A Will is an important legal document that allows you to determine the beneficiaries of your estate at your death. It also provides for the manner and timing of the distribution of your property after your death, including deferring distributions with trusts. All states, including Texas, have legal requirements for making a valid Will to ensure that a document should be honored as your Will. This is, in part, because of the importance of a Will and because you will not be there to clarify whether a document is a Will or not. The legal requirements for a Will in Texas are primarily found under Texas Estates Code 251.001 and its interpretation under existing case law. Under Texas law, a valid Will may …
Estate planning is often thought of as the process of planning for the transfer of assets to beneficiaries at death; however, a comprehensive estate plan takes into account your wishes for your care when facing cognitive impairment, ranging from normal age-related decline to complete incapacity. The reality is that we all face an increasing chance of cognitive impairment as part of the normal aging process, but even young individuals could experience cognitive impairment or incapacity as a result of a medical emergency. There are several key documents, discussed below, that should be in place for any adult to cover such circumstances. What are the risks of failing to plan for incapacity? Without the appropriate documents in place, it would be necessary for your family …
Estate planning is essential for adults of any age, including new college students. New college students look forward to the growing independence that comes with moving into a new dorm room or apartment, but parents and family are often still supporting the student as he or she explores new opportunities, such as study abroad or travel with a student group. There are key documents and important information that a parent should have in case an emergency arises. Legally an Adult. Did you consider that once your child reaches age 18, you may no longer automatically make important medical or financial decisions on your child’s behalf? Under Texas law, a person is legally an adult upon reaching age 18, and doctors and hospitals must respect …