Tag: Articles

  • Texas Disclaimers in Guardianship Proceedings

    There are four types of disclaimers. The first type is for when an individual who received a gift or bequest disclaims all rights to the gift, thereby giving up their interest in the property and allowing the property to pass as if he or she never received it. The second type is for when an individual who was named as a beneficiary of a trust disclaims any future interest in the property. This prevents them from receiving any more benefits. The third type is for when an individual who has a power of appointment disclaims his or her right to give away part or all of that power to someone else. And finally, the fourth type of disclaimer is when someone partially disclaims their interest in a decedent’s estate, whether through probate or not.

    While individuals may disclaim property to avoid certain obligations, as in the case of inheritance. Disclaimers filed in a guardianship proceeding of someone other than the deceased person whom an inheritance is being disclaimed are not considered filings under Texas probate law. The guardianship case of In re Estate of Boren gives us some guidance.

    In re Estate of Boren, 268 S.W.3d 841 (Tex. App. – Texarkana 2008, pet. denied)

    Facts & Procedural History

    Sarah E. Boren (Decedent) drafted a will that listed her nephew, Richard Finley, as the independent executor of her estate and Jeanetta Finley, his mother, as the alternate/successor. If her husband, Charles Boren, did not survive her, the will instructed that the estate be divided equally between Richard and Jeanetta.

    Richard had previously served as an attorney-in-fact for both Sarah and Charles, neither of which had children. After Charles was appointed a guardian, Richard’s power-of-attorney authority for Charles was revoked by the letters issuing the guardianship. Richard retained Sarah’s power of attorney authority, and originally voiced his disapproval regarding Charles’s guardian’s application to sell his real estate, but later expressed regrets regarding the familial conflict after Charles passed away. Both Charles’s brother and niece testified to Richard’s statements, and the niece had her attorney draft documents that would waive his and Jeanetta’s claims to the estate at hand.

    Richard and Jeanetta both signed the waivers, but eight days after the disclaimers were filed in the guardianship, they filed revocations of the waivers and Sarah passed away. Richard applied for probate (for Sarah’s estate), and the trial court denied both the will and his appointment as independent executor. As a part of this ruling, the trial court also articulated that Richard and Jeanetta had foregone any claim to Sarah’s inheritance by signing documents that met the requirements under Texas Probate Code, Section 37A. These documents included a Waiver of Service, Waiver of Interest, and Approval and Consent to Sale of Real Property regarding Sarah’s estate.

    Richard then appealed, stating several points of error that then were rejected by the Court of Appeals. The Court stated that the trial court had found Richard “unsuitable” for the role of independent executor under the authority granted by Section 78(e) of the Texas Probate Code, and that as such, it would review the trial court’s ruling under an abuse of discretion standard of review (meaning it was not limited to reviewing the sufficiency of the evidence provided). The Court stated there was evidence supporting the trial court’s determination that Richard was unsuitable for the independent executor role, and that it was not an abuse of discretion. However, it stated that the waivers were not irrevocable under Section 37(A) of the Texas Probate Code because Richard and Jeanetta had properly revoked them before they had been properly filed. The Court of Appeals reversed the trial court’s implied order (that the waiver barred Richard from Sarah’s inheritance) and remanded to the trial court for further proceedings.

    Main Consideration of Law

    When does a waiver become irrevocable?

    Once the proper filing and service requirements are met, the waiver becomes irrevocable. If waivers are revoked prior to their proper filing, they are inoperative despite any intentions to disclaim inheritances (such as express statements).

    The Takeaway

    Disclaimers filed in a guardianship proceeding of someone other than the deceased person whom an inheritance is being disclaimed are not considered filings under Texas probate law.

    Do you need an experienced probate attorney for emergency medical or adult guardianships in Austin?

    Do you need help with a guardianship or probate matter in Austin-metro area or the surrounding communities? We are experienced probate attorneys who represent clients with sensitive probate matters. If so, please give us a call us at 512-273-7444 or use the contact form to the right (–>) to see how we can help.

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    There are a few different ways to become a legal guardian in Texas. The most common way is to be appointed by a judge in a guardianship proceeding. Other ways include being appointed by will or deed, or being elected by a group of people who are legally authorized to do so. Becoming a legal guardian in Texas is a serious responsibility. As a guardian, you will be responsible for making decisions on behalf of another person, known as the ward. These decisions can range from everyday choices like what to wear and what to eat, to more important choices like medical treatment and financial matters.

