Blogs from February, 2022

If you find yourself facing a probate situation, you NEED to read this blog.

Potential probate clients, often ask “how much is this going to cost?” We inevitably respond with everyone’s favorite lawyer answer: “IT DEPENDS.”

There are a lot of factors that substantially impact the cost of probate proceedings:

• If the decedent was extremely organized and has a list of all assets
• If the ALL beneficiaries get along and actively agree
• If the will was properly executed and self-proved
• If the will doesn’t have complicated testamentary trust provisions
• If the named executor(s) are qualified to serve

Those are just a few examples of issues that can greatly increase or reduce the time and monetary cost of probate. However, there are three significant factors that have a big affect on the total cost of a probate: the client’s/executor’s responsiveness to attorney communication, the beneficiary’s responsiveness to attorney requests, and the client’s ability to handle certain tasks on their own.

1. Getting ALL beneficiaries to actively agree with the will is harder than it seems. If beneficiaries do not respond to attorney inquiries and required mailings, the time and cost for conducting the probate increases dramatically.
2. An unresponsive client can exponentially increase costs if the attorney must make multiple attempts to get information. It’s standard practice for an attorney to bill at their hourly rate for all voicemails left and all emails sent. A client’s failure to respond to those requests exponentially increases costs because there are multiple billings for the same issue. Further, if the client does not provide the information needed for a statutory court deadline, some courts charge an extra fee for filings that are sent to the court after that deadline.
3. Clients should also let the attorney know how much work they’re willing to take care of on their own. Texas law does not allow a non-attorney to make court appearances and submit filings in the administration of a decedent’s estate. Even though a probate attorney is required for certain aspects of a probate, there are plenty of tasks and responsibilities that a client can take care of themselves. Clients need to discuss with their attorney if they want to take care of certain things themselves or if they’d rather pay to have the attorney complete the menial tasks for them. For example, clients will often take care of things like getting an identification number for the estate from the IRS, but the attorney can take care of it if asked.

The probate process is a frustrating mash-up of “hurry up and wait.” Attorneys and clients hurry and scurry to get needed information to the court; then all parties do A LOT of waiting. Being responsive to attorney and court inquires is key to the hurry up and wait process. Just know the harder it is to get a hold of you (the executor) and the harder it is to get responses from all beneficiaries the longer the case with take and the more money it will cost to complete.

So, to quote a cliché…help us help you - stay in close communication even during the many “hurry up and wait” times found within a probate case.

If you are facing the need to file a probate case, schedule a complimentary consult today. Together, we will discuss the who, what, when, where and why of your situation.

Regardless of the number of assets you have or how old you are, estate planning is vital for every individual who wants to protect their assets and loved ones. However, starting the estate planning process can be daunting – especially if you are considering doing the process on your own. Since estate planning is more complex than you may realize, doing it on your own can be problematic.

Why You Shouldn’t Create Your Estate Plan Alone

The purpose of an estate plan is to have legal documents that clearly explain your wishes after you pass away or if you are incapacitated. An estate plan allows you to choose beneficiaries and protect your loved ones once you are gone. The danger with creating an estate plan on your own is not knowing if you made mistakes on your documents.

Unfortunately, estate planning mistakes are often discovered after the person has passed away. To avoid these issues, it is best to have an experienced estate planning attorney on your side who can guide you through the process and ensure that your estate plan will achieve your desired results. An estate planning lawyer can also help with unique and complex cases, such as:

• Create an estate plan for those who have out-of-state (or foreign) property or assets
• You want to disinherit immediate family members
• You have a blended family (such as step-children)
• You have a family member with special needs
• ​​You receive care through Medicaid
• You want to set up any type of trust
• You are married by have separate property / assets

Creating a will online is not the same as having an attorney create a comprehensive estate plan. Find out why in our blog post here!

Get Legal Guidance Today!

You don’t have to go through the complexities of starting an estate plan alone. Our team at Crain & Wooley has more than 15 years of experience in crafting comprehensive estate plans. Our team can work with you to formulate the perfect plan, thereby achieving your goals and leaving an intentional legacy. We can answer any questions and ensure that your estate plan is set to protect you, your assets, and your family.

Contact us today at (972) 945-1610 to schedule a consultation!

Whether you are newly engaged or you’ve been married for years, estate planning is a topic every couple should discuss. Since there are many elements involved in estate planning, it can quickly become an overwhelming topic to discuss. To help you and your spouse, our team at Crain & Wooley has put together five key topics every married couple should talk about to get their estate planning in place.

