Writing a last will and testament is an important task that everyone should undertake, regardless of age or financial status. A will serves as a legal document that outlines how your assets are distributed after you pass away. Planning is essential and ensures that your wishes are carried out accordingly. However, there are several questions you need to ask yourself before drafting a last will.

1. Who Will Be Your Executor?

As outlined in the document, the executor of your will is responsible for carrying out your wishes. Choosing someone trustworthy and reliable is crucial, as they’ll be responsible for managing your estate after you’ve passed away. Consider someone with financial or estate planning experience, such as an attorney or accountant.

2. Who Will Receive Your Assets?

Your will should outline how your assets will be distributed after you pass away. This includes any property, money, investments, or personal items you own. Consider who you’d like to receive these assets and whether they can manage them responsibly.

3. Who Will Take Care of Your Children?

If you have minor children, nominating a guardian who will take care of them if something happens to you and your spouse/partner is vital. Choose someone who shares similar values and parenting style as yours and whom your children know well.

4. What Are Your Funeral Wishes?

Your last will can also include instructions for funeral or memorial service arrangements. Be specific about any preferences such as burial vs cremation, religious or non-religious ceremony, location preference, etc.

5. Do You Have Any Debts?

It’s essential to list any outstanding debts in your last will and testament so that they can be paid off from your estate before any assets are distributed. This can include credit card debt, mortgages, or loans.

Dallas-Fort Worth Probate Attorneys

If you're ready to take the next step in securing your legacy and ensuring your wishes are honored, Crain & Wooley is here to guide you through the intricacies of estate planning. Our expertise in drafting comprehensive wills and estate plans is matched only by our commitment to serving the Plano, TX, community with compassion and professionalism. Don't leave your legacy to chance; contact us today at (972) 945-1610">(972) 945-1610 to create a will that stands the test of time and provides peace of mind for you and your loved ones.

The death of a loved one is one of the most challenging times in a family's life. But what happens after your death can be even more difficult if you do not have a last will. A will is a legal document that explains how you want your property distributed after your death. Although writing a will can feel morbid, it is essential to ensure that your loved ones are protected. However, writing a will can be a complex process that requires a lot of thought and consideration. To help you create your will, here are some essential questions you should ask before putting pen to paper.

1. Who will be the executor of your will?

An executor is the person who ensures that your final wishes are carried out. You should choose someone who is trustworthy, organized, and responsible. They will be responsible for many tasks, including paying bills, filing taxes, and distributing your assets. This is a huge responsibility, so you should consider whether your chosen executor is up to the task.

2. Who will inherit your property?

Your heirs are the people who will inherit your property after your death. It is important to decide who will inherit which assets, how much each person will receive, and under what conditions. You can also choose to give money to charity or other organizations. By deciding ahead of time who will inherit your property, you can help to avoid future disputes between your heirs.

3. Who will care for your children?

If you have children who are minors, you will need to appoint a guardian for them. The guardian will be responsible for taking care of your children if something happens to you. Choosing a guardian can be a difficult decision and is one that requires a lot of consideration. You should choose someone who shares your values and who you trust to raise your children.

4. What will happen to your digital assets?

Digital assets are becoming more and more important in our lives. For example, you may have online accounts, digital files, or social media profiles. You should decide what will happen to these digital assets and how they will be transferred or closed when you die. You may also want to think about leaving instructions for how to access or delete these digital assets.

5. When should you update your will?

Your will is not a static document. Your life will change, and so will your will. You should review and update your will regularly. Common reasons for updating your will include:

• Changes in your marital status.
• The birth of a child.
• The acquisition of new assets.

Failing to update your will can cause unnecessary complications or disputes after your death.

Estate Planning Attorneys in Dallas-Fort Worth

Writing a last will and testament can be a complex process, but asking the right questions can help you ensure that your wishes are accurately reflected in your estate plan. If you have any further questions or need assistance with your estate planning, our team at Crain & Wooley is here to help. Contact us today at (972) 945-1610 to schedule a consultation.

Types of Wills in Texas: Which Is Best for You?

