Elder Law: Documents Every Adult Needs, Probate and More
The following transcript was excerpted from a June 22, 2020 virtual presentation on elder law, wills and probate in Texas by attorney Cynthia Fronterhouse. The event was organized and sponsored by CarePartners, whose vision is to be the leader in caregiving resources in Texas. You can click the image above or watch the recorded presentation on YouTube. My name is Cynthia Fronterhouse and I am an attorney in Houston. I actually practice law with my father. He is semi-retired, but he has over 50 years of experience. He has always focused his practice on construction litigation, representing small companies, so when I joined him, so he could go enjoy his life, I really enjoyed meeting with the clients and their families, preparing for the inevitable as well as when they lost a loved one. I grew up in the Spring Branch/Memorial area. I did go away to college to Smith College in Massachusetts and then I came back to Texas and went to the University of Texas Law School. I am married, and I have one daughter, age nine years old. Really helping families before they lose someone and then when they lose a loved one is really my passion and walking them through that process. It’s so difficult when you’re trying to process and grieve, and then having to deal with a lot of the probate aspects is tough. So that’s really what I’m going to focus on. Most people know what a will is and why it’s important, but then what happens when you do lose a loved one? A will is a document that determines where your assets are going to go when you die. It doesn’t take effect until you’ve passed away, so once you pass away is when your will goes into effect. And one of the big cases that we had when I first started with my dad was one where one of his clients lost a brother, who didn’t have a will. When he died, he had two minor children. Watching the family go through that grieving process, and then having to see how difficult it was because the man didn’t have a will was what really inspired me to help people and educate people. That’s so important. You can use a will to determine where your assets are going to go and to whom you want them to go. Also in your will, you can appoint a guardian to your children. Also in your will you can appoint an executor. The executor is only responsible for determining and following your wishes that are outlined in your will. So what happens when you lose someone if they have what’s called probate? Probate is the process of authenticating the will. You file an application to probate a will with the court. You file the original will with the court and normally do it in the county where the person resided. You have to do that within four years. Then you file with the County Clerk. You have to wait 10 days because the will is posted at the County Courthouse and then, after 10 […]
Read moreWhat You Need to Know about Wills and Probate in Texas
Attorney Cynthia Fronterhouse shares the key things you need to know about wills and probate in Texas. There are four estate planning documents that every adult in Texas needs to know. Those include: A last will and testament appoints a guardian and establishes a trust. A durable power of attorney appoints an agent to manage your finances. A medical power of attorney appoints an agent to make healthcare decisions on your behalf, if you become unable to do so on your own. A directive to physicians instructs physicians not to use artificial methods to prolong your life. If you have a will and die in Texas, probate is a simple process to distribute your assets. Most Texas wills direct the named executor to pursue independent administration. Independent administration in Texas allows executors and administrators to serve largely independent of court supervision. This means that the executor does not have to post a bond and does not have to ask court permission before taking many steps to settle the estate. Is your will valid? To make a valid will in Texas, you must have a legal capacity testamentary capacity, testamentary intent and certain formalities must be followed. If a will does not meet all the requirements set forth by the statutes, your will unfortunately will be declared invalid, meaning that your estate could be distributed according to statutory formula, rather than the way you would have preferred. What should you do if you are the surviving spouse? In order to ensure that all estate property is fully and efficiently distributed, it is recommended that the surviving spouse probate the will when first spouse dies. Community property residences are generally owned as tenants-in-common. Thus, if the surviving spouse later attempts to sell the home, some form of probate or estate administration must be initiated to transfer the full title on the house to the surviving spouse’s name. If you die without a will, Texas law lays out how the state will be distributed. The disadvantages of dying without a will are many. You don’t determine how your property is distributed. The court will decide who will be the guardian of your children. Your pets may not get the care that they deserve or that you wish for them. It’s a more expensive proceeding if there is no will. You may not get the funeral that you wanted. Remember: The law provides four years to probate a will. After four years, it is costly and timely to do so. Handling of Your Executed Estate Documents Copies: Except for your will, it is always a good idea to have several copies of these documents and keep them at various locations. This ensures that those persons who are helping you will have easy access to the documents they will need, if your health deteriorates. Please note: If you are making additional copies of these documents, please do not unstable the original. Instead, use a copy to make additional copies. Medical power of attorney: Please give a copy of this document to your physician to be included in your medical records. If you are an outpatient at […]
Read moreSeminar on Wills and Estate Planning in Houston
Wills & Estate Planning Seminar Choose from three dates: Tuesday, June 23, 11 am – 12:30 pm Wednesday, July 8 from 6-7:30 pm Thursday, July 9 from 2-3:30 pm Join us for a Free Seminar on Wills & Estate Planning in Houston. Location: Trini Mendenhall Community Center at 1414 Wirt Rd, Houston, TX 77055 Topics: Is your will valid? Who can manage your finances if you cannot? Can your family make healthcare decisions on your behalf? How do you make sure your doctor follows your wishes?Every attendee will receive a FREE guide on “Five Estate Planning Documents Every Adult in Texas Needs”. Learn more about this Houston-based attorney and why you need to write a will that protects your interests and those of your family. You may also be interested in learning more about how a will is probated. Contact us at 713-467-1760 to reserve your spot at this free seminar in Houston.
