Estate Planning FAQs

Frequently Asked Questions About Estate Planning

Do I Need An Estate Plan?

If you do not properly plan for the disposition of your assets or for guardians for minor children at the time of your death, the courts, governed by state law, will dictate who receives your assets and who will care for your minor children.  The result is most likely not one you would want.  Therefore, regardless of the size of your estate, every person should have a properly drafted estate plan.   Equally as important as planning for the disposition of your assets or care of your children at your death is planning to avoid a guardianship should you become incapacitated.  For more information regarding estate planning, please click on Estate Planning Opportunities, Essential Estate Planning for Young Families and/or 10 Most Common Estate Planning Mistakes. 

Will My Estate Be Subject To Tax?

Estates over a certain amount are required to file a Federal Estate Tax Return (form 706).  If the decedent was a resident of Texas or simply owned property in Texas at the time of his death, a Texas Inheritance Tax Return may also be required.  To learn more about estate taxation and other basic estate planning concepts, please click on Common Sense Estate Planning and Estate Preservation and/or Estate Planning Opportunities.  To see an update on the changes to the estate and gift tax laws, please click on Highlights of Changes to Estate, Gift and Generation-Skipping Transfer Taxes.

Do I Need A Living Trust?

Living Trusts are more popular in other states than they are in Texas.  However, there are a few legitimate reasons for which Texas residents might need a living trust.  For more information regarding Living Trust Planning, please click on A Brief Primer on Living Trusts.

How Do I Get Started?

Call one of our estate planning attorneys to schedule an appointment.  The initial conference usually lasts one to two hours and will likely cover information such as the nature of your assets, the naming of guardians for minors, the naming of custodians or trustees for any property which might be inherited by a minor, coordinating your life insurance and retirement accounts with your estate plan, any relevant tax matters, and self-determination planning  for your safety, comfort and dignity should you become incapacitated. 

What Should I Bring To The Initial Meeting?

You do not have to bring anything to the initial meeting.  However, it will save time if you bring a financial statement.  If you do not have a financial statement already prepared, feel free to click on our Estate Planning Information Sheet and complete any or all of it.  You should also be thinking about the persons that will be involved in your estate plan, such as beneficiaries, potential executors, guardians or trustees;  having their names, addresses and phone numbers handy will help us complete your plan more quickly.  

How Much Is All Of This Going To Cost?

The fee involved for preparing estate planning documents for clients will vary depending on many factors, including the nature of the assets involved, whether tax planning is desired or necessary, and the goals the client wishes to achieve.  Often at the end of the first conference, the estate planning attorney can provide you with an estimate of costs involved.  Most estate planning packages, which typically include Wills, Statutory Durable Powers of Attorney, Medical Powers of Attorney, Directives to Physicians, and specialized beneficiary designations for non-probate assets such as life insurance, IRAs and retirement accounts, cost $2,500.00 or more.  However, you should remember that the proper planning can save your family thousands of dollars in the event of your death or incapacity.

Frequently Asked Questions About Probate

What Should I Do After A Death?

Without delay you should see an attorney to determine how best to proceed with respect to the decedent's estate.  Often decisions about whether to accept life insurance or other benefits to achieve favorable tax results must be made quickly, therefore, the sooner you meet with an attorney, the better.  For more information regarding estate issues for executors, please click on General Information for Independent Executors.

Is A Probate Necessary?

It is not always necessary to conduct a formal probate. Our attorneys can help you select the best method for handling affairs after a death, whether that entails the simple filing of an affidavit of heirship, the full probate of a Will, the administration of a trust, or various other methods available under Texas law.  In fact, sometimes no legal proceedings are necessary. However, this determination can only be made after an analysis of relevent facts.

How Much Does A Probate Cost?

The firm bills the probate or administration of a decedents estate at an hourly rate.  The number of hours typically involved will vary depending on whether a valid Texas Will was in existence, the nature of the assets, the tax issues involved, if any, and whether the estate is contested.  Our attorneys can usually give you an estimate of costs after the first meeting.

What Should I Bring To The Initial Meeting?

You do not have to bring anything.  However, feel free to bring any documents you have a question about.  If possible, you should also bring the decedent's will (if any), a rough sketch of the immediate family tree, any information you have about the decedent's assets (including life insurance and retirement accounts), and any trusts under which the decedent had any rights.