Anyone who wishes to have control over the distribution of their assets and properties after their passing should have a will in place. Regardless of the size of your estate, having a will can help avoid potential disputes and ensure that your loved ones are taken care of according to your wishes.

However, choosing the right will for your Texas estate—not to mention your family and loved ones—can be a stressful ordeal for everyone involved. There are many types of wills to choose from in Texas, making it all the more important to select the most appropriate type of will when planning for your future.

Keep reading to learn more about the various types of wills available to Texans and their families.

What Is a Will?

A will is a legal document that sets forth an individual's wishes regarding the distribution of their property after death. Wills are a key component during the probate process, the court-supervised process to verify the authenticity of the will and approve it as the true last testament of the deceased.

The personal representative (“executor”) named in the will is given legal authority by the court to administer the estate. This includes tasks such as gathering the deceased's assets, paying debts or taxes, and distributing the remaining property as specified in the will.

Keep in mind that not all assets are subject to the probate process—only assets owned solely by the deceased usually go through probate. In most cases, jointly owned assets or those with designated beneficiaries, such as life insurance policies and retirement accounts, aren’t required to go through probate in Texas.

Although probate offers a standardized means to ensure the orderly distribution of assets, it can also be a lengthy and costly process, often lasting anywhere from several months to a year or longer. The efficiency of the probate process is typically dependent on unique factors, including the size and complexity of the estate, the efficiency of the executor, and whether there are any disputes over the will.

Types of Wills in Texas

There are various wills that Texans can choose from when planning their estate. State law recognizes several types of wills, each serving different purposes depending on your unique circumstances. These include:

• Holographic Wills – These are handwritten wills that are written and signed by the testator. Witnesses aren't required for holographic wills in Texas, but they must be entirely in the testator's handwriting.
• Simple Wills – This is the most common type of will. Simple wills are typically typewritten and can include provisions for asset distribution, appointing an executor, and guardianship.
• Wills with Testamentary Trusts – These wills establish a trust that comes into effect upon the testator's death, allowing for asset management and distribution to beneficiaries over time.
• Pour-Over Wills – These wills work in conjunction with living trusts, allowing assets not already in the trust to "pour over" into the trust upon the testator's death.
• Reciprocal Wills – Also known as "mirror wills," these are nearly identical wills made by spouses, leaving their assets to each other and then to the same beneficiaries.
• Joint Wills – This type of will is created and signed by multiple parties, often spouses, and is binding on all parties. It is less common due to its inflexibility.
• Contractual Wills – These wills are made as part of a contract between the testator and another party, such as a caregiver or a charitable organization.
• Electronic Wills – Texas allows for the creation of electronic wills, which are executed and stored electronically in compliance with specific legal requirements.
• Living Wills – Also known as advance directives, living wills express an individual's medical treatment preferences if they become incapacitated and cannot communicate their wishes.

Legal Requirements for a Valid Will in Texas

In Texas, specific legal requirements must be met to establish a valid will. The person making the will (“testator”) must be at least 18 years old, of sound mind, and under no undue influence or duress. The will must be written and signed by the testator or another person at the testator's direction and in their presence. It also must be attested by at least two credible witnesses over the age of 14 who sign the will in the testator's presence.

Do All Wills Have to Go Through Probate?

Probate is the legal process of administering a deceased person's estate, including validating the will (if there is one), identifying and inventorying assets, paying debts and taxes, and distributing the remaining assets to beneficiaries or heirs. While not every will is legally required to go through probate in Texas, the necessity for probate depends on the type of assets involved, their value, and how they are titled.

In Texas, some assets may pass outside of probate and directly to beneficiaries, bypassing the probate process. Generally, these assets include:

• Jointly Owned Assets – Assets held in joint tenancy with rights of survivorship or as community property with rights of survivorship will pass directly to the surviving joint owner.
• Assets with Beneficiary Designations – Certain assets, such as life insurance policies, retirement accounts (e.g., 401(k)s, IRAs), and payable-on-death (POD) or transfer-on-death (TOD) accounts, allow the account holder to designate beneficiaries. These assets go directly to the named beneficiaries upon the account holder's death.
• Assets in Living Trusts – Assets held in a revocable living trust generally avoid probate because the trust continues to exist after the grantor's death. The successor trustee can manage and distribute the assets according to the trust's terms.
• Small Estates – In Texas, estates with a total value of $75,000 or less (excluding homestead and exempt property) may qualify for a simplified probate procedure called “small estate affidavit.” This process is generally more straightforward and faster than regular probate.