Read more5 Top Financial Things To Do For A Second Marriage
1. Full Disclosure Before you get married, you and your fiancé should discuss all aspects of your financial situations with one another. On a piece of paper, write down your: Credit History. Have you ever been late on payments, or had any judgments against you? Have you ever declared bankruptcy? Debts. How much do you owe to credit cards? What other debts do you owe? Assets. Include your annual earnings, the value of your home, cars, investments, and retirement plan funds. Obligations under a previous divorce decree. Make sure your intended is aware of any child support or alimony payments you are required to make (including how much), as well as any disability, life, health or long-term care insurance that your settlement says you must keep in effect. You should also let your partner know if your ex-spouse has rights to any of your future retirement plan earnings. When you’re done, exchange papers with your fiancé. Expect your answers to trigger discussion about who is responsible for debts incurred before the marriage, whether you will share assets earned by one of you, and how you will meet financial obligations from a previous marriage. Your next step is to consider drafting a prenuptial agreement. A “prenup” is especially important if you 1) are bringing significant assets into the marriage, 2) expect to inherit a business or other assets in the future, or 3) have children from a previous marriage. 2. Protecting Your Assets Typically, those who remarry are older and wealthier than the first time they married. As such, you often have more interest in protecting assets you bring to the marriage. Many high-earners also are interested in protecting assets they’ll earn during the marriage. A prenuptial agreement will ensure that your assets will remain separate from your spouse’s, and that the spouse cannot claim a portion of your assets if you divorce. 3. Protect Your Children Prenuptial agreements also can be useful if you have children from a prior marriage and want to ensure that your assets pass to them when you die. Generally, unless your spouse specifically waives his or her right to the assets in a valid agreement, he or she may claim a portion of your estate when you die. Take John, for instance. A successful internist, he was 45 years old when he married his second wife, Melanie. To protect his two children from a previous marriage, John established a trust and named the children as beneficiaries. That way, the $2 million in assets he’d earned before his second marriage would go to the children when he died and not to Melanie. But John’s plan may be sabotaged if Melanie decides to sue for a share of the money when he dies. Virtually every state has a law that entitles a surviving spouse to a portion of the estate — even if your will or a trust says otherwise. If Melanie does not expressly waive her right to the money in a prenuptial agreement, John’s children could lose a third of their inheritance should she demand part of the money. If you’re like most, however, you […]
Read moreHave you recently lost a loved one? What are the next steps?
Texas has simplified the probate process that allows certain executors to serve independently of the Court’s supervision. This allows the probate process to move quickly and efficiently in a process called independent administration. How does an Executor become “independent”? An executor can be independent if — 1) the Decedent left a Will in which he specifically states that his executor should be independent, or 2) if the Decedent died without a Will or his Will did not allow for the independent executor, all of the heirs or beneficiaries under the Will can agree to allow the Executor to serve as the Independent Executor. What are the Benefits of an Independent administration? The independent executor does not have to post a bond and does not have to obtain the Court’s approval prior to undertaking the duties. What are the responsibilities of the independent executor? The independent executor’s responsibilities are 1) collect the assets, 2) pay off any debts, and 3) distribute the assets according to the Will or according to Texas law if the Decedent did not leave a Will. As part of this process, the independent executor is also required to satisfy a couple of requirements to the Court — 1) to publish notice to potential creditors in a newspaper and 2) to file an inventory with the Court showing the assets of the estate. When do I need to probate the will? It is advisable to initiate the probate process as soon after someone’s death as possible, it must be done within 4 years of their death, or the process by which their estate is divided becomes much more complex. When is the Independent administration not a good idea? Estates with high debts may choose a dependent executor rather than an independent, simply because it may mean that the creditors have a harder time obtaining payment. An executor may prefer to be dependent if fights among the heirs of the Estate are anticipated. In those situations, the executor may prefer to have the Court approve each and every action the administrator undertakes so that later disputes among the family members can be resolved through rulings by the Court rather than litigation against the executor.
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