Estate Planning

Texas intestacy laws determine how your assets are distributed. If you're married, your spouse receives all community property and may share separate property with your children or parents, depending on who survives you. If you're unmarried, your children inherit everything, or if you have no children, your assets go to your parents or siblings. The court appoints an administrator to handle your estate, which can be more expensive and time-consuming than probate with a will. Intestacy also means you have no say in who raises your minor children or manages their inheritance.

Yes, you can amend or revoke your estate planning documents at any time as long as you're mentally competent. For a will, you can create a codicil to modify specific provisions or draft an entirely new will that supersedes the old one. For a revocable living trust, you can amend the trust document or restate the entire trust. Powers of attorney can be revoked by written notice to your agent and any institutions that received copies.

Beneficiary designations on retirement accounts, life insurance policies, and payable-on-death bank accounts supersede your will. These assets transfer directly to the named beneficiaries outside of probate. If your will leaves everything to your spouse but your 401(k) still lists your ex-spouse as beneficiary, your ex-spouse receives the retirement account regardless of what the will says. We review all beneficiary designations during the planning process and recommend changes to align them with your goals.

A will takes effect only after your death and must go through probate, which is the court-supervised process of validating the will, paying debts, and distributing assets. A trust can take effect during your lifetime and allows you to transfer assets to beneficiaries without probate. Trusts provide more privacy because they're not filed with the court, and they offer greater control over how and when beneficiaries receive their inheritance.

Estate planning is about more than just wealth. If you have minor children, you need a will to designate guardians. If you own a home or other real estate, you need a plan to transfer that property without forcing your family through a lengthy probate process. Powers of attorney and medical directives are relevant regardless of your net worth because they address decision-making authority during incapacity.

The executor, also called a personal representative, is responsible for managing your estate after your death. This includes locating assets, notifying creditors, paying debts and taxes, and distributing property to beneficiaries according to your will. The executor also files the will with the probate court and represents the estate in legal proceedings if necessary. You should choose someone who is organized, trustworthy, and willing to take on the responsibility.

Business owners need to address succession and valuation in their estate plan. If you want the business to continue operating, you should identify who will take over management and whether other family members will receive ownership interests or equivalent value in other assets. A buy-sell agreement can establish a valuation formula and create a market for your ownership interest. If you're a partner or shareholder in a company, existing agreements may dictate what happens to your interest at death, so we review those documents and coordinate your estate plan accordingly.

In Texas, you can disinherit anyone except your spouse. Community property laws give your spouse certain rights to assets acquired during the marriage, but you have broad discretion over separate property and can exclude children or other relatives from your will. To avoid confusion or legal challenges, we recommend stating explicitly that you're excluding someone rather than simply omitting their name. If you anticipate a will contest, we can include a no-contest clause that penalizes any beneficiary who unsuccessfully challenges the will.