Probate Court

Intestacy means that your estate has to go through probate. It could take up to two years or even longer to resolve your estate’s probate case.

This can cause:

• prolonged grief of your loved ones each time they have to go to court.

• delayed distribution of your family’s inheritance.

• the tying up of assets that are needed to pay creditors (medical bills, business, etc.).

• more money in attorney’s fees each time your family goes to court, draining the assets you intended to leave to your loved ones.

• still potentially missing out on what you would have wanted to happen.

• your family’s financial affairs becoming public.

Minor Dependents

You are in the best position to decide who should care for your children and how your assets should be left for their care.

Without guardianship papers and a trust in place:

• the court has to choose from whichever relatives apply to be their guardian. We all have relatives who look great on paper, but would not be our choice to raise our children and administer their assets. The court has to make the best choice they can from the information they are given.

• your children may be taking control of all your assets as soon as they turn 18. With a trust in place, you can plan for their care and have better timing for distribution of the inheritance.

• in Texas, if a child is 12 years old and you have not named their guardian, they actually get to choose who their guardian would be and who will run their estate, making them potential targets for those who would seek to exert undue influence.

Conflict and Confusion

Without an estate plan, your family, relatives, and the court have to try to figure out what you own, who gets your assets, and how you would have liked them to be distributed. This is a significant burden to place on others, and conflict, confusion, and frustration usually follow.

While you are still living and capable, you can lift this burden by:

• appointing a professional trustee if you so choose.

• setting up your estate for tax optimization.

• having advance medical directives in place and a power of attorney in case of your incapacity.

• cutting down on the chaos of family conflict by making your wishes known ahead of time.

• sharing the location of accounts and digital assets with your family so they don’t have to hunt for them during your incapacity or after your death.

• having open discussions with your family about your wishes and expectations.