6 Incredibly Famous People Who Died Without a Will
We all know we need to get a will, but for many of us it feels like we will have more time to get around to it. When someone in the United States dies without a will, they are considered to have died “intestate.” Rather than choose what happens to their estate, the governing law on inheritance distribution will wind up controlling who gets what and when. Here is a list of five of the most famous people in this country who never got around to getting a will. Abraham Lincoln One of the most famous men to have ever lived in America, Abraham Lincoln was the nation’s 16th president. As many know, he was assassinated on April 15, 1865 by John Wilkes Booth, a Confederate sympathizer. Lincoln was killed at Ford’s Theatre in Washington, D.C., less than a week after Robert E. Lee surrendered. Despite being a lawyer himself, Abraham Lincoln died without a will. So what happened to his estate? Records state that Lincoln’s estate was divided between his widow and surviving children. Luckily for the family, Congress donated money to Lincoln’s widow, and a justice of the Supreme Court stepped in to serve as the executor
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Top 10 Worries for Clients
Sitting on my side of the conference table (or zoom camera, as it is more often than not), I hear a lot about the innerworkings of my clients’ families, finances and personal lives. Through all the stories of family conflict and loss I’ve heard, there are a few common concerns my estate planning clients come to me with. For today’s blog post, I thought I’d share a few of the worries I hear the most often from my clients. Whether any of these topics weigh on your mind or not, my goal is to remind you that you should feel comfortable sharing the good, bad and ugly in your life with your estate planning attorney. If the attorney preparing your will or trust does not know what weighs on your mind, it is a lot harder for him or her to create a plan that fully addresses your concerns. In no particular order, the top worries my clients come to me with are as follows… Will my child’s inheritance be protected from my child’s (current or future) spouse? Whether my client has minor children or children that are adults with a family of their own, a lot of people
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Muniments of Title in Texas
Texas. That word alone evokes varying images and emotions in everyone’s hearts and minds. Perhaps that word makes you envision rugged landscapes, longhorn cattle, and oil derricks. Or perhaps the historic Alamo and resolute individualism come to mind. In all likelihood; however, you probably won’t think about Muniment of Title. Like many things unique to our state, Texas is the only state in the nation that allows for a form of probate called Muniment of Title which will transfer both real property and personal property. Although a couple of other states offer this option for probate, they limit Muniments of Title to the transfer of real property only. What is Muniment of Title exactly? A Muniment of Title is a probate proceeding that allows for the probate of a Will without the necessity of the appointment of an executor. The word “muniment” means a document that proves ownership of property. Having a Will admitted to probate as a Muniment of Title is a way to transfer property and provide a link in the chain of title to the property owned by the decedent with the beneficiaries inheriting under the decedent’s Will. Why Use a Muniment of Title? There are
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Estate Planning for Blended Families
According to the Pew Research Center, two-parent married households are declining while rates for divorce, remarriage and cohabitation are growing. Today, 40% of births occur to women who are not married, and less than half of kids are living with two parents who are both in their first marriage. At the Heights Law Group, we work with a lot of blended families. By “blended families,” we mean clients that are married, but have children from a prior marriage or relationship. Estate planning with blended families is not one size fits all. As such, we wanted to dedicate today’s blog to examining more about the unique challenges faced when drafting wills and trusts for blended families. Blended families require a different approach Take a “traditional” family, with two married parents who are on their first marriage and have children from that marriage. When the first spouse dies, most couples are confident that the surviving spouse will make it a priority to provide for their children. This makes sense- the children are just as much the children of the surviving spouse as they are of the spouse who is deceased. The financial obligations for the couple’s children will now rest solely
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Planning for Your Digital Legacy
An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may not realize how much digital stuff you own, from photos and videos to online accounts, cryptocurrency, and nonfungible tokens (NFTs). Why Is It Important to Plan for Digital Assets? Planning for digital assets is important for several reasons. First, without a plan, digital assets may get lost in the Internet ether and not pass to your loved ones after your death due to the simple fact that their existence is unknown. Second, planning now means your family will not have to worry about hunting for these items upon your death while also grieving a beloved family member. Third, like most adults (roughly 70 percent of them), you want certain aspects of your digital life to remain private. If you do not create a plan, your loved ones may learn things that you wish to keep secret. Finally, planning now can minimize the risk of
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Lady Bird Deeds vs Transfer on Death Deed
In Texas, the default for real property – i.e. land and everything attached to that land—is to wind up in the homeowner’s probate estate. What this means is that when the homeowner dies, their real estate is subject to the probate process in order to transfer title. What many people don’t realize, however, is that real estate can avoid probate with proper planning. The three best ways to accomplish avoiding probate for real property are: (1) Transfer property into a Trust; (2) Transfer on Death Deed; and (3) Lady Bird Deed. For more information on Trusts, click here. For the purpose of this post, we are going to focus on options 2 and 3, the Transfer on Death Deed and the Lady Bird Deed. Transfer on Death Deeds A Transfer on Death Deed (“TODD”) is a statutory mechanism to designate who will own real property after you die. With a TODD you get to keep all ownership rights to the property during your lifetime so that you can sell it or use it as collateral on a loan. Even after filing a TODD, it is a revocable document so you can alter the beneficiaries or revoke the TODD altogether.