If the decedent's estate includes assets that exceed the total value of $75,000, probate is likely required. During probate, the court oversees the administration of the estate to ensure the deceased person's debts are settled and their assets are distributed according to the terms of the will (or intestacy laws if there is no valid will in place).

It's imperative to consult with a trusted Texas probate attorney to understand how your assets will be distributed upon your passing and whether probate will be required. Proper estate planning can help Texans utilize strategies to minimize the assets to undergo probate and simplify the process for their loved ones following their death.

5 Advantages of Having a Will in Texas

Having a will can offer many advantages to Texans and their loved ones. Some common benefits of having a will in place include:

1. Enhanced control over your estate and assets. You decide who gets your assets and property.
2. The ability to protect any minor children. You can name a guardian for your minor children.
3. The power to appoint an executor. You can nominate a trusted person to manage your estate.
4. The ability to keep familial conflict to a minimum. By clearly stating your wishes, you can help prevent potential disputes among family members.
5. The opportunity to restore your peace of mind. Knowing that your affairs are in order can give both you and your loved ones peace of mind, closure, and clarity moving forward—no matter where life takes you.

Having a will is essential regardless of the stage of life you’re in. Understanding the different types of wills available can help you make an informed decision about what's best for you and your loved ones.

Compassionate Advocacy in Life’s Toughest Seasons

It can be challenging to prepare for a future without you in it. Still, it's essential for Texans to take the necessary legal steps to safeguard their estate and ensure their loved ones are cared for following their death. At Crain & Wooley, our exclusive focus on estate planning empowers our compassionate attorneys to serve Texas families throughout DFW, helping them put a plan in place to protect their assets and care for loved ones. From tax planning to retirement planning, our trusted advocates have the in-depth knowledge to ensure that your hard-earned assets and family members remain protected for many years to come.

It can be hard to plan for the future. Our compassionate lawyers can restore your peace of mind. Call (972) 945-1610 to schedule a consultation.

Traditionally – across America and even going back to centuries-old English law – Letters Testamentary have always been the ultimate authority from a court so that an executor can settle a decedent’s estate.

Modern Texas law has attempted to create other probate processes that can sometimes be used to settle an estate. However, the reality is that these “shortcuts” haven’t provided the “easy probate process” that clients hope for. We’re seeing more and more instances where financial institutions are refusing to accept anything other than the traditional Letters Testamentary. Here are some of the non-traditional probate processes that are provided for under Texas law, but aren’t consistently accepted by institutions holding the decedent’s property:

• Muniment of Title: If there is a valid will and the estate has no debts, sometimes this process can be used to settle title to some property without the full administration required with Letters Testamentary. While this process has previously been used to successfully transfer Texas real estate, there are no guarantees that it will be accepted by a title company for real estate transfers. It is very unreliable to transfer out-of-state real estate and/or any assets with financial institutions.
• Determination of Heirship without Administration: If there is no valid will and the estate has no debts, sometimes this process can be used to settle title to some property without the full administration required with Letters of Administration. This process has previously been used to successfully transfer Texas real estate, but there are no guarantees that it will be accepted for settling title on out-of-state real estate and/or any assets with financial institutions.
• Small Estate Affidavit: If there is no valid will, the estate is worth less than $75,000, all heirs will actively participate in agreement, and the estate is not in debt, sometimes this process can be used. Generally it can be done with no hearing and no administration, so it sometimes saves cost and time requirements. However, not all title companies or financial institutions will accept a judge’s order on a Small Estate Affidavit. Additionally, because the requirements are so strict, if new information is discovered during the process, there is a chance that the estate might not be able to be settled by a Small Estate Affidavit and we might have to start over with a Determination of Heirship with Administration.
• Affidavit of Heirship: Sometimes, if the decedent’s date of death is more than 4 years ago, some institutions will accept an Affidavit of Heirship to transfer property to the heirs at law. Those heirs will have to sign off on any sale of real property. This option is the least legally sound, but satisfies the requirements of some private institutions that hold the decedent’s property.

