Do I Need a New Will if I Move to a New State?

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Opportunity increasingly carries Americans to new destinations. Recently, a lot of folks from California and Ohio seem to be making their way to Frisco, Texas. Although many of these new and welcomed Texans make the move for employment related purposes, many are also retirees settling closer to their grandchildren. Whatever the purpose, estate planning attorneys are often asked, “Is my will and trust good in Texas?” Assuming that the will and trust were executed properly, a will and trust from another state will be valid in the new state. However, it’s not always the best route in a new state. For...

21 April

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What Happens to the House and Mortgage When Someone Dies?

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in Probate, Real Estate Law, Wills & Trusts

Attorneys handling estate planning and probate matters are often asked, “What happens to the house and mortgage when someone dies?” To answer that question, one must understand that almost all mortgages and deeds of trust contain a due on sale clause. A due on sale clause is a provision that bans the homeowner(s) from transferring any interest in a property. If a homeowner transfers an interest in the home, then the bank may cause the entire balance of the note to be due at once. If the note remains unpaid, then the lender may foreclose on the property. Obviously, that seems...

05 March

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Optional Provisions of Wills and Trusts

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in Probate, Wills & Trusts

Last Wills and Testaments and trusts are obviously separate instruments. However, they are often complementary to one another. One may choose a variety of different options regarding a will and trust. This post will focus on a few of the options that are more popular. 1. Contingent Trust – Wills distribute property upon the death of the testator. Trusts distribute property under the terms of the trust agreement. Oftentimes, though, a beneficiary of a distribution may be a minor. Alternatively, the beneficiary may be mentally incapable of minding the distribution. In these cases, clients may include a contingent trust. The contingent...

06 February

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Wills Are Public Information / Trusts are Not

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in Probate, Wills & Trusts

Following the tragic death of Paul Walker, it was reported that he bequeathed approximately $25 million in assets to his daughter. How did they get that information? It was in the probate filings of his executor, which also (presumably) contained a copy of his last will and testament. One can make a very strong argument that one’s financial situation, especially upon death, should be a private matter. Why should it be public information? However, consider the other side. Wills provide information to the families. If the wills were not public information, then estranged family members, or at least quarreling family members,...

08 May

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Making Family Aware of Your Estate

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in Probate, Wills & Trusts

All attorneys have their pet peeves. One of my growing pet peeves concerns people failing to notify their family about estate planning. It is very common for people to keep their estate and the distribution thereof private, especially if one or more of the descendants may be disturbed by the decisions. However, privacy and awareness are not exclusive terms. A few tips on maintaining privacy and awareness are listed below: 1. Write a Letter / Tell Someone. Write a letter to multiple family members stating the existence of a will and/or trust. Additionally, tell them where the will and/or trust...

Probate

Do I Need a New Will if I Move to a New State?

What Happens to the House and Mortgage When Someone Dies?

Optional Provisions of Wills and Trusts

Wills Are Public Information / Trusts are Not

Making Family Aware of Your Estate

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