Liability There are tons things to think about when starting your business. Business plans, securing financing, cash flow analysis, inventory, employees (this one is always scary)…the list can go on forever. Don’t forget to think a little bit about your vulnerabilities. It’s a valuable exercise for many (maybe most) startup companies to make a list of their projected liabilities (read “weak spots” or “worst case scenarios”) to determine where the soft
I recently had someone ask me at an event about executing a will. Specifically, what happens when someone needs to sign a will, but they have a disability (like blindness) that prevents signing? There are a few considerations. §251.051 of Texas Estates Code is a good place to start: “Except as otherwise provided by law, a last will and testament must be: in writing; signed by: the testator in person;
These days, protecting your information is more important than ever. Clients are often worried about the private information contained in a will becoming public knowledge when they go through probate. There are usually two areas for concern. The will itself. When a will is probated, the will is entered in its entirety into the court record and often times, into the deed records of the county for property transfers. That information is very pubic.
North Texas, especially North Dallas, is becoming the business startup epicenter that Silicon Valley was in the 1990’s and early 2000’s. People are moving here from all parts of the USA and from around the world for the big tech and healthcare companies that are relocating here. These are people that have a great work ethic, are highly intelligent in their field, and never stop having new ideas. They’re creating
I get several calls a month from people saying that they don’t understand why they need to probate their mom’s estate (or their spouse’s, dad’s, brother’s, sister’s estate) because before they died their mom signed a Power of Attorney naming them as their mom’s agent. Or, even worse, they call and say they’ve already taken care of their deceased loved one’s estate using the Power of Attorney. What they don’t
I’ve talked about probate quite a bit in previous posts, which is good because its one of our firm’s core practice areas. The first question I hear is usually, “how long does probate take?” To answer that question simply, it depends on if there is a probate contest or not, and if there will. If there is a will and no contest pending, most of the time it will only
Payment on Death Beneficiary Accounts, also known as P.O.D. accounts, have been gaining in popularity over the last several years. A P.O.D. account designation is a contract between you and your financial institutions that upon your death, the financial institution agrees to pay whatever money is in the account at the time of your death to your listed beneficiaries. It acts the same way a life insurance policy does. It
Many people want to be in charge of their loved one’s Estate because it comes with a lot of power and authority, and they believe they are the best ones to carry out their loved one’s wishes. While that may be the case, the State of Texas has some reservations who qualifies as the best choice for the Executor or Administrator. Section 304.003 of the Texas Estates Code states
Many people come into our office and are adamant that they need a trust. They aren’t sure what kind of trust, or what exactly a trust does, but they know they need one. More and more, I find myself explaining to them that they don’t really need a trust. Often, they will spend more money and more time in upkeep of a trust over the years than it’s really worth.
Once in a while, a client comes in who needs some probate done fast. Depending on if there is a will or not, appointment of an administrator can take anywhere from a few weeks to a few months, which is why we always recommend speaking to a probate or estate attorney as soon as you can after a loved one passes away. However, if you have some major time