 50% of Americans think estate planning is at least somewhat important, only 33% of them actually have a will or living trust in place. Many of them claimed to not have a will because they believed they did not have enough assets to leave behind.
Probate, which involves the administration of a deceased person’s estate, can be complicated and confusing. Unfortunately, there are many myths and misconceptions surrounding the probate process. Dispelling those misconceptions can help you get a better understanding of the process, your rights, and your options.
Why do so many people in Texas delay planning their estates? This procrastination fortifies the misconception that estate planning is an activity for the elderly, wealthy, and terminally ill. In fact, estate planning is best done early in adulthood and updated throughout your lifetime.
Probate is the process of settling the final affairs of a loved one. Parties involved in probate need to understand the legal terminology used to ensure that the administration of the decedent’s estate can proceed efficiently.
Losing a family member is one of the most heartbreaking occurrences anyone can experience in life. No matter how prepared you can be, it can be very difficult to say goodbye. However, there are some crucial tasks that you need to handle even while you grieve.
Probate is a court-supervised legal process to settle a person’s estate after they die, whether they have left a will or not, the latter of which is called “dying intestate” in legal terms.
Settling a deceased person’s final affairs and transferring assets to inheritors often involves several complicated procedures. Ideally, the probate process should be simple and straightforward once there is a valid will. However, we do not live in an ideal world. Different challenges are often encountered during the probate or estate administration process.
Executors play a significant role in settling the final affairs of a deceased person and distributing assets to heirs and beneficiaries. According to a 2018 study by EstateExec.com, on average, settling an estate takes an executor approximately 16 months or nearly 570 hours of effort. Therefore, when appointed as an executor, understanding your duties and responsibilities will make it possible for you to act diligently, ethically, and in accordance with the decedent's wishes.
Texas is one of 26 states that allows a handwritten or “holographic” will. Although other states hold that handwritten wills are imprecise, ambiguous, and prone to forgery, studies have shown those opinions to be generally erroneous. For some people, a handwritten will done correctly is a far better option than having no will at all.