If you need guidance on estate planning, contact our Dallas-Fort Worth estate planning attorneys today at (972) 945-1610 to schedule a consultation!

#1: Community Property

Texas is a community property state, so this is something you and your spouse should discuss when estate planning. A community property state is when each spouse owns half of all assets and income acquired during the marriage. What this means is that each spouse can designate what will be done with “their half” of the estate after their death. Therefore, you and your spouse should both consider how you would like your half to be distributed and plan accordingly.

For example, suppose each spouse wants to leave their half to each of their children. If one spouse were to pass away before the other, the surviving spouse would have to pay out half of the house to the beneficiary child or sell the house to distribute the assets. This is something you and your spouse should consider.

#2: Bypass Trust

You and your spouse should also discuss a bypass trust. A bypass trust is a common way for married couples to prevent double taxation of their assets. Although it has become less effective in tax reduction in recent years, it can help married couples ensure that their assets are transferred straight to their beneficiaries instead of the surviving spouse.

#3: Establishing Child Guardianship

If you and your spouse are both parents to minor children, you should discuss choosing a guardian for your children in the event that both parents pass away. When choosing a guardian, you may want to consider the person’s religious background, household and geographic location, and financial security. You should also talk to the person you choose to determine if they would be up for the responsibility in the event that they were needed.

Although you could choose a guardian for your children using your will, setting it up in a trust is much easier. In a trust, you can choose who would manage money that would be used to provide for them financially and who would be responsible for the child(ren).

#4: Taxes & Trusts

Reducing taxes is an important step during the estate planning process. A trust is a common legal document that can help family members avoid the probate process, obtain assets faster, and reduce estate taxes. Therefore, you and your spouse should learn more about the various types of trusts and how they can help ensure your assets are designated for your loved ones.

#5: Estate Planning Attorneys

Couples should also discuss the importance of obtaining an estate planning attorney. Especially for couples living in community property states, like Texas, each couple will have a different estate planning objective. An experienced estate planning lawyer can help you create a comprehensive estate plan that will give you peace of mind knowing that it will achieve your goals. Our team at Crain & Wooley has helped couples throughout Texas achieve their desired estate planning goals. We are here to guide you through every step of the way.

If you need guidance with your estate planning, our team at Crain & Wooley is here to help you. Contact our Dallas-Fort Worth estate planning lawyers today at (972) 945-1610 to schedule a consultation!

There are a lot of reasons for collaborating with an attorney to ensure that your estate planning documents are updated, correct, and crafted for your particular situation. Proper estate planning can save money, avoid wasted time, clear up confusion, properly care for loved ones, ensure privacy, and much, much more.

One priceless benefit of proper estate planning is emotional efficiency. When our loved ones become sick or pass away, there are a lot of emotions through which we must work. Sometimes those emotions can be really complicated. Sometimes those emotions can make it difficult to make clear decisions. Sometimes those emotions can make it impossible to complete the simplest task.

When we are dealing with the emotional aspects of the loss of a loved one, we also find ourselves dealing with the unfortunate business of trying to settle the loved one’s affairs.

We must remember that planning ahead and getting our affairs in order permits surviving loved ones to focus on emotional healing and worry less about business details.

Make an appointment to talk to one of our experienced attorneys to make sure that your loved ones can properly grieve and not be bogged down with administrative loose ends.

Clients often ask us where they should keep the original, paper documents that they have signed. As with most answers that lawyers give, the answer here is also “it depends.”

Like so many other questions that clients ask during the estate planning process, the client needs to strike their own, personal balance between security and convenience.

There are at least two low-cost options that meet most people’s needs.

1. A fireproof safe located in a secluded room of the home. A small, basic safe does not have to cost a lot of money, and it will protect the documents from the elements. However, make sure that trustees and agents know where the safe is and what the combination is. It is also important to remember that these portable safes are sometimes taken during any type of home invasion.
2. Airtight bag in a freezer. Home freezers often withstand disasters like fire, flood and bad weather and are not portable like small safes. Placing documents in a freezer also eliminates the need to share information like a combination.

In addition to securing original documents, it is highly recommended that clients send a digital copy of their Statutory Durable Power of Attorney to the agents named in the document. They should also send a digital copy of the Combination Directive to Physicians and Family or Surrogates and Medical Power of Attorney (and HIPAA Release Authorization) to the agents named in the document, their primary care physicians, and any regular medical specialists that they see. If clients email a copy of these documents to their agents, their agents will have it easily accessible in any emergencies.

If your original documents get lost, destroyed or damaged, it is EXTREMELY important to re-execute them as soon as possible.

Have a question? Contact Crain & Wooley.