Impotance of leaving loved ones protected
If you die without leaving a will, you risk that your property will not be distributed as you desire. Even when the heirs at law are the same as you would have selected yourself, there is no advantage to letting the law take its own course. The advantage lies in dying with a will.
With a well-drafted, you can avoid legal pitfalls, name an executor of your estate, name a guardian for your minor children, establish trusts, minimize estate tax liability, and minimize probate-related costs by providing for independent administration. Although a will can be challenged in court, the grounds for contest in Texas are few, and the law favors carrying out the decedent’s intent.
In Texas, property is characterized as separate or community. Separate property is that which is owned before marriage or acquired during marriage by gift or inheritance, also by damages awarded during marriage from a personal injury lawsuit, except damages representing the loss of earning capacity, and separate properties. Community property is all property, other than separate property, which is acquired by either spouse during marriage. When a person dies without a Will, the law determines who the heirs will be, and how assets are distributed, according to whether the assets are community or separate property.
When someone close to you passes away, it is normal and important to take time to grieve your loss. However, there are a number of administrative matters that should be addressed without unnecessary delay. Some of the more important notifications and legal matters that should be addressed, and tasks that must be completed include:
Dear subscribers & friends!
This time I bring to your attention the importance of leaving your loved ones protected when you are gone. As a Realtor, I have seen all the struggles a family can go through if they are left behind without a will. Dying without a will can tie up assets for an undetermined period of time.
Although I can not cover all the in’s and out’s of this matter, the intention is to just leave a small view of it, so that you can reach out to an attorney to seek legal advice and more details.
If you would like more information on where-to-go-to, feel free to contact me, I will be more than happy to assist you.
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