When people think of an "Estate" they might think of a mansion like the one above or a portfolio of assets worth millions of dollars. They believe that estate planning is not necessary unless you have a large estate with lots of assets.
This is a dangerous belief which can lead to devastating consequences. The reality is that small estates need estate planning just as much (if not more) than large ones.
If you have recently lost a relative or a close friend, you know that there's a lot that has to be taken care of in the weeks immediately following their death. From taking care of immediate expenses to coordinating the funeral arrangements, you have a lot on your mind. When it comes time to manage the estate of the individual, you might be surprised when you find out that you have inherited property from this person.
Now that you know you will be inheriting this property, you may have a lot more questions. Here's some of the most frequently asked questions about inherited property:
After a loved one passes away, you could be faced with a serious job. The person who is appointed as the executor of the estate will need to satisfy several responsibilities, such as settling debts, distributing assets and more in order to settle the estate.
If you've found yourself in this position, here are five things you need to know before starting the probate process.
We have previously discussed why leaving your estate to your children in equal shares isn't always fair. In fact, it could destroy the value of the assets you leave and ruin family relationships. So what solutions do you have to be fair and preserve family harmony?
When doing their estate planning, parents always want to be fair with their children. Most often they try to accomplish this by leaving everything to the children in equal shares. While this may seem like a good solution, in practice, it can actually create lots of problems and it can end up be anything but fair.
If your loved one prepared for their passing through drafting a will, their wishes regarding the distribution of their estate are probably clearly established. But, you may not agree with your inheritance. Or, you may question the capacity of the person who wrote the will (the testator) to make legal decisions prior to their death.
Though you might disagree with a will, you may not know on what basis you’re able to contest it. And, though various grounds for a challenge may apply to your situation, there are three main considerations which may factor into your decision to challenge a will.
We previously talked about why it's important to maintain your original Will and where you can keep it. But what happens if the Will gets lost? Or, what if you know where it is, but you don't have access to it?
You've made your will, and now you have peace of mind that your estate will be settled how you want. But you're not done yet.
A will has not done its job until it makes it into probate court. For this reason, it is imperative that you preserve the will until your death, and make sure it can be found to be used. A lost will is the same as no will.
While there are several factors to consider when choosing what type of entity to form, the primary function of an entity is asset protection. Business owners want to protect their personal assets from the liabilities of the business operations. But there is another form of liability that business owners should be aware of that could have an even more devastating effect if not protected against.
People often put off their estate planning because they think that it is expensive. But there is a simple strategy that costs nothing and can save you thousands of dollars. It supersedes all other estate planning and even avoids probate. Failure to implement this strategy correctly, however, could end up costing you thousands.
Law Offices of Aurelio Leo Lara
4124 N 23rd St #1
McAllen,
TX
78504
Phone:
956-928-3837
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