If a loved one made you the beneficiary of a trust, it’s wise to thoroughly review the terms of the trust as soon as you’re able to. Even if you already knew about it, it’s possible that your loved one made changes prior to their death. It’s also important to...
PROBATE & ESTATE ADMINISTRATION – Estate Administration
When businesses undergo Texas probate: 3 possible complications
The process of settling a deceased person's estate (probate) can be complex under any circumstances, but when businesses are involved, additional challenges can arise. Here are three matters that can complicate probate when it intersects with business interests. 1....
These financial obligations take priority over inheritance rights
Many people assume they have a right of inheritance when someone dies. Spouses, children and other immediate family members are the legal heirs who inherit from an estate if the deceased person does not have a will. People can also establish wills that name various...
Estate planning considerations after a business sale
A business sale marks a significant financial and personal life milestone. As such, it's a perfect time to reevaluate your estate plan. Selling a business interest brings newfound liquidity and notable changes in your financial situation. Your estate plan should...
What to do if a loved one left multiple, conflicting wills
If a loved one never got around to having a discussion about their will with you, you’re not alone. Many families are left to go hunting through desk drawers, cabinets, safe deposit boxes and more to find a loved one’s will after they die – without knowing for sure...
Can an estate’s beneficiaries remove the personal representative?
Being the personal representative (widely also known as the executor) of someone’s estate can be a tough and often thankless job. Whether you were named to the position by the deceased in their will or appointed by a probate court, it may feel like no one is happy...
4 reasons to contest a will
A will is put under immense scrutiny in court to ensure that the legal document is a genuine expression of the testator’s intent. If something seems amiss with a will, then it’s possible for some parties, such as beneficiaries and heirs to challenge the contents or...
What taxes are due during Texas estate administration?
The personal representative of a Texas estate has numerous obligations. They must fulfill these obligations appropriately or risk personal liability for those oversights. Debts are often a major consideration during estate administration. The legitimate debts of the...
How debts can affect the probate process in Texas
Texas probate proceedings oversee the distribution of someone's property and the resolution of their obligations after they die. Any resources that belong solely to the deceased party will become part of their estate. Their responsibilities, including their tax...
Why is succession planning essential for businesses?
A business cannot be successful without the work and dedication of key individuals in the organization. Succession planning allows you to prepare for the unexpected loss of such individuals. The successor should be someone with the experience and skill necessary to...