An inheritance lawyer, also known as a probate or estate lawyer, is a state-licensed attorney who helps personal representatives and heirs of estates handle the estate of a deceased person. An inheritance lawyer can be involved in various capacities based on the specific details of an estate. A probate lawyer’s role in settling an estate […]
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A Lady Bird Deed, also known as an enhanced life estate, is a type of real property interest. It grants ownership rights to one person ( the “life tenant”) during their lifetime and confers a future interest in the property to another person (the “remainderman”). A traditional life estate cannot be revoked or otherwise changed
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A dynasty trust is a type of irrevocable trust that can be used to pass wealth from generation to generation. Its primary purpose is to minimize taxes. While the property remains in trust, it is not subject to estate, gift, or generation-skipping transfer (GST) taxes. The person who initially creates the trust, who is known
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When someone passes away, all of the real estate and personal property that they currently own individually becomes “estate property.” This means that, until the property is distributed to the deceased’s heirs and beneficiaries, their assets are simply considered to belong to the estate. Estate property includes personal property like cash, stocks, vehicles, clothing, furniture,
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When you purchase life insurance, you may designate a beneficiary to receive the proceeds upon your death. You can name a single beneficiary if you choose to do so. However, it is advisable to name a primary beneficiary and then one or more “contingent” beneficiaries to receive the proceeds from your life insurance policy if
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In general, a “muniment of title” refers to deeds and other written documents that prove title to property, such as wills and court judgments. Texas is the only state in the country that allows a will to be probated as a muniment of title. This allows smaller estates with limited debts and assets to avoid
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