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Dying without a will creates additional hassle and expense for those who survive. Teenagers are best advised to prepare a will so that they begin to have a focus on having a financially successful life. Having a will helps teens think about their future as well as about what they own and how much such things might be worth.
Continue reading ‘Why should an 18-year-old prepare a will?’
More and more children are managing their parents’ finances without a trust, power of attorney, or guardianship in place. Usually, one of the parents has added one of their children to their bank account to allow them to pay their bills. Although this arrangement is convenient, it is often only a temporary solution and is usually inadequate to address all of the financial matters that arise. Moreover, many people do not understand the legal consequences of the account agreement; specifically the difference between the “power of withdrawal” and “ownership” of an account. Once the parent’s mental capacity to execute a power of attorney or trust becomes an issue, then a guardianship will mostly likely have to be created to adequately address all of the parent’s financial matters.
Continue reading ‘Managing an Elderly Parent’s Bank Accounts’
What happens when a Will is admitted to probate in one state but there is real estate and/or mineral interests within the State of Texas that need to be transferred to the beneficiaries named in the Will?
What does it mean to be of “sound mind”?
The requirement of “sound mind” is not specified in the Texas Probate Code. Instead, Texas Courts have determined that the “sound mind” requirement with regard to whether a person has “testamentary capacity” is as follows: The Testator (the person making a will) has sufficient mental ability, at the time of the execution of the will if he or she:
Question: My parents will only do basic wills to each other and then to myself and other siblings when my second parent dies. I have heard that there is a much more advantageous way for me to receive my inheritance from my parents. Is there anything I can do to more wisely protect my inheritance?
A living will (or advance directive, as it is sometimes known) is not a part of your will—it is a separate document that lets your family members know what type of care you do or don’t want to receive should you become terminally ill or permanently unconscious. It becomes effective only when you cannot express your wishes yourself. If your state recognizes a power of attorney for health care, have one executed to authorize someone to act in accordance with your present intentions.