    If you are considering becoming a legal guardian in Texas, it is important that you understand the duties and responsibilities that come with the role. You should also be aware of the different types of guardianship and how they work.

    Basics of how to get guardianship in Texas?

    If you are seeking guardianship of a child in Texas, there are some important things to know.

    First, Texas law requires that the person seeking guardianship must file a petition with the court. The petition must be signed by the person seeking guardianship and must state the reasons why the person is seeking guardianship.

    Second, a hearing will be held on the petition. The court will consider the best interests of the child when making its decision. The court may appoint a guardian ad litem (GAL) to represent the child’s best interests.

    Third, if the court grants guardianship, the guardian will have certain rights and responsibilities regarding the child. The guardian will have the right to make decisions about the child’s education, medical care, and other important matters. Additionally, the guardian will be responsible for providing for the child’s physical and emotional needs. fourth, if you are granted guardianship, you will be required to file periodic reports with the court regarding the child’s welfare. Additionally, you may be required to attend training sessions on how to be a good guardian. fifth, if at any time you no longer wish to serve as a guardian, you can resign by filing a notice with the court.

    What general powers does a guardianship have?

    A guardianship in Texas has a few different powers. First and foremost, a guardian has the power to make decisions about the ward’s medical care. This includes the power to consent to or refuse medical treatment, as well as the power to access the ward’s medical records. Additionally, a guardian has the power to make decisions about the ward’s education and residence. Lastly, a guardian has the power to manage the ward’s finances and property.

    If you are wondering how to file for legal guardianship of a minor in Texas, there is no need to worry. The process is actually quite simple, and there is a form that you can use.

    First, you will need to gather some information about the child and the parents. This includes the child’s full name, date of birth, and Social Security number. You will also need the names and contact information for the child’s parents.

    Next, you will need to fill out the legal guardianship form. This form can be found online or at your local courthouse. Once you have completed the form, you will need to sign it in front of a notary public.

    Once the form is signed, you will need to file it with the court. The court will then review the form and has the power to make a determination on whether or not to grant guardianship. If guardianship is granted, you will be responsible for making all decisions regarding the child’s welfare, including education and medical care.

    The post Texas Disclaimers in Guardianship Proceedings appeared first on Austin Probate Attorney, Kreig LLC.

  • How Do You Probate a Lost Will?

    You may be surprised to learn that if a will cannot be located, it may still be possible to probate the estate. To do so, you’ll need to follow the proper legal procedures and file the right paperwork with the court. This article will guide you through the process of probating a lost will. What […]

    The post How Do You Probate a Lost Will? appeared first on Dallas Probate Attorneys.

  • Is an Online Will Valid?

    If you’re considering making an online will, you might be wondering if it’s actually legal. The short answer is yes, an online will is just as valid as a handwritten one – as long as it meets all the requirements of a regular will. Keep reading to learn more about what makes a will valid, […]

    The post Is an Online Will Valid? appeared first on San Antonio Probate Attorney, Kreig LLC.

  • Tax Implications of Being an Executor in Texas

    When a person dies without having a will in place, the person who has been appointed executor is tasked with distributing all of the assets from the probate estate to those people and organizations named in the deceased’s will, or if there is no will, it falls on the executor to distribute everything at their discretion. The distribution of all assets triggers tax implications for the executor (and other parties) which must be dealt with under the applicable law.

    What are the tax implications of being an executor in Texas?

    As the executor of a estate in Texas, you may be responsible for paying taxes on behalf of the estate. This includes federal estate taxes, state taxes, and any debts the deceased owed at the time of their death.

    If the estate owes any taxes, it is your responsibility to ensure they are paid in a timely manner. Failure to do so could result in penalties and interest charges.

    It is important to work with a tax professional when dealing with estate taxes, as there are often complex rules and regulations involved. An experienced tax advisor can help you navigate the process and ensure that all taxes are paid correctly.

    What is exempt from probate and won’t be subject to estate taxes?

    When it comes to estate taxes, the federal government and most states exempt a certain amount of money from taxation. This is typically called the “exemption amount.” In 2019, the federal exemption amount is $11.4 million per person. This means that if you are an executor in Texas and your estate is valued at less than $11.4 million, your estate will not be subject to federal estate taxes.

    Texas has its own estate tax, but the exemption amount is much lower than the federal exemption amount. For 2019, the Texas exemption amount is $5 million per person. This means that if you are an executor in Texas and your estate is valued at more than $5 million, your estate will be subject to Texas estate taxes.

