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Yes, if you own property in multiple cities and/or states, it is important to work with an attorney who can ensure your plan complies with the laws of each state and coordinate the appropriate estate plan to avoid probate in multiple jurisdictions.
An executor is responsible for managing the estate administration process, including collecting assets, paying debts, and distributing property according to the terms of the will. They are appointed by the court or named in the will.
While Texas recognizes an individual's right to distribute their assets as they wish, it's important to consult an attorney to ensure your intentions are properly documented and comply with applicable laws to minimize the potential for legal challenges.
A durable power of attorney grants someone you trust (your agent) the authority to make financial and legal decisions on your behalf if you become incapacitated. It ensures your affairs are managed without the need for a court-appointed guardian.
A will takes effect after your death and dictates the distribution of your assets, while a living trust can be used to manage your assets during your lifetime and provide for a seamless transfer of assets after death. Trusts in Texas can help avoid probate.
It is generally recommended to review and update your estate plan every three to five years or when significant life events occur, such as marriage, divorce, birth of children, or acquisition of new assets.
Texas does not impose a state-level estate tax. However, it's important to consider federal estate tax implications if your estate's value exceeds the federal exemption threshold.
Barnard Law offers competitive flat rate fees for legal services, and provides transparent costs to clients. Fees and payment arrangements are discussed and agreed upon before any work is done.
Copyright © 2024 Barnard Law, PLLC - All Rights Reserved. Attorney Advertising. This website is designed for general information only. The information presented on this site should not be construed as legal advice nor the formation of a lawyer/client relationship.
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