Multiple factors have contributed to more and more unpredictability when it comes to settling a decedent’s estate. Do not assume that information from your neighbor or co-worker or cousin about their experience with probate will be the same as yours. It’s very important that you talk with an experienced probate attorney to determine the best way to achieve the best resolution for your specific situation.

For any probate process, there are many unknowns and no guarantees. Courts often change their processes (sometimes without notice), judge’s opinions are the prevailing opinions, and third parties can cause delays and complications that are unexpected. 

Contact us at (972) 560-6288 to see how we can help you plan your estate and avoid probate courts. 

A 2019 study showed that only 18% of people age 55 and older have a complete estate plan that addresses both death and disability (meaning wills or trusts combined with up-to-date health and durable powers of attorney). If you haven’t done any planning yet, you should start now! But, what if you have a comprehensive plan in place already? Over time, life and law changes can occur that may cause your plan to be out-of-date. So, when should you make plan updates?

10. You Started a New Business

Small business owners spend time and energy on starting a business and making sure that it continues to operate and be profitable. However, many business owners fail to consider what would happen if they temporarily or permanently were unable to run their business (perhaps due to disability or death). Every business should have a succession plan in place.

9. Death of a Loved One

When someone who was part of your estate plan dies, you should consider how that affects your wishes and if, or how, that changes your goals at the time of your passing.

8. Law Changes

Laws change. For example, in 1997 $10,000 was the amount of the annual gift tax exclusion, in 2017 it was $14,000 and in 2021 the annual gift tax exclusion is $15,000. Laws change and as a result, your approach to planning should be reviewed taking into account those changes. You should consider working with someone who updates you on law changes. If you haven’t had a review considering law changes in more than five years – you should consider a check up on your estate plan.

7. You Moved to A New State

Every state has their own laws and their own rules for handling matters relating to death and disability. If you move to a new state, it is time to check on your plan to make sure that your wishes are still appropriately planned for in light of the new jurisdiction in which you reside.

6. Marriage

When new people come into your life, your goals and those that you are planning for need to be updated in your estate plan! Consider not only how your new spouse affects your goals and wishes, but how their family may affect your goals and wishes. If you are marrying again, you may need to consider separate children and blended family considerations. If someone in your estate plan is getting married, consider how that affects your goals – for example would you want to provide for the new spouse? If your children are the ones getting married, you should plan for how that new spouse affects your goals and wishes up to and including potentially planning to provide divorce protection for your children.

5. Birth

A new child in the family is exciting! It is also a time to update your plan to include the new addition to the family and address how your goals and wishes have changed. Up until the child turns 18 years old, you should consider who would be their guardian if their parents are disabled or have died. You should also consider whether 18 is the best age at which to pass assets or if planning for goals such as college/career school attendance or age appropriate distributions are better options.

4. Divorce

Divorce can be difficult and stressful. When the divorce is finalized, many people fail to consider the estate planning that was done while they were still married. It is likely that the people you planned for and the goals that you had have changed. Failing to update your estate plan after a divorce can cause headache and additional difficulty for those that survive you.

3. A Child Turns 18

Once a child turns 18 years old, they are legally an adult. While many of us don’t consider an 18-year-old an adult, the truth is parents are no longer legally allowed access to their child’s medical records, to make decisions on behalf of their child, or to direct their lives in a legal manner in any way. Consider having the 18-year-old sign power of attorney documents allowing parents to make decisions in their disability and think about whether or not provisions in an outdated estate plan still apply to the new adult in your life.

2. Health Changes

If your health or the health of anyone that is part of your estate plan has changed, it may be time to review your goals and wishes. For example, if a person becomes disabled, they may no longer be the best choice for an Executor or Trustee or they may need to receive gifts from you in a different amount or in a different way (such as in a Special Needs Trust).