    Fortunately, there are ways to minimize or avoid paying Texas estate taxes. One way is to create a trust. Trusts can be used to transfer property to beneficiaries without going through probate. Trusts can also be used to minimize or avoid paying taxes on the transfer of property. Another way to minimize or avoid paying Texas estate taxes is to give gifts during your lifetime. You can give gifts up to the annual exclusion amount, which is $15,000 per person

    What is considered property that doesn’t qualify for exclusion from probate taxes?

    There are a few different types of property that don’t qualify for exclusion from probate taxes in Texas. These include:

    -Real estate: Any real estate owned by the deceased person at the time of their death is subject to probate tax. This includes any homes, land, or other buildings owned by the deceased.

    -Vehicles: All vehicles owned by the deceased person at the time of their death are subject to probate tax, including cars, trucks, boats, and RVs.

    -Businesses: Any businesses owned by the deceased person are subject to probate tax. This includes sole proprietorships, partnerships, LLCs, and corporations.

    -Investments: All investments owned by the deceased person at the time of their death are subject to probate tax. This includes stocks, bonds, mutual funds, and other types of investment accounts.

    How is probate money taxed and who pays the taxes?

    When it comes to taxes, the executor of an estate has a few different responsibilities. First, they must file a final income tax return for the decedent. They may also be responsible for filing state and local inheritance taxes, as well as any estate taxes that may be due. The executor is also responsible for making sure that all of the deceased person’s debts are paid, including any taxes that may be owed.

    Probate money is taxed as part of the estate, and the executor is responsible for paying those taxes. The tax rate will depend on the value of the estate and where it is located. In Texas, the inheritance tax rate is 0.5% for estates valued at less than $10 million, and 2% for estates valued at more than $10 million.

    If you are named as the executor of an estate in Texas, it’s important to understand the tax implications of your role. Consult with a tax professional to ensure that you are meeting all of your responsibilities and to minimize any potential liability.

    Who can get a refund on probate taxes paid and how does it work?

    If you’re the executor of an estate in Texas, you may be able to get a refund on probate taxes that were paid. Here’s how it works:

    The Texas Comptroller’s office offers a refund program for certain estates that have paid probate taxes. To be eligible, the estate must have been closed for at least two years and all claims against the estate must have been settled.

    If the estate is eligible, the executor can file a claim form with the Comptroller’s office. The claim form must be signed by all heirs or beneficiaries of the estate.

    Once the claim form is filed, the Comptroller’s office will review it and determine whether a refund is due. If a refund is approved, a check will be mailed to the executor.

    When does the executor need to file a final tax return for a will

    When an executor is wrapping up the estate of a deceased person, they may need to file a final tax return on behalf of the deceased. This is typically done when there are still assets remaining in the estate that need to be distributed to beneficiaries. In Texas, the executor has to file a final tax return if:

    -The estate owes any taxes to the state or federal government

    -The decedent died during the tax year

    -The decedent was a resident of Texas at the time of their death

    If any of these circumstances apply, the executor will need to file a final tax return within 9 months of the date of death.

    How much does an executor get paid in Texas under Probate Law?

    In Texas, an executor is entitled to a fee of 5% of the first $200,000 of the estate, 3% of the next $300,000, and 2% of the next $500,000. For example, if an estate is worth $500,000, the executor would be entitled to a fee of $20,000.

    Do you have to pay death taxes on inheritance in Texas?

    As an executor, you are responsible for ensuring that the deceased person’s taxes are paid. This includes any federal, state, and local taxes. You may also be responsible for paying any taxes on the inheritance that the beneficiaries receive.

    Are executor fees taxable by the IRS?

    If you’re named as an executor in a will, you may be wondering if the fees you’ll earn are taxable by the IRS. The good news is that, in general, executor fees are not considered taxable income. However, there are a few exceptions to this rule.

    First, if you’re paid a salary by the estate for your work as executor, that salary is considered taxable income. Second, if you receive reimbursement from the estate for expenses you incurred while performing your duties as executor, those reimbursements are also considered taxable income.

    Finally, if any of the assets of the estate are distributed to you as part of your compensation for serving as executor, those assets may be subject to capital gains taxes. For example, if the estate includes a piece of property that has appreciated in value since the decedent’s death, any profit you make on the sale of that property will be subject to capital gains taxes.

    If you have any questions about the tax implications of being an executor, it’s best to speak with a tax professional or an attorney who specializes in wills and estates.

    How to probate a will in Texas?

    In Texas, the process of probating a will is overseen by the court system. The first step is to file the will with the court and have it admitted to probate. The next step is to have the executor named in the will qualified by the court.

