03 May

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Understanding Irrevocable Life Insurance Trusts in Texas

in Estate Planning, Probate, Wills & Trusts

Introduction: As a Texas attorney dedicated to helping individuals protect their assets and secure their family's financial future, I often encounter questions about estate planning tools that can achieve these goals effectively. One such tool that deserves attention is the Irrevocable Life Insurance Trust (ILIT). In this blog post, I'll provide a comprehensive explanation of what an ILIT is, how it works specifically in Texas, and why it's an essential component of estate planning for many Texans. What is an Irrevocable Life Insurance Trust (ILIT)? An Irrevocable Life Insurance Trust (ILIT) is a trust established to hold life insurance policies outside...

02 May

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Understanding Transfer on Death Deeds: A Comprehensive Guide for Texas Residents

Posted by Robert Newton

in Estate Planning, Probate, Real Estate Law, Wills & Trusts

Are you a Texas resident looking for efficient estate planning tools to secure your assets and protect your loved ones' future? If so, you may have heard about Transfer on Death Deeds (TODDs) but might not fully understand how they work and how they could benefit you. In this guide, we'll delve into the specifics of TODDs and why they could be a valuable addition to your estate planning strategy. What Are Transfer on Death Deeds? Transfer on Death Deeds, also known as beneficiary deeds, are legal documents that allow property owners to designate beneficiaries who will inherit their real estate upon...

04 January

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Empowering Your Future: Understanding Durable Power of Attorney in Texas

Posted by Robert Newton

in Business Law, Estate Planning, Legal Advice, Real Estate Law, Wills & Trusts

Introduction: In the vast landscape of estate planning, one crucial document that residents of Texas should be well-acquainted with is the Durable Power of Attorney (DPOA). This legal instrument empowers individuals to make important financial decisions on your behalf, offering peace of mind and security in times of need. In this SEO blog post, we'll delve into the specifics of a Durable Power of Attorney in the state of Texas, highlighting its significance, key elements, and how it can be a cornerstone in your comprehensive estate plan. What is a Durable Power of Attorney? A Durable Power of Attorney is a legal...

03 January

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Navigating Legal Partitions in Texas: Your Comprehensive Guide

Posted by Robert Newton

in Probate, Real Estate Law, Wills & Trusts

Introduction: Legal partitions in Texas play a crucial role in property ownership, division, and rights. Understanding the intricacies of these partitions is vital for property owners, investors, and anyone involved in real estate transactions in the Texas. In this comprehensive guide, we'll delve into the legal aspects of partitions in Texas, offering insights and guidance to navigate this often complex terrain. Defining Legal Partitions in Texas: Legal partitions refer to the division or separation of real property among co-owners. This can involve physically dividing the property or assigning specific rights and interests to each party. In Texas, legal partitions are governed...

08 January

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Opening a Business in Texas

Posted by Robert Newton

in Business Law, Real Estate Law

Starting a business in Texas is a big step for anybody. Sometimes it is a decision to quit one’s job and embark on your own journey. Other times, your new venture started as a hobby that grew into a business. Whatever the case, there are certain Texas legal matters that should be considered. Texas business attorneys will usually advise that you need to open a business entity. The primary choices are a Texas limited liability company, Texas corporation, Texas S-corporation, or Texas limited partnerships. The choice will be dependent upon your business’s composition, business purpose, and business goals. They types of...

06 January

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Texas Directive to Physicians

Posted by Robert Newton

in Uncategorized

A Texas Directive to Physicians is a document that provides a person’s end-of-life decisions. It is typically prepared by a Texas estate planning attorney. Additionally, it can be called different things, such as a living will – not to be confused with the last will and testament which covers the distribution of one’s estate upon his/her death. Further, the Texas Directive to Physicians obviously does not apply unless the person signing the directive is unable to make his/her own health care decisions. The Texas Directive to Physicians covers two basic conditions. The first condition is the terminal condition. A terminal condition...

06 January

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Texas Medical Power of Attorney

Posted by Robert Newton

in Estate Planning, Probate, Wills & Trusts

A Texas Medical Power of Attorney is a document which is usually prepared by a Texas estate planning attorney as part of the estate planning process. The purpose of the Texas Medical Power of Attorney is for a person, known as the principal, to name an agent to make medical decisions on the person’s behalf if the principal is unable to make his/her own health care decisions. Texas estate planning attorneys typically provide the name, address, and phone number of the agent in the Texas Medical Power of Attorney. After all, the agent often needs to be notified of the principal’s...

04 January

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Texas Durable Power of Attorney

Posted by Robert Newton

in Estate Planning, Probate, Wills & Trusts

A Texas Durable Power of Attorney is an instrument that allows an agent to perform certain actions on behalf of another person, usually called the principal. A Texas Durable Power of Attorney is usually prepared in relation to a person’s broader estate planning, which includes a Last Will and Testament, Revocable Living Trust, Durable Power of Attorney, Medical Power of Attorney, Directive to Physicians, and other ancillary documents, all of which are usually prepared by a Texas estate planning attorney. However, the Texas Durable Power of Attorney may also be executed without the other documents. The Texas Durable Power of Attorney...

03 January

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Texas Revocable Living Trusts

Posted by Robert Newton

in Estate Planning

Texas Revocable living trusts are a powerful estate planning tool in Texas. The Texas revocable living trust allows a person to distribute one’s assets in accordance with one’s wishes without the need for a costly and lengthy probate. Further, revocable living trusts can be written in a manner to protect those assets from your beneficiaries’ creditors. Therefore, it is important to retain a Texas estate planning attorney to prepare the Texas revocable living trust. Some of the key persons named in a Texas revocable living trust include a settlor, trustee, and beneficiary. A settlor, which may also be named a trustor or...

02 December

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Texas Last Will and Testament

Posted by Robert Newton

in Uncategorized

A last will and testament is a document that states to whom a person would like his estate distributed upon his death. The person for whom a last will and testament is drafted is called the testator. In Texas, the last will and testament needs two witnesses. To be self-proving, the last will and testament in Texas must also be notarized with a self-proving affidavit. A self-proving affidavit is essentially the testator’s testimony that the witnesses watched him sign the will. The filing of the original will and testament with a self-proving affidavit removes the requirement that the witnesses must...

Author: Robert Newton