1. Your Assets Change Significantly

Have you received an inheritance, started a new job, lost your job, did you win the lottery, etc.? If your assets and/or financial situation have changed significantly, it is a good time to review your estate plan to ensure that it still meets your needs and goal.

Have you experienced one of the top 10 reasons to update your plan? Contact us to take next steps.

The housing market in DFW is HOT right now. My friend Shelley Nunley’s real estate blogs come through my email every week talking about increasing home prices and decreasing inventory. Exciting for homeowners, right?

Let’s say you’re reading this and thinking, “Well, my husband died 3 years ago, and I don’t need this big house. I could easily sell my house for a great price and move closer to friends and family.” Wonderful. That sounds like a great idea. Win/win/win.

What if you find a buyer willing to pay top dollar and then the night before closing, the title company tells you that you don’t have the right to sell the house? This recently happened to a (now) client of ours who was unable to complete the home sale.

We get calls like this almost every single week. If I’ve said it once, I’ve said it a thousand times: under Texas law, your spouse’s assets do not automatically transfer to you when they die. We often have clients that come to us years and even decades after their spouse has passed because they’ve hit a wall in trying to sell a house. Most couples have joint bank and investment accounts that can sometimes be accessed after one spouse’s death, so it’s possible (rare but possible) that a spouse can go for years without officially settling the deceased spouse’s estate. However, title to real property is almost never passed without going through 1 of the 10-12 different types of probate.

 Don’t let this happen to you. Don’t let an opportunity to take advantage of this a booming real estate market pass you by because you don’t have full ownership rights and can’t sell without going through a probate case.

Crain & Wooley is here to help you plan, in advance, for the distribution of all assets as well as assist in the probate process to clear title to assets as necessary. Contact us to schedule a complimentary consultation to learn more.

Is someone in your life procrastinating about getting their affairs in order? Share this blog with them!

Don’t let these five estate planning myths keep you from properly planning for everything you’ve worked so hard for and for all of the people that are most important to you in your life.

Myth 1: Estate Planning Is For People Older Than Me

“Only put off until tomorrow what you are willing to die having left undone”― Pablo Picasso. No one knows how much time they have left. If you know you have people in your life that you care about – plan today!

Myth 2: Estate Planning Is For People With More Money Than Me

The term estate tends to evoke visions of mansions and sprawling multiacre properties. In reality, if you own a house or have a bank account and have people you care about in your life – you have an estate. Planning for those assets is important, but don’t forget that you might, one day, be unable to sign your name or talk to your physician. Effective estate planning is also planning for what happens if you are temporarily or permanently disabled. Having proper disability documents in place can make a significant difference in the ability for someone else to help you in those situations.

Myth 3: If I Have A Will, There Won’t Be Probate

A will must be probated before it has legal effect. Section 256.001 of the Texas Estates Code states that “a will is not effective to prove title to, or the right of possession of, any property disposed of by the will until the will is admitted to probate.” Probate is the legal process of proving a deceased person’s Last Will and Testament. Probate is a Latin word and means to test or to prove. Many people believe court is reserved solely for disputes – and that is where misunderstanding regarding probate can begin. It is imperative to understand that not every probate involves a dispute or contest. Sometimes the probate process concludes without any disagreement. Disagreement or not, the legal process called probate guides how assets will pass from a deceased person to their beneficiaries.

Myth 4: I Have To Pay Tax On Gifts Over $15,000 Per Year

Effective estate planning includes planning for how you are using your assets while you are still living. For some people, this includes understanding how gifting affects taxes. Many people mistakenly believe that if they give more than $15,000 per year that they have to pay a gift tax. That is not true because the current lifetime gift tax exemption is $11,700,000. The $15,000 amount is the annual gift tax exclusion; whereas, the $11,700,000 is the lifetime gift tax exclusion. It is true that if you give less than $15,000, you do not have to report that gift on a gift tax return; however, even though gifts over $15,000 a year require a gift tax return – a person won’t be taxed until their gifts exceed $11,700,000 in 2021.