    What happens in probate court?

    Probate is the court-supervised process of identifying and gathering the assets of a deceased person (the “decedent”), paying the decedent’s debts, and distributing the decedent’s assets to his or her beneficiaries. The probate process takes place in probate court.

    The post Tax Implications of Being an Executor in Texas appeared first on Austin Probate Attorney, Kreig LLC.

  • What is Muniment of Title under Texas Probate Law?

    In Texas, a muniment of title is a judicial document that proves an individual’s ownership of real property. This document is typically used when the owner does not have a deed or other physical evidence of ownership. The muniment of title must be filed in the county where the property is located and must include […]

    The post What is Muniment of Title under Texas Probate Law? appeared first on Dallas Probate Attorneys.

  • Dependent vs. Independent Probate Administration

    Dependent Probate Administration Before filing the probate application, one has to make a choice between dependent or independent probate administration. The term “dependent administration” refers to the probate being administered by the personal representative with direct supervision by the court. As explained below, dependent administration is an extremely restrictive method for administering an estate. This […]

    The post Dependent vs. Independent Probate Administration appeared first on San Antonio Probate Attorney, Kreig LLC.

  • Can My Ex-Spouse Get My Inheritance?

    If you’re not on good terms with your ex, you might not want to hear this – but in some cases, they could actually inherit your money or property if you die without a will. It’s important to know the laws in your state so that you can plan accordingly – read on for more information.

    How Assets Transfer At Death

    When a person dies, their assets are transferred to their heirs. The process of asset transfer is called probate. Probate is the legal process of transferring a person’s assets to their heirs after they die.

    There are two types of probate:

    1. testate – when the person dies with a will
    2. intestate – when the person dies without a will

    If the person dies with a will, then their assets are transferred according to the instructions in the will. If the person dies without a will, then their assets are transferred according to state law.

    In most cases, the deceased person’s spouse is the first heir. If there is no spouse, then the children are the next heirs. If there are no children, then the parents are next in line. If there are no parents, then the siblings are next in line. And so on.

    The order of heirs can be different in some cases, such as if the deceased person was married more than once or if they had children from more than one relationship.

    It’s important to know how assets transfer at death because it can affect your inheritance. For example, if you’re the spouse of a deceased person, you may have to share your inheritance with the deceased person’s children. Or, if you’re the child of a deceased person, you may have to share your inheritance with the deceased person’s siblings.

    In some cases, assets may not be able to be transferred at death. This can happen if the asset is jointly owned with someone else or if the asset is in a trust.

    What Happens After Divorce?

    It can be pretty tough to think about what happens after divorce, but it’s important to be prepared for anything. One thing you may not have considered is what could happen to your inheritance. It’s possible that your ex could end up with a portion of it, depending on the laws in your state.

    This is something you’ll want to talk to an attorney about, as they can advise you on the best way to protect your assets. You may also want to consider mediation or arbitration to try and come to an agreement outside of court. No one wants to think about their hard-earned money going to their ex, but it’s important to be prepared for anything.

    Won’t My Divorce Decree Override a Named Beneficiary?

    If you’re going through a divorce, you may be wondering what will happen to your inheritance. Can your ex-spouse really claim it?

    The answer is maybe. It all depends on how your divorce decree is worded and whether or not you have a valid prenuptial agreement in place.

    If your divorce decree does not specifically address the issue of inheritance, then your ex-spouse may have a claim to it. This is especially true if you live in a community property state like Texas.

    However, if you have a valid prenuptial agreement that states that all assets will be kept separate in the event of a divorce, then your ex-spouse will likely not be able to get your inheritance.

    Do You Need a Texas Probate Attorney to Help?

    If you’re not sure what will happen to your inheritance in the event of a divorce, it’s best to speak with an experienced attorney who can review your specific situation and give you guidance on how to protect your assets.

    https://austin-probate.com/

    Related Questions

    Can a divorced wife inherit?

    In Texas, if a man dies without a will and has a wife, she is considered by the court to be entitled to a portion of his estate. This portion is called an “elective share” and is based on how long she was married and how much family property she received during their marriage.

    The elective share is also known as the “minimum share.” It doesn’t mean you have to take it. It means that, if you do not accept it, another heir will likely get it. In Texas, if a woman dies without a will and has no surviving husband or children, her husband or children are the heirs entitled to her estate.

    Can I go after my ex husband’s inheritance?

    The short answer is: yes. You can go after any property your ex has, whether or not you have a claim to it as a separate property.

    If you were never married and you have no children together, there is no spouse to get half of the community estate. That means you can go after all of it, even though it was originally an ex spouse’s separate property.

    However, your right to claim these benefits may be limited by the statute of limitations in the state where you live.

    When a husband dies what is the wife entitled to?

    In Texas, when a husband dies, a surviving wife is not automatically entitled to all of his property. Instead, the wife is usually entitled to a “probate estate” in the form of an asset that is given to her called an elective share. The main purpose of the Texas Probate Code’s elective share provision is to ensure that surviving spouses aren’t disinherited.

    When does an inheritance become marital property? Is it considered upon death?

    An individual who receives an inheritance may find themselves wondering if the inheritance is considered marital property. In Texas, there are two different things that factor into an inheritance, and each of them can lead to different results.

    The first is the time of the inheritance. Some inheritances are received before the marriage. These are typically from a blood relative or from an estate left by a family member. Inheritances that are received before the marriage are not considered marital property since they were already owned by the individual. They are their property, and they will not be affected by any laws that might change upon marriage.

    The second factor is the way the inheritance is received. If the inheritance is received in a trust, it is not considered marital property. This is because it is not part of the decedent’s estate. In contrast, if an inheritance is received directly, then it is considered to be owned by both parties.

    Is future inheritance considered in divorce settlement?

    As part of a divorce, spouses may consider the inheritance they will receive from a future will. If a probate division of estate is being considered, it is important to know how this division can impact a divorce settlement.

    The answer is that future inheritance is not typically considered during divorce settlement discussions. This is because after a probate division of estate, in most cases, the inheritance belongs to the heirs, who are not already a part of the divorce settlement process.

    The post Can My Ex-Spouse Get My Inheritance? appeared first on Austin Probate Attorney, Kreig LLC.

  • Can a New Will Revoke a Will That’s Already Probated?

    When a will is probated it is declared as valid and the executor is given permission by a court to distribute assets according to the provisions of the document. What happens when a will made later in time that revokes the previously probated will is sent to a court for probate? Estate of Morris explains […]

    The post Can a New Will Revoke a Will That’s Already Probated? appeared first on San Antonio Probate Attorney, Kreig LLC.

  • What’s the difference between Tangible and Intangible Assets in Probate?

    With a will, you can divide both your tangible as well as your intangible assets. Whether an item belongs in the estate or not depends on what type of asset it is. It’s very important to make this distinction between tangible and intangible assets, otherwise the distribution of an item of significant value could be affected.

    Tangible assets, rights, and property examples

    Tangible personal property is any physical item other than real estate. Tangible personal property includes furniture, fixtures, machinery and equipment. Tangible personal property includes any item that is or can be removed or transported without material change to its form or function, such as apparel and furnishings.

    Intangible assets: Non probate assets, real estate and personal property

    Intangible property generally includes assets which are not physical. Common examples include assets like cash, reputation, copyrights, patents , and goodwill. Intangible assets may also include property rights or claims to property that is itself not tangible. For example, ownership of land includes the right to use it, licenses that grant limited access to computer software, and securities such as bonds or stocks. Basically, intangible assets are not physical in nature.

    Is money tangible personal property?

    It is common to assume that since money is physical, it is a tangible asset. However, the courts have ruled that money is an intangible asset. However, if the decedent owned some personal property that was not of a fungible nature, such as a coin collection or valuable currency items that the decedent identified specifically, it could be part of his or her intangible personal property and would pass outside the will. But, generally speaking, cash is an intangible item.

    Are stock certificates tangible property?

    What about stock certificates? A recent case analyzed whether stock certificates in a closely held company could be considered tangible personal property. Despite the plaintiff’s argument that stock certificates were tangible assets, the court ultimately found that they were intangible and therefore not subject to the decedent’s Will. The court ruled that the document only represented what the actual interest was in the corporation, so it could not be admitted into evidence.

    Do you need to hire an attorney to distribute an estate?

    Therefore, it is always important to pay close attention to how an executor classifies assets during distribution of an estate. The classification of assets can be very important in the distribution process because it could mean that tangible assets, such as real estate or vehicles, are distributed differently than intangible assets, like stocks and bonds. If you have any questions, call one of our trusted probate attorneys for a free consultation.

    Use the calendar on the right (–>) to schedule your FREE consultation today!

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    What is the difference between tangible and intangible personal property?

    Intangible personal property is the most difficult to describe since it doesn’t physically exist. In Texas, intangible personal property refers to any asset that isn’t real estate, money or other tangible items. Determining who inherits intangible items can be difficult since not everyone will receive the same type of assets. A good example of intangible personal property includes things like art, stocks and bonds, life insurance, stocks and cars.

    Laws on probate assets are often very different in each state. This is because states have different laws on which items must be probated and which ones don’t need a formal probate. For example, in California, Arizona, Nevada and Oklahoma, the only assets that need to go through a formal probate court are real estate and money. Other assets pass straight to the person who inherits the item.

    In contrast, tangible personal property is anything that can be physically touched. This would include items such as furniture, clothing, jewelry and vehicles. Tangible personal property is generally much easier to divide up since it can be divided into equal shares. For example, if there are three children inheriting a home, each child would receive an equal share of the home.

    It’s important to note that some states consider certain types of intangible personal property to be probate assets. For example, in Texas, stocks and bonds are considered probate assets. This means that they must go through the formal probate process in order to be transferred to the rightful heirs. Other states have different laws on which intangible items are considered probate assets.

    What are examples of tangible and intangible assets?

    When you are dividing up your parent’s estate after they pass away, you’ll need to determine what is considered an asset, and what is not. Here are some examples of tangible and intangible assets:

    Tangible Assets Tangible assets are those that you can touch, like jewelry, artwork, or other valuable items. Tangible assets will be identified on your parent’s balance sheet.

    Some people might consider their family home to be a tangible asset, but it can also be an intangible one. The same is true of any property that your parents own outright. If there are no mortgages or other loans against the property, then it qualifies as an asset.

    Intangible Assets Intangible assets are those that you cannot touch, such as patents, copyrights, and goodwill. These items may not be listed on your parent’s balance sheet, but they can still have value. You’ll need to have these appraised in order to determine their worth.

    What are intangible assets in a will?

    Many people will put down things like jewelry and money in a will. However, there are things that may be considered intangible assets as well. Things like trademarks or patents are also included in this category as well. In order to understand what they are and why they are in a will, it is important to understand what an intangible asset is. An intangible asset is defined as any nonphysical asset that has value. For example, patents, copyrights, trademarks and goodwill can all be considered intangible assets.

    The estate tax laws state that any property that has an established value of an asset can be considered an intangible asset. This can be determined by the person’s total assets and whether or not the fair market value is greater than the total value of the tangible assets. This only comes into play when other assets have been exhausted. Once the other assets have diminished, the value of the intangible assets will help lower the tax burden on the estate.What are some of the benefits of creating a trust?

    There are many reasons why someone might want to create a trust. One common reason is to avoid probate. Probate is the legal process that happens after someone dies, during which their assets are distributed according to their will or estate plan. Trusts can help avoid probate because they allow assets to be transferred directly to beneficiaries without going through probate court. This can save time and money, and it can also keep your affairs private since probate proceedings are public record.

    Another reason people create trusts is to protect their assets from creditors or lawsuits. When you put assets in a trust, they become protected from your creditors—meaning they can’t take them to pay off your debts. This can be especially helpful for business owners or people with significant wealth who may be at risk for lawsuits. Trusts can also help you manage your assets if you become incapacitated since the trustee will be able to step in and make decisions on your behalf.

    Lastly, trusts can be used for tax planning purposes. For example, if you have a large amount of money in an IRA, you may want to put it in a trust so that your heirs won’t have to pay taxes on it when they inherit it. There are many different types of trusts, and each has its own set of rules and regulations—so it’s important to work with an attorney or financial advisor who can help you choose the right one for your needs.

    What does tangible and intangible mean in a will?

    A tangible asset is one that you can touch, like your house or car. Intangible assets are less concrete. They don’t have any physical form and may be difficult to value, like a good friend or a closely held business.

    Texas Law defines both tangible and intangible assets in terms of property.

    In Texas, property includes both real (tangible) and personal (intangible) property; some property may be classified as both.

    Texas Law states that Intangible personal property includes all legal or equitable interests that are not considered real property under the laws of this state. Some examples of intangible assets are copyrights, patents, and goodwill. These are all things that have value, but you can’t touch them or see them. They can be very difficult to value because there is often no market for them.

    One example of a tangible asset is your house. It’s something that you can touch and see. It’s usually easy to value because you can look at similar houses in the area and get an idea of what it’s worth.

    What is tangible personal property in a will?

    There are a number of different assets that may be distributed in a will. The most typical assets are houses, vehicles (tangible personal property, or TPP), bank accