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Posts tagged "beneficiaries"

Estate administration usually follows the dictates of a will

When a person dies in Texas, his or her will provides for appointment of an executor to handle the estate's administration. If there was no will, the statutory law of Texas designates persons who may qualify as an administrator of the estate. An executor or administrator will have to take certain steps and perform certain duties to properly administer the estate. Both executors and administrators may be generically referred to as the personal representative of the estate.

Term insurance is a useful tool that can avoid probate expenses

In Texas and all other states, term life insurance can serve a number of uses for estate-planning purposes. Life insurance generally does not go through probate but passes directly to the named beneficiary. In the event that there is no named beneficiary, the proceeds will go to the estate by default and the funds will be subject to probate. In that instance, the life insurance proceeds will be counted as part of the gross estate of the decedent.

Personal representative must access decedent's digital assets

In Texas and all other states, the extensive use of online services by the average person has led to a need for the estate of a deceased person to be able to access that person’s online digital assets. That need has given birth to organizations concerned with addressing the issue. Just recently, a lawyers’ commission completed and introduced the Uniform Fiduciary Access to Digital Assets Act. When a person dies and probate is forthcoming, the passage of this or similar legislation will provide a framework to guide the estate’s personal representative with respect to the decedent’s digital assets.

Portability election on Texas estate

An estate owner can opt out of portability election. There are certain ways in which to carry this act out. In an instance where a tax return for an estate is not required, it will be considered as a choice to not participate in portability election under a specified Internal Revenue Code. If an estate tax return is filed, then the Texas executor must submit a confirmatory statement to remove portability election.

Do Texas beneficiaries need to probate a savings account?

A well-drafted will is an important part of estate planning. Even with a will in place, there are certain aspects that may be missing which may lead to probate. However, there are some exceptions to the rule and Texas beneficiaries may be able to participate in small estate administration.

Estate administration: Dispute over heiress' 2 wills resolved

Estate administration can be a complicated and contentious matter if a person's end-of-life documents are not in order. This is especially true when documents such as separate wills contradict each other.

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Bedford (Fort Worth), TX 76021
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Addison, TX 75001
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