Myth 5: I Can Represent Myself In Probate Proceedings

If you are named as an executor and intend to represent yourself (Pro Se), you might be surprised to find that you will need an attorney. Court rules do not allow a personal representative or executor of a will to go through the required legal process without legal representation. The reason is that a personal representative has a fiduciary duty to represent the best interests of the all the beneficiaries and legitimate creditors of the estate. Only a licensed attorney can question witnesses before the court, represent beneficiaries, and perform other acts involving the practice of law. Although courts allow limited exceptions to this rule, the result is that executors in Texas almost always have to hire an attorney to navigate the probate process.

When you are planning for all that you have worked for your entire life and all of the people that you care about you want to make sure you’ve got it right. You don’t know what you don’t know. If any of these myths surprised you, it is an example of how planning with a qualified estate attorney can make all the difference. Contact us today to share your estate planning questions.

If you have children that your spouse doesn’t know about, don’t assume that just because they were adopted by another family that they are no longer an heir of your estate.

TRUE STORY: In late 2020, a surviving spouse came to the office after her husband had died seeking advice on how to handle her deceased husband’s estate. Her husband died with no estate plan in place, and the surviving wife said they had no children together, and he had no children before they were married. The deceased husband had a house and some other assets that he owned as part of his 50% community property and the wife thought that she would have full ownership of the assets as the surviving spouse. To have her deceased husband’s name removed from the assets and her name listed as 100% owner, documents needed to be filed with the court to begin the probate process, which included a required process called a determination of heirship because there was no Last Will and Testament or Living Trust.

During the heirship investigation for this probate case, the court appointed attorney found out that years before the marriage to the surviving spouse that the husband had a son who was given up for adoption soon after birth. That changed everything.

Did you know that an adopted child inherits from their adoptive parents and their natural parents (read section 201.054 of the Texas Estates Code and 161.206 of the Texas Family Code)? The adopted child can inherit from their biological parents unless a court order states otherwise.

STORY CONCLUSION: So, what happened in our client’s case? After the surviving child and surviving spouse were formally recognized in the heirship proceedings, the court applied rules of law stating that in the instance where a person dies with no legal documents directing asset disbursement at death that the deceased spouse’s one-half interest in the community estate passes to the deceased spouse’s separate children. That means that the surviving spouse kept her half of the community property and the other half of the community property (the husband’s half) went to his son who had been given up for adoption. The surviving spouse in this case lost her deceased husband’s 50% interest in the community property to the previously unknown son of her deceased husband.

This is not a result that the deceased husband would have likely intended and certainly was not what the surviving spouse expected. Dying with no legal instructions (dying intestate) often has unexpected and unintended results. These situations can be avoided by intentionally planning and executing important estate documents such as a Last Will and Testament or a Living Trust.

To be blunt, you don’t know what you don’t know which is why working with a qualified estate planning attorney is of paramount importance. Make sure that this does not happen to you – contact us today, to speak with a professional.

Unfortunately, people often surmise that Crain & Wooley staff exaggerate or, in the very least, stretch the truth regarding the current probate process, who must go through the probate process and how that process interacts with Last Wills and Testaments. Occasionally, a story hits the national news that drives home how important it is to plan for death IN ADVANCE and how important it is to work with a qualified estate planning professional to complete your will or trust.

Sadly, Larry King recently passed away and the wrap up of his estate is featured in national newspapers for all the wrong reasons. Larry King took it upon himself create a handwritten will that is now under contest. The only people who will get rich from this probate case will be the attorneys. 

A handwritten will is probably the worst idea that exists outside of doing nothing at all and leaving everything up to chance. Each state has its own set of rules and regulations that impact the validity of wills. Don’t try to outsmart the law by taking a short cut like a handwritten will. Short cuts only lead to long court cases. Working hand-in-hand with a highly regarding estate planning attorney is your best course of action in order to protect family peace and leave an intentional legacy – whether that legacy is five dollars or five million dollars. 

No matter how much you are worth or how little you have, if you have loved ones that you care about work with a professional estate planning attorney. In other words, be better than Larry. To stop procrastination and take the steps to protect your family and your legacy, make your complimentary consultation with one of our attorneys today.