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How to Legally Transfer a Motor Vehicle After Death
Houston is a city of drivers. Most of us have cars, and naturally we would prefer to leave our car to a designated beneficiary without having the car go through the probate process. Something few people take advantage of, is the Beneficiary Designation of a Motor Vehicle form available through the DMV. This form allows you to identify who the vehicle should transfer to upon death, and does not require probate for the transfer to take effect. To fill this form out, you will need government issued ID along with the Vehicle Identification Number (VIN). You can find the VIN in a few places: on the driver’s side dashboard (stand outside of your vehicle and look at the corner where the dashboard meets the windshield), in the driver’s side door or door jamb (it will be printed on a sticker in this location), on your vehicle insurance card and on your vehicle title. If you previously named someone as a beneficiary but need to change it to someone else—you will need to fill out the Beneficiary Designation of a Motor Vehicle form and check the second box that says you are changing the beneficiary designation. If you have decided
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What Needs To Be Done Once Someone Dies
When someone you love dies there is a lot that must happen both on personal and legal levels. A funeral must be planned, outstanding debt must be paid, if they owned pets they must be rehomed to name a few. If these tasks become your responsibility, it can be difficult and stressful and take up to a year or more to complete. Often, these tasks will require the assistance of a number of people—lawyers, CPAs and a support network of your friends and family that you can delegate some of the tasks to. In this latest blog we provide a checklist of all the things that must be done to help you with the process. What Needs To Be Done Immediately After Someone Dies Get a legal pronouncement of death If your loved one died in a hospital or nursing home where a doctor was present, the staff will handle this. An official declaration of death is the first step to getting a death certificate, a critical piece of paperwork. However, if your loved one died at home, you will need to get a medical professional to declare her or him dead. Once they have passed, call 911 and
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Types of Trusts for Your Pets
As you are making your Will or Living Trusts you think of all your loved ones that should be included but often overlook one very important family member—your pets. Did you know you can have Pet Trusts? Pets provide friendship, loyalty and comfort, but are also dependent on us to take care of them. Just as you would plan for children in the event of death or disability, you can plan for the care of dogs, cats, and other pets during your estate planning process. In your estate plan, you can create a trusts for your pet that covers the cost of their care such as their food, veterinary care and grooming. It is important when creating such a trust that you hire a professional attorney. It is easy to make mistakes when attempting to use a do-it-yourself site and a D-I-Y trusts may not be enforceable. A trust should designate a beneficiary who will be responsible for your pet and can enforce the terms of the trust. The trust also needs to include a provision that states what will happen to the remaining assets once the pet passes away. Testamentary Pet Trusts In Texas, pet owners may create
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What is the Difference Between Probate and Non-Probate Assets?
A key concept to understand when planning your estate is the difference between probate and non-probate assets. Probate assets include your personal effects, home, checking account and even your car. These things are called “probate” assets because they pass to your heirs or beneficiaries after death through the probate process. Not all assets are probate assets, however. In fact, for many people the majority of their estate is in the form of non-probate assets. Life insurance, IRA accounts, trust assets and payable on death (POD) accounts all constitute non-probate assets that do not go through probate after the owner’s death. Why does this matter? Non-probate assets avoid the probate process. If all of your assets are non-probate assets then probate may not be required after you die. This is appealing to many as it avoids the administrative hurdles, costs and delay of probate, providing your loved ones with an easier transition. Non-probate assets are not governed by your will. That’s right- what your will says about distribution of your estate does not determine what happens to non-probate assets when you die. Instead, the terms of the asset itself dictate what happens to the funds after your
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