Understanding Probate and Its Necessity

What is Probate?

Probate is the legal process of validating a will, settling debts and taxes, and distributing a deceased person's assets according to their wishes. It often involves court oversight and appointing an executor to manage the estate.

The probate process involves filing the will, notifying creditors and beneficiaries, inventorying assets, paying debts and taxes, and distributing assets. Each step requires careful documentation and court reporting, making probate detailed and often lengthy. Understanding probate's complexities helps in navigating this challenging process, especially if you are the sole beneficiary of your deceased spouse’s estate.

When Probate is Required?

In Texas, whether probate is necessary depends on the nature of the assets. If your spouse’s assets were jointly owned or if they designated you as the beneficiary, you might bypass probate. Examples include jointly held bank accounts, life insurance policies, or retirement accounts with named beneficiaries. However, if there are solely owned assets without beneficiary designations, probate might be required to legally transfer ownership. Probate guarantees that bills and taxes are paid and the estate is distributed appropriately, even if you are the only beneficiary. This is especially important when dealing with significant assets like real estate.

It's important to note that probate laws vary significantly from state to state. In Texas, for example, the probate process can be relatively straightforward compared to other states, but it still requires adherence to specific legal procedures. Understanding the local regulations and requirements is crucial for ensuring that the probate process is handled correctly. Consulting with a probate attorney can provide valuable guidance and help you navigate the legal complexities specific to your location.

Is Probate Easier When You’re The Sole Beneficiary?

Probate can be a straightforward process when you're the sole beneficiary, but it still involves legal formalities. Probate lawyers from Crain & Wooley can assist in assessing the assets and determining if probate is essential. Even if probate isn’t needed, a probate lawyer from our firm can help ensure all legal requirements are met and advise on estate settlements.

Speak With Skilled Probate Attorneys Serving Dallas-Fort Worth, Plano, and Beyond

Navigating the probate process can be complex and challenging if you're unfamiliar with the legal requirements and procedures and need to take care of this during a time of grief and loss. Consulting with a probate attorney at Crain & Wooley can provide valuable guidance and support, to help you understand your rights and responsibilities and ensure that the estate is settled in compliance with the law. An experienced attorney can assist with filing the will, managing the probate process, and addressing any disputes or challenges that may arise. Crain & Wooley offers expert legal services to help you navigate the probate process and ensure a smooth and efficient settlement of your deceased spouse's estate.

Contact Crain & Wooley to schedule a consultation and learn more about our probate services. Let us help you navigate this challenging time with confidence and ensure that your deceased spouse's estate is settled fairly and legally. Reach out and let our experienced team provide the support and expertise you need.

Speak with skilled probate professionals at . Contact us or call (972) 945-1610">(972) 945-1610 to get started. We serve clients in Dallas-Fort Worth, Plano, Mansfield, and beyond!

What Happens to an Irrevocable Trust When the Grantor Dies?

It’s no secret that estate planning can be a confusing area of U.S. law. From choosing a will to tax planning, preparing for and understanding the probate process can be overwhelming for many Texas families.

While it can be easy to assume that trusts are only necessary for wealthy or influential people, this isn’t true. A trust is an invaluable mechanism when it comes to Texas estate planning. It’s important to understand the types of trusts available to make the best decisions for yourself, your estate, and your loved ones during the estate planning process.

What Is an Irrevocable Trust?

An irrevocable trust is a type of trust that cannot be changed, modified, or revoked without the permission of the beneficiary or beneficiaries. This takes effect as soon as the trust is established by the “grantor” or creator of the trust. In other words, once the grantor transfers assets into an irrevocable trust, they effectively give up any right of ownership to those assets and the trust itself.

How Irrevocable Trusts Work in Texas

An irrevocable trust functions by transferring assets from the grantor's estate into a new legal entity (the trust). The trust then becomes the legal owner of the assets. The grantor will then appoint a trustee, who will have the fiduciary duty to manage the trust assets in the best interest of the beneficiaries as outlined in the terms of the trust.

Role of Grantors, Trustees, & Beneficiaries in Texas Trusts

Executors and trustees play different roles in estate planning that rarely overlap. While an executor is typically appointed in a will to manage the decedent's estate after their death, a trustee manages assets placed in a trust for the beneficiaries.

Can an irrevocable trust be modified or revoked after the grantor passes away? Understanding the roles of the executor, trustee, and beneficiaries is vital in comprehending the post-death process. Consider this brief overview of the various roles involved in irrevocable trusts:

The Grantor

The grantor of an irrevocable trust, also called the trustor or settlor, is the person who creates the trust. They establish the terms of the trust, including who the beneficiaries are and what assets are included.

In irrevocable trusts, grantors transfer assets and relinquish all rights of ownership to those assets, meaning the grantor no longer has control over them and cannot make any changes or amendments to the terms of the trust without the permission of the beneficiaries.

After the grantor's death, the assets in the trust are managed or distributed by the trustee according to the terms set out by the grantor in the trust document.

The Trustee

In an irrevocable trust, the trustee plays a vital role in managing and administering the trust assets to benefit the beneficiaries. The trustee is a fiduciary, meaning they are legally obligated to act in the beneficiaries' best interests and uphold the trust's terms and intentions.

Generally, the trustee’s responsibilities include asset management, distributing trust assets appropriately, keeping detailed and accurate records of all accounts and transactions, ensuring compliance with applicable tax laws, making investment decisions to preserve and grow the trust’s assets, treating all beneficiaries fairly and impartially, and complying with all state and federal laws to avoid any conflicts of interest.

When the grantor of the irrevocable trust passes away, the role of the trustee becomes even more crucial. Following the grantor’s death, their legal obligations can expand to include additional steps, such as:

• Notifying beneficiaries of the grantor's death and their status as beneficiaries
• Gathering necessary documents, such as the grantor's death certificate and any probate documents
• Settling the grantor's outstanding debts and taxes before distributing assets to beneficiaries
• Ensuring that the trust assets are appropriately titled and transferred to the intended beneficiaries

It's critical for trustees to seek sound counsel from a Texas trust attorney if they’re uncertain about any aspect of their duties after the grantor's death. The proper administration of Texas trusts is essential to protect the interests of the beneficiaries and fulfill the grantor’s wishes after they pass away.

The Beneficiary

A beneficiary in an irrevocable trust is the person or entity set to receive the benefits or assets from the trust. These benefits can include income from the trust's assets, property, or other forms of wealth as outlined in the trust agreement. Generally, the role of “beneficiary” includes:

• Receiving distributions –The primary role of a beneficiary is to receive distributions from the trust as specified in the trust agreement. This may include regular income payments, specific assets, or lump-sum distribution.
• Having the right to information –Beneficiaries have the right to be informed about the trust and its administration. They can request information on the trust's assets, terms, and how the trustee is managing the trust.
• Enforcing the trust –If the trustee does not manage the trust properly or fails to make distributions as the trust document directs, beneficiaries have the right to take legal action to enforce the terms of the trust.

Irrevocable Trusts: What Happens When the Grantor Dies?

Upon the grantor's death, the trustee continues managing the irrevocable trust or distributes the assets according to the trust’s terms. Unlike a will, an irrevocable trust avoids probate, often expediting the asset distribution process and making it an appealing option for some families.

When the grantor of an irrevocable trust passes away, the following steps and procedures are generally followed:

• Notification of death. The executor or a designated representative is responsible for notifying the trustee and beneficiaries about the grantor's passing.
• Obtaining the death certificate. The trustee will require a certified copy of the grantor's death certificate to prove their passing.
• Trust administration. The trust document outlines the specific instructions for trust administration. The trustee will take charge of managing and distributing the trust assets according to the terms outlined in the trust agreement.
• Inventory of trust assets. The trustee will conduct an inventory of all assets held within the trust, including real estate, investments, bank accounts, and personal property.
• Valuation of assets. The trustee may find it necessary to obtain professional appraisals to determine the fair market value of certain assets, especially if the trust requires equal distributions to beneficiaries.
• Notifying creditors. The trustee should publish a notice to potential creditors, allowing them a specific period to make claims against the trust for any outstanding debts owed by the grantor.
• Settling taxes and debts. The trustee must settle any outstanding debts, including taxes owed by the grantor or the trust, before distributing assets to beneficiaries.
• Asset distribution. Once all debts and taxes are settled, the trustee will distribute the trust assets to the beneficiaries as per the terms outlined in the trust document.

Turn to a Trusted Texas Probate Attorney

Our experienced trust attorneys proudly provide wise and compassionate representation to Texas families in the Dallas-Fort Worth area. We understand how emotional and complicated estate planning can be, which is why our firm is committed to helping our DFW neighbors navigate the complexities of probate law.

At Crain & Wooley, our seasoned lawyers fight to give Texas families the closure, clarity, and healing they deserve. From trusts to estate planning to wills, our compassionate lawyers have the comprehensive knowledge to guide your legal steps with wisdom and integrity, empowering families to maintain their peace of mind no matter what life throws their way.

Contact us online to learn how our experienced firm can help preserve your hard-earned assets and ensure your estate is handled according to your wishes.

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. 

Life is unpredictable. It’s hard to know when significant life changes may happen. Naming a beneficiary on your life insurance, bank accounts, and retirement funds protects your assets and ensures they are directed to the people of your choosing. Additionally, confirming that your beneficiaries are updated regularly makes sure your beneficiaries will have a smooth and easy process upon your passing.

There are many reasons to update your beneficiaries regularly moving forward:

#1: When You Open a Financial Account

When you open a new financial account, whether a checking account, life insurance, or retirement benefits account, naming a beneficiary should be one of your top priorities. Doing so ensures that your money, funds, and benefits will go to the person you want without any headaches or delay. Opening any new financial accounts is a great time to review your beneficiaries and make sure they are up to date.

#2: Significant Life Events

Sometimes, major life events can alter who your beneficiaries are or give you the need to update them. After a significant life event, ensuring that your beneficiary information is updated and correct is crucial. Significant life events include:

• Birth of a child

• Adoption

• Marriage

• Divorce or dissolution of a marriage

• Death in the family

#3: Contact Information Has Changed

Over time, your beneficiary’s contact information may change. Reviewing your beneficiary’s information is important in ensuring that your beneficiary can be contacted in the event of your passing. Make sure the names, phone numbers, email addresses, and physical addresses of your beneficiaries are updated regularly.

How Do You Update Your Beneficiaries?

The process of updating your beneficiary will depend on who your insurance or retirement plan is with. Generally, there is an online process that allows you to update. Check your organization’s website for more information Typically, there is an option to print forms and then email or mail them to the organization. Though this may take longer than online processes, it is still a secure way to update your beneficiaries.

Working With an Experienced Attorney

Updating your beneficiary information is important and will dictate the absolution of your assets upon your passing. We recommend that you speak with an estate planning attorney about making large decisions about your beneficiaries. Our legal team at can help you understand how updating your beneficiaries on your insurance and financial accounts will affect your will and estate. We can help you make sure you are making the right decisions and plan for an uncertain future smoothly.

Contact us at (972) 945-1610 to see how we can help you plan your estate and update your beneficiaries.

One of the many great things about using a Revocable Living Trust for your estate planning instead of a traditional will is that you’re better able to restrict how and when money is given to beneficiaries. Some clients want to give direct, cash distributions to adult beneficiaries so that they can to do with it as they please. However, there are many circumstances where giving large sums to individuals is a terrible idea. Here are some of the most common examples:

• Your adult child is disabled and receiving Social Security Income. Generally, if you give someone who is receiving government assistance a large sum of money, they could be disqualified from receiving those benefits. Supplemental Needs Trusts (sometimes called Special Needs Trusts) can be written as a standalone trust or as a “mini-trust” within your Revocable Living Trust. A Supplemental Needs Trust puts aside money for the benefit of the disabled individual, but that money is NOT in the beneficiary’s direct control. Therefore, the beneficiary gets the best of both worlds – continued public benefit support and private trust dollars to supplement their needs.
• Your adult child has substance abuse and/or mental health issues. We serve clients who have children or loved ones they want to support but are worried about giving direct distributions. Sometimes, giving someone with substance abuse or mental health challenges a large sum of cash or other assets can result in that person doing severe harm to themselves. Trust provisions can be written with any combination of restrictions like: distributions only upon a series of clean drug tests, distributions only for direct payments by the trustee for rent and healthcare, small monthly distributions, or distributions only after age 65.
• You want to fund multi-generational educational funds. Many clients want to create educational trusts within their Revocable Living Trusts. Higher education isn’t getting any cheaper, and clients often want to make sure that their children, grandchildren, and great-grandchildren have all of the support needed to pursue education after high school. A common trust provision might read like, “5% of my residual estate to my granddaughter, Sandra Day O’Connor, to provide for her education. The trustee shall pay all related expenses for her university or trade school at the trustee’s discretion. Upon her graduation from a university or trade school, or when she attains age 30, whichever occurs first, the trustee shall distribute the remainder of her share to her, outright.” This type of provision sets parameters that encourage Sandra to pursue some type of professional training while allowing for distribution at age 30 if schooling is not completed. 

However, sometimes creating too many complicated provisions can backfire. Not only is it a bad idea to leave instructions that are too complicated, but the law also actually prohibits it. A centuries old law called The Rule Against Perpetuities does not allow complicated provisions to last for too long. My law school Wills & Trusts professor explained it as preventing “too much control from beyond the grave.” Here are two of the most common examples of complicated provisions that can go wrong:

• Specific restrictions on real estate. Restraint on Alienation is a legal term used to describe a clause within an estate plan or any conveyance of real property that tries to keep the new owner/beneficiary from being able to do what they want or need with the property. For example: a client once asked me to leave his homestead to his 2-year-old granddaughter with a restriction that it was to be held in trust by her father and could not be sold until she turned 21. At the outset, this sounds like a perfectly fine idea as it would preserve the homestead for his granddaughter, but it didn’t take into consideration possible decisions that would need to be made long before the granddaughter reached the age of 21.
  • What if the real estate market is doing great but headed for a downturn when she’s 20?
  • What if there are plans for a sewage treatment plant down the street and the value is about to permanently plummet? 
  • What if a commercial developer offers twice the value?
  • What if she gets accepted to Harvard at age 16 and they need the proceeds to pay for a move to Massachusetts?

In the end, we were able to honor his request that the homestead and its value be used only for the direct benefit of his granddaughter, but also gave the trustee decision making discretion should the need arise.

• Failing to plan the remainder of an estate. Partnering reasonable inheritance stipulations with proper contingency planning is key to a successful estate plan. As mentioned above, a common provision in Revocable Living Trust planning is one that limits distributions to a beneficiary with substance abuse problems. There must be specific planning for a variety of contingent plans with this, or any, specific provisions. 

Neglecting to plan for the remainder of an estate will leave a trustee in limbo unsure of what direction to take. Here is an example of a provision that couples inheritance restrictions with a plan for the remainder of the estate should the beneficiary not meet the inheritance criteria. 

“The Trustee shall, in addition to direct payments for the beneficiary’s education, maintenance, health, and support, make distributions of $500 per month upon proof of a clean drug test from the beneficiary. However, if the beneficiary fails a drug test more than 6 months in a row, the trust shall terminate, and the entire remainder of my estate shall instead be distributed to the Drug Free America Foundation.”

You don’t need to figure all of this out before you start your estate plan. As estate planning professionals, our attorneys use their experience to help you sort out the happy medium between “letting it ride” and creating complicated provisions that are at high risk of failing. When you meet with one of our experienced estate planning attorneys, they will listen to your story and all of your concerns and wishes. They will use that information to create the perfect plan for you and your story. Contact us with any contingency planning or beneficiary stipulation question you may have.

Generational wealth is a relatively simple term with broad connotation. It is defined as simply the passing down of assets from one generation to another. Generational wealth sort of sounds like a reason for a Vanderbilt to never have to work a day in his life because he has generational wealth. However, generational wealth should be a concern for all of us so that our financial legacy is protected, even if it’s a small savings account and not the Biltmore Estate.

Here are a just a few ways that you can protect more of your hard-earned assets for future generations:

• Keep beneficiaries from spending irresponsibly. Do you have a beneficiary in mind that would spend the entire amount within hours of receiving it? A trust can be easily managed in a way that puts restrictions on how and when a beneficiary receives money. One common way to accomplish this is to write beneficiary trusts that give someone 25% of their share at age 30, 25% at age 35, 25% at age 40, and the rest at age 45. One of our clients even had her children’s trusts held until age 65 because she knew that her adult children weren’t saving for retirement. 
• Make sure beneficiaries get support after high school. One of the most reliable ways to ensure future financial success is to keep learning after high school. A very common provision in estate planning is making sure that younger beneficiaries receive assistance for college or vocational training. Trusts often contain provisions saying something like “10% to my nephew, Jack, to be used for his educational expenses, and the remainder of his unused portion can be given to him outright when he graduates or when he attains age 40, whichever is sooner.” This not only leaves money for his education, but it also entices him to seek higher education. It also indirectly entices him to get scholarships and save for education expenses, because the remaining money goes to him outright if it isn’t used for tuition!
• Ensure proper mineral rights transfer. Since we’re in Texas, let’s talk about oil. Many Texans own mineral rights (usually passed down to them from ancestors). Proper transfer such assets from generation to generation ensures that any current and future royalties stay within the family. A common way to accomplish this “proper transfer” is to place mineral rights into a revocable living trust. Proactive planning, whether by will or trust, is essential to protecting mineral rights for future generations. 
• Do business continuity planning. Raise your hand if you are a small business owner! Do you have a rental house? Do you have a handyman service? Do you have commercial rental property? Do you have a more formalized business? Appropriate transfer of business assets is a wonderful way to leave an intentional legacy for future generations. Completing a business continuity plan connects your financial legacy wishes to future beneficiaries.   
• Research tax planning needs. There is a lot of misinformation regarding the “Death Tax.” First and foremost, there is no federal tax penalty for dying. In 2021, the individual Federal Estate Tax cap is $11.7 million. So, basically, if you have less than $11 million dollars, you don’t need to worry about completing complicated trust planning to avoid the 40% tax. Lucky you! However, if you’re burdened () with more than $11 million, you should immediately get to work with a qualified estate planning attorney to plan accordingly.
• Avoid spending estate monies on court fees and Medicaid recovery.  Save your family and loved ones thousands and up-to hundreds of thousands of dollars in the future by protecting assets from future probate and Medicaid estate recovery costs.  A reasonable expectation for court, attorney, and realtor fees for an uncontested probate in the DFW area is about $10,000. (If family members fight, probate costs will continue to climb until the family stops arguing or the money runs out.) If you “don’t have much” then you definitely want to ensure that none of your assets are wasted by having to probate a will. A revocable living trust can avoid probate and all associated fees. Additionally, a trust can avoid the Medicaid Estate Recovery Program (“MERP”) that’s administered during the probate process. MERP is how the state government is “paid back” for any money that Medicaid spent on you during your life through the sale of your home. So, if you want to make sure that your daughter gets your house when you pass away, you want to avoid probate.

The successful passing of assets builds generational wealth over time. Contact us today with your recommendations on how to build generational wealth.

Do the terms equal and fair mean the same thing to you? Many families find themselves discussing “fair” vs. “equal” when working with Crain & Wooley. Do any of these situations sound like something that could reasonably happen in your family? These real clients’ stories (with names very obviously changed) shed light on how “equal isn’t always fair and fair isn’t always equal”.

• Blended Family: Moira’s husband, John, died without a will. When she tried to sell their house to downsize, the title company told her there was a problem. Texas is a community property state and misunderstanding of Texas community property laws caused a big problem for this family. In Texas, for example, a home does NOT automatically go to the surviving spouse. Since John died without an estate plan in place, the laws of intestacy kicked in. Laws of intestacy are the state’s valiant effort to distribute assts when no estate plan is in place. 

John had a son, David, from a previous marriage along with Moira and John’s shared child, Alexis. Unfortunately, Alexis predeceased John. Alexis’s 2 children were adopted by another family. According to the laws of intestacy in Texas, David (the son from John’s previous marriage) and Alexis’s children inherit John’s half of the house. The grandchildren would have to be found and sign off before the house could be sold, even though John and Moira had owned the house together for 20 years. Doesn’t really seem fair in this situation, does it? If John had planned, he could have created a simple estate plan that left the house to Moira.

• Inter Vivos Gifts: Stanley and Dorothy have two adult children, Michael, and Kate. Kate is a successful sports agent and lives in her condo in San Diego. Michael has led a troubled life and has needed ongoing financial support during Stanley and Dorothy’s lifetime. 

Stanley and Dorothy have spent a lot of money paying Michael’s past-due bills, buying new equipment for his band, and paying for a few of his stays in rehabilitation centers. While Stanley and Dorothy love both of their children equally, they’ve spent exponentially more money on Michael than on Kate. Splitting their estate between their children equally didn’t really seem fair to them. To address this situation, Stanley and Dorothy created a Revocable Living Trust to address the “unfair” expenditure of assets on Michael. Their trust made a provision for “inter vivos gifts.” The trust said that their estate would be split equally between their kids, but that Stanley and Dorothy would keep a record of the gifts that were given during their lives to Michael. That amount would be deducted from his share and given to Kate. Stanley and Dorothy felt that distribution of assets brought fairness to the situation.

• Multi-Generational Households: Ricky and Lucy have three children, Fred, Ethel, and Little Ricky. When Ricky and Lucy were in their 70s, the family decided that it would be best if Ricky and Lucy shared a house with Little Ricky. 

Ricky, Lucy, and Little Ricky purchased a home together enabling Ricky and Lucy to “age in place”. All 3 of them owned the home together – (1/3 share each ). Little Ricky also agreed to help take care of Ricky and Lucy as they aged. Ricky and Lucy loved all three children equally, but Little Ricky not only paid more than his share of the mortgage every month, but also made personal sacrifices to help care for Ricky and Lucy. Ricky and Lucy decided Little Ricky should get all their 2/3rds interest in the house when both Ricky and Lucy pass away, and then all 3 children would split their cash assets equally. This addressed Ricky and Lucy’s desire to fair in the distribution of assets upon their death.

• No-Direct Descendants: Leslie isn’t married and doesn’t have any children. Her closest “family” members are her best friend, Ann, and Ann’s son, Oliver. If Leslie didn’t create a pro-active estate plan, then the laws of intestacy would dictate who gets her assets.

Leslie refers to Oliver as her “nephew” even though they have no blood relation. Leslie takes Oliver to football games, bakes cupcakes for his birthday parties, and loves him very much. Leslie wants Oliver to be the beneficiary of her estate. If the laws of intestacy were to direct the distribution of Leslie’s assets then they would go to some second cousin she doesn’t really know. Leslie did not want this to happen. Instead, Leslie created a Revocable Living Trust stating that 50% of her estate would be split equally between a list of charities she supported and the other 50% would go to Oliver. She felt that this was fair since she had a relationship with Oliver and didn’t know her second cousins at all.

Are you grappling with the “fair vs. equal” discussion? Contact us. With more than 1,400 families served, we can share numerous ideas on how to address “fair vs. equal”.