The primary purpose of a will is to give instructions on how to handle the decedent’s property and how to care for minor children after death. A will is a legal document; therefore, specific legal requirements must be followed for the document to be valid. To learn more about the requirements for writing a will, contact one of our knowledgeable wills lawyers.
The determination of heirs becomes an issue if a person dies without having a will in place, if the will has been revoked or annulled (“intestate as to the person”), or if a person dies without including a specific asset in an otherwise valid will (“intestate as to property”). In that case, the state of Texas will determine heirs.
The essential concept of a trust is that as a legal entity, the trust owns the property. Typically, successor trustees are named to assume trust management duties upon specific triggering events designated in the trust. At such a time, there is no change of ownership (title remains at all times with the trust); there is only a change of management.
Family limited partnerships are an estate planning tool that can be used to transfer assets from one generation to subsequent generations. The goal is to transfer significant assets to one’s children and grandchildren while minimizing estate taxes.
Romano & Sumner, PLLC