The holiday season can be a difficult time for families who are going through the probate process. Understanding probate, the legal process of administering a deceased person's estate, can help alleviate some of the stress and confusion that often comes with this difficult time.

What is Probate?

Probate is the legal process in which a deceased person's assets are distributed to their beneficiaries or heirs. This process involves validating the deceased person's will (if there is one), identifying and inventorying their assets, paying off any debts or taxes owed by the estate, and distributing the remaining assets to the rightful beneficiaries. The court oversees this process to ensure everything is done according to the law.

How Does Probate Work?

The probate process typically begins with filing a petition with the court to open an estate. The court will then appoint an executor or personal representative to handle the administration of the estate. The executor will be responsible for gathering all of the deceased person's assets, paying off any debts or taxes owed by the estate, and distributing what is left to the beneficiaries. This process can be lengthy and complex, depending on the size and complexity of the estate.

Navigating Probate During the Holidays

Navigating through probate during the holidays can be particularly challenging for families. The emotional toll of losing a loved one, combined with the stress of dealing with legal matters, can make this time even more difficult. Families need to communicate openly and honestly with each other during this time and seek support from professionals such as attorneys or financial advisors who can help guide them through the probate process.

Tips for Families Going Through Probate During Holidays

• Communicate openly with each other about your feelings and concerns.
• Seek support from professionals who specialize in probate matters.
• Take care of yourself physically and emotionally during this stressful time.
• Remember that it is okay to ask for help when you need it.
• Try to focus on creating new traditions or memories to honor your loved one during this holiday season.

Dallas-Fort Worth Probate Lawyers

Navigating the probate process during the holiday season can be challenging, but you don't have to do it alone. At Crain & Wooley, we specialize in estate and probate law and are here to provide the support and guidance you need. Our experienced probate attorneys in Plano, TX, can help you manage the legal complexities and ensure that your loved one's estate is handled with care and efficiency. Contact us today at (972) 945-1610 to schedule a consultation and learn how we can assist you during this difficult time. Let us help you find peace of mind and move forward with confidence.

As the year winds down, we want to remind you of a crucial tax planning opportunity that could impact you and your loved ones if your estate plan has substantial wealth. The current high exemptions for the federal estate and gift tax are set to expire at the end of 2025. This shift—often referred to as the “sunset” of the estate and gift tax exemption—will bring the exemption amount back to pre-2018 levels, which are significantly lower. For those who have accumulated assets above $7 million for individuals, or $14 million for married couples, this change presents both a challenge and an opportunity to act proactively.

What’s Changing?

Under the current law, the federal estate and gift tax exemption is $13,610,000 per person (or $27,220,000 for married couples). In 2025, the exemption will be $13,990,000 per person ($27,980,000 for married couples). This exemption allows a person to leave assets up to the exemption limit to beneficiaries without paying any estate tax. If estate taxes apply, up to a 40% tax is taken on anything above the exemption amount. This high exemption was established by the 2017 Tax Cuts and Jobs Act (TCJA) and has allowed many individuals to make substantial tax-free gifts, transferring wealth without the burden of estate or gift taxes.

However, on January 1, 2026, this exemption is scheduled to return to the pre-TCJA levels, likely around $6-7 million per person, adjusted for inflation. This reduction means that without taking action, many more estates could face federal taxes, potentially reducing the legacy you leave behind.

What Does This Mean for You?

With the impending reduction of the exemption, now is the time to consider strategies to maximize your estate and gift tax benefits. Even if Congress changes course and extends or adjusts the exemption, current law suggests a return to the lower exemption threshold. Taking action before the 2025 sunset ensures you won’t miss out on the higher exemption currently available.

Key Steps to Consider

1. Evaluate Your Estate Plan: Work with us to review your existing plan if you have a high net worth compared to the estate exemption. Now is the time to align your estate documents, tax strategies, and gifting plans with the pending tax law changes. Clients who are not within their current 12-month comprehensive estate plan period or are not lifetime clients are subject to an attorney meeting fee of $370 per hour.

2. Consider Making Large Gifts Now: If you have substantial wealth, using your gift tax exemption by making large, tax-free gifts before 2026 can lock in the current higher exemption. Once the exemption amount drops, this opportunity will be gone, and more of your estate may become taxable.
   
   If you have a revocable trust, you can transfer these assets from the trust to your beneficiaries now or transfer them to a new or existing irrevocable trust designed to hold these assets and benefit your chosen recipients. You’ll need to file Form 709 to allow the IRS to track your exemption use. By transferring assets into an irrevocable trust or directly to beneficiaries, you lock in the current exemption and maximize tax savings.

3. Keep an Eye on Legislative Developments: While the law currently mandates a reduction, it’s possible Congress may take action that impacts the estate and gift tax landscape. Staying informed will be essential to make the most of any available opportunities.

Why Take Action Now?

If you wait until 2026, your ability to use today’s historically high exemption could be lost. Acting now allows you to safeguard your wealth for future generations under the more favorable tax terms available today. Planning early can be the difference between passing on your legacy tax-free or leaving your heirs with a substantial estate tax burden.

Ready to Review Your Plan? If you have questions or would like to explore your options, we’re here to help. Our team can work with you to craft a strategy that aligns with your goals and takes full advantage of the current exemption.

As winter approaches, estate property managers face unique challenges in maintaining and protecting their properties. From snow and ice removal to preventing damage from freezing temperatures, there are many factors to consider when it comes to managing an estate during the colder months.

1. Snow and Ice Removal:

One of the most pressing concerns for estate property managers during winter is snow and ice removal. Failure to properly clear walkways, driveways, and other outdoor spaces can pose a safety hazard for residents and visitors and lead to costly liability issues. Property managers need a plan for regular snow removal and de-icing to ensure that their estates remain safe and accessible throughout the winter.

2. Preventing Frozen Pipes:

Another common issue that estate property managers must address during the winter is preventing frozen pipes. When temperatures drop below freezing, water in pipes can freeze and expand, causing them to burst and leading to extensive water damage. To avoid this costly problem, property managers should insulate exposed pipes, keep indoor temperatures consistent, and allow faucets to drip slowly during particularly cold nights.

3. Roof Maintenance:

Heavy snowfall combined with freezing temperatures can put a strain on a property's roof, potentially leading to leaks or even collapse in extreme cases. Estate property managers should regularly inspect roofs for signs of damage or stress, such as sagging or ice dams, and address any issues promptly. Clearing excess snow from roofs can help prevent structural damage and ensure that residents remain safe throughout the winter.

4. Landscaping Considerations:

Winter weather can also significantly impact a property's landscaping features, such as trees, shrubs, and gardens. Property managers should take steps to protect these elements from harsh conditions by pruning trees before winter storms hit, mulching garden beds to insulate plants' roots, and covering delicate shrubs with burlap or other protective materials. By preparing landscaping features ahead of time, estate property managers can help ensure that their properties maintain their aesthetic appeal year-round.

5. Emergency Preparedness:

Despite careful planning and maintenance efforts, unexpected emergencies can still arise during winter. Property property managers should have a comprehensive emergency preparedness plan outlining procedures for responding to severe weather events or other unforeseen circumstances. This plan should include contact information for emergency services providers, details on communicating with residents during emergencies, and protocols for addressing any necessary repairs or maintenance tasks.

Dallas-Fort Worth Estate Planning & Probate Lawyers

Winter weather presents unique challenges for estate property management, but with the right strategies and preventative measures, property managers can protect their investments and ensure the safety and comfort of their residents. At Crain & Wooley, we specialize in providing comprehensive estate and probate services to help you navigate the complexities of property management. Our team of experienced professionals is here to assist you with everything from winterization techniques to long-term planning and sustainability. If you are in Plano, TX, and need expert advice or assistance with managing your estate property, don't hesitate to contact us at (972) 945-1610. Let us help you safeguard your property and ensure it remains in excellent condition throughout the winter and beyond.

Winter is the perfect time to cozy up indoors and take care of some essential tasks, including preparing your estate for probate. While no one likes to think about their own mortality, taking the time to ensure that your affairs are in order can provide peace of mind for both you and your loved ones.

1. Review and Update Your Will

The first step in preparing your estate for probate is to review and update your will. It's important to make sure that your will reflects your current wishes and takes into account any changes in your life circumstances, such as births, deaths, marriages, or divorces. If you don't have a will yet, now is the perfect time to create one with the help of an estate planning attorney.

2. Organize Your Financial Documents

Next on the winter checklist is organizing your financial documents. Gather all relevant information about your assets, debts, insurance policies, investments, and retirement accounts. Ensure that all documents are stored securely and easily accessible for your loved ones in case of emergency.

3. Designate Beneficiaries

Another important step in preparing your estate for probate is to designate beneficiaries for all of your accounts and assets. By naming beneficiaries on things like life insurance policies, retirement accounts, and bank accounts, you can ensure that these assets pass directly to the intended recipients without going through probate.

4. Consider Setting Up a Trust

If you have significant assets or complex family dynamics, it may be beneficial to consider setting up a trust as part of your estate plan. A trust can help you avoid probate by transferring assets outside of the court process while providing privacy and control over how your assets are distributed after you pass away.

Dallas-Fort Worth Probate Lawyers

Preparing your estate for probate is a crucial step in ensuring that your assets are distributed according to your wishes and that your loved ones are provided for. At Crain & Wooley, we understand the complexities of estate planning and probate, and we are here to help you every step of the way. Our experienced estate planning attorneys in Plano, TX, can provide you with the guidance and support you need to create a comprehensive and effective estate plan. Contact us today at (972) 945-1610 to schedule a consultation and take the first step toward securing your legacy and providing peace of mind for you and your loved ones.

How Long Does An Executor Have To Distribute Assets In Texas?

There is no specific legal deadline for when assets must be distributed. However, executors are encouraged to act promptly, often aiming to complete the distribution within a year. Factors such as the complexity of the estate, the efficiency of the probate proceedings, and any disputes among heirs or creditors can significantly influence the timeline. Texas probate attorneys often emphasize the importance of strict legal compliance to avoid unnecessary delays. Executors should also prioritize transparency and maintain clear communication with beneficiaries throughout the process.

Legal Requirements for Distributing Funds

Court Approval and Executor Duties

An executor is responsible for overseeing and allocating an estate's assets. Getting court clearance before releasing any monies to recipients is one of their main responsibilities. This condition guarantees that the distribution is made in accordance with the will or state law, and that all taxes and debts have been paid. It is imperative for the executor to maintain comprehensive documentation of all dealings and furnish the court and beneficiaries with periodic updates, guaranteeing openness and responsibility all along the way.

In dependent administrations, obtaining court approval is vital since the executor must seek authorization for most actions. Even in independent administrations, executors have legal responsibilities that might require court consent for certain transactions, like real estate sales. To avoid legal complications and ensure smooth asset transfer, executors need to be mindful of these requirements.

Notifying and Paying Creditors

Communicating with creditors about the deceased's passing and permitting them to submit claims against the estate is a primary legal task for the executor. This process is essential to ensure all debts are cleared before distributing assets to beneficiaries. In Texas, creditors generally have a four-month window from the notification date to file their claims. The executor must evaluate these claims for accuracy and use the estate’s assets to settle any confirmed debts.

Failure to properly notify and pay creditors can result in delays and legal complications during the distribution of payments. If executors are unaware of potential disputes with creditors, the process can become more complex. By diligently following legal guidelines for creditor notification and payment, executors can help ensure the estate's assets are distributed efficiently and on time.

Filing the Final Accounting

In the probate process, submitting a final accounting to the court is an essential step. All of the executor's acts are meticulously documented in this document, including the inventory and assessment of assets, the settlement of debts and taxes, and the transfer of any remaining assets to beneficiaries. To confirm that the executor has carried out their responsibilities and that the estate has been handled appropriately, the final accounting must be brought before the court for approval.

It can be difficult and time-consuming to prepare and submit the final accounting, which calls for careful record-keeping and close attention to detail. Executors are responsible for making sure that every transaction is precisely recorded and that the final accounting is turned in on time. The executor can proceed with the final distribution of funds to beneficiaries, concluding the probate process, once the court authorizes the final accounting.

Turn To Probate Attorneys Serving Dallas-Fort Worth, Plano, and Mansfield

It can be difficult and time-consuming to navigate the probate procedure, but you don't have to do it alone. Our knowledgeable estate and probate attorneys at Crain & Wooley are available to assist you at every stage. We offer the professional advice and assistance you need to guarantee a seamless and effective distribution of assets, whether you're an executor overseeing an estate or a beneficiary looking for clarification on the probate process.

With offices in Plano and Mansfield, Texas, our attorneys have a thorough understanding of Texas probate laws and can help with anything from petition filing to heir conflict resolution. Make an appointment for a consultation with Crain & Wooley to find out how we can assist you in confidently navigating the probate procedure.

Call Crain & Wooley at (972) 945-1610">(972) 945-1610 or complete our online form to schedule a consultation.

Is A Probate Attorney A Legal Requirement In TX?

Legal Requirements for Probating a Will in Texas

State Laws Governing Probate

The Texas Estates Code, which describes the legal criteria and procedures for administering an estate, governs the probate process in Texas. The code contains specific statutes that outline the procedures for probating a will, including contacting beneficiaries, inventorying the estate's assets, and completing the required documentation. Although Texas law does not specifically require people to engage an attorney for probate, it does require certain legal procedures to be followed in order to guarantee the process is completed legally.

It is imperative that anyone thinking about probating a will without legal representation become knowledgeable about the pertinent provisions of the Texas Estates Code. This entails being aware of the conditions necessary to file a will, the dates on which to turn in paperwork, and the guidelines for informing beneficiaries and creditors. If these legal standards are not met, there may be delays, extra expenses, and possible legal problems.

When a Lawyer is Required

In Texas, it is possible to probate a will without legal counsel, however, in some circumstances, having legal counsel is highly advised or even required. A lawyer's experience can be extremely helpful, for instance, if the estate is vast or complex, has a lot of debt, or has assets that are hard to appraise or divide. A lawyer can also assist in navigating legal difficulties and safeguarding the estate's interests in the event that the will is contested or there are disagreements among beneficiaries.

A lawyer may be necessary in complex circumstances involving estates with several properties, commercial interests, or substantial investments. Legal counsel can be helpful in allocating and overseeing these assets, guaranteeing adherence to tax regulations, and settling any potential conflicts. Additionally, engaging a lawyer helps guarantee the procedure is handled correctly and swiftly and can give peace of mind if the executor is uncomfortable with legal papers or is inexperienced with the probate process.

Additionally, executors are required to have an attorney to probate a will depending on what county the deceased person lived.

Below are some Texas counties that require an attorney for probate:

• Dallas County - Unless the petitioner is a licensed attorney, filing an application to probate a will without an attorney is considered illegal practice of law and will not be permitted by the Court.
• Denton County - An executor, administrator, or guardian must be represented by counsel.
• Galveston County
• Harris County
• Hood County
• Travis County

Role of a Probate Lawyer in Texas

Services Provided by Probate Lawyers

Probate lawyers provide a variety of services to assist executors and beneficiaries through the probate procedure. One of the key responsibilities of a probate lawyer is to give legal advice and counsel while ensuring that the estate is administered in compliance with Texas law. This involves assisting executors in understanding their legal responsibilities, drafting and filing required documents, and representing the estate in court if disagreements arise.

Probate attorneys can manage complicated estates and conflicts in addition to offering legal counsel. They have knowledge of topics like asset appraisal, tax compliance, and creditor negotiations. They can also help with navigating paperwork and judicial procedures, making sure that deadlines are followed and all legal requirements are fulfilled. Probate attorneys can ease the executors' burden and worry by taking care of these duties, freeing them up to concentrate on other duties.

Turn To A Seasoned Probate Attorney Near You

It can be difficult and complicated to navigate the Texas probate process, especially for people who are not familiar with the legal system. Highly skilled probate lawyers at Crain & Wooley are available to assist with complex estates or if you're thinking of probating a will without legal representation. Our staff, with offices in Mansfield and Plano, offers complete legal services to walk you through every stage of the probate procedure and make sure the estate of your loved one is handled properly and expeditiously.

Make an appointment for a consultation with Crain & Wooley to find out more about how we can help you with your estate planning and probate needs. Our skilled lawyers are committed to giving you individualized, sympathetic legal support throughout this trying period, allowing you to feel at ease. Leave the probate process to Crain & Wooley, your dependable legal partner in Texas, and don't go through it alone.

Contact Crain & Wooley online or give us a call at (972) 945-1610">(972) 945-1610.

Factors Affecting the Duration of Probate

Complexity of the Estate

The complexity of an estate significantly influences the duration of the probate process. Simple estates with few assets and no debts may be settled in a few months. In contrast, larger estates with multiple assets, properties, or business interests take longer due to the need for valuation and management. Debts and liabilities further complicate the process, as executors must settle these before distributing assets, often requiring negotiation with creditors and asset sales. Tax issues, especially concerning federal estate taxes or complex tax situations, add another layer of complexity.

Disputes Among Heirs

Family disputes and will contests can significantly delay the probate process. Disagreements over the will's validity or asset distribution can lead to prolonged legal battles. Common issues include claims of unsound mind, undue influence, or misinterpretation of will provisions. Such disputes often require court intervention, extending the probate timeline by months or years. To mitigate these risks, having a clear, legally sound will is crucial. Open communication among family members and beneficiaries can prevent conflicts. If disputes arise, mediation or alternative dispute resolution can offer solutions without lengthy litigation. An experienced probate attorney is invaluable in navigating these challenges and safeguarding all parties' interests.

Court Schedules and Backlogs

The scheduling and workload of Dallas probate courts significantly affect probate duration. Limited resources and high case volumes can delay hearings and filings. Judge and staff availability and overall caseload impact case progression. Delays may worsen during high demand or resource shortages, such as during the COVID-19 pandemic. To reduce delays, promptly and accurately file necessary documents, maintain regular communication with the court, and respond swiftly to information requests. Expedited handling might be possible for urgent cases or special circumstances. An experienced probate attorney can also offer valuable guidance in navigating the court system and minimizing delays.

Consult A Texas Probate Lawyer Today

The probate process can be overwhelming and lengthy, but you don't have to handle it by yourself. At Crain & Wooley, our skilled probate attorneys are ready to assist you at every stage. Whether it’s filing paperwork, resolving disputes, or clarifying your legal duties, we’re dedicated to offering expert guidance. Reach out to our offices in Plano or Mansfield to schedule a consultation and discover how we can make navigating probate smoother and less stressful. Let us handle the complexities while you focus on your priorities.

Crain & Wooley serves clients in Plano, Mansfield, Dallas-Fort Worth, and beyond. Contact us online or call (972) 945-1610">(972) 945-1610.

When it comes to estate planning, understanding the difference between probate and non-probate assets is crucial. Probate is the legal process of distributing deceased assets according to their will or state law. Non-probate assets, on the other hand, bypass this process and are transferred directly to beneficiaries.

Probate Assets

The deceased individual owns probate assets and does not have a designated beneficiary. These assets include real estate, bank accounts, investments, personal belongings, and more. When a person passes away, these assets go through the probate process, which can be lengthy and costly. The court oversees the distribution of probate assets based on the deceased's will or state intestacy laws if no will is in place.

Non-Probate Assets

Non-probate assets are those that pass directly to beneficiaries without going through probate. Common examples of non-probate assets include life insurance policies with designated beneficiaries, retirement accounts with named beneficiaries, jointly owned property with rights of survivorship, pay-on-death bank accounts, and trusts. These assets do not require court supervision for distribution and can often be transferred quickly to beneficiaries after the owner's death.

Importance of Understanding

When creating an estate plan, it is essential to understand the distinction between probate and non-probate assets. By designating beneficiaries for non-probate assets such as life insurance policies and retirement accounts, you can pass these assets directly to your loved ones without delay or added expenses. Additionally, establishing a trust can help avoid probate for certain assets while providing control over how they are distributed.

Avoiding Probate

Many people aim to minimize their estate's exposure to probate due to its potential drawbacks – including costs associated with court fees, attorney fees, executor fees, and delays in asset distribution. Individuals can protect their legacy by creating a comprehensive estate plan that includes both probate and non-probate strategies while minimizing stress for their heirs. Consulting with an experienced estate planning attorney can help navigate these complexities and ensure your wishes are carried out effectively.

Dallas-Fort Worth Probate Lawyers

For those in Plano, TX, and surrounding areas looking to navigate the intricacies of estate planning, Crain & Wooley offers the expertise and personalized service to guide you through every step. Whether you're establishing your estate plan or seeking to optimize asset distribution for your heirs, our knowledgeable team is here to help. Don't leave your estate planning to chance; reach out to us at (972) 945-1610 to ensure your assets are managed according to your wishes, with the utmost care and legal proficiency.

Plano (August 29, 2024) – Crain & Wooley, an estate planning law firm, celebrated the grand opening of their new office in West Plano on Wednesday, August 28, with a ribbon-cutting ceremony. This new, centrally located office will allow the firm to better serve clients across the metroplex with their specialized legal services.

"The new space enables us to continue growing and to better serve our community as we expand our legal services within the metroplex," said Justin Crain, Managing Partner. "We’ve weathered a pandemic and navigated changes in the law, so this move marks an important milestone in our journey of growth," added Jacob Wooley, Partner.

The ribbon-cutting ceremony, held in partnership with the Plano Chamber of Commerce, was attended by clients, business partners, and staff.

In addition to the Plano office, Crain & Wooley also operates an office in Mansfield and is preparing to open a new satellite office in Fort Worth this fall.

Since 2018, Crain & Wooley has provided estate planning services, including the creation of wills and trusts, probate, adult guardianship, and more.

For more information on their legal services, visit www.crainwooley.law.

Crain & Wooley, with offices in Plano and Mansfield, serves the entire Dallas-Fort Worth Metroplex with exemplary estate planning services. With more than 15 years of experience in crafting comprehensive estate plans, Crain & Wooley works with clients to formulate the perfect plan to achieve outlined goals and leaving a familial legacy. Partners Justin Crain and Jacob Wooley dedicate themselves to transparency, integrity, and compassion in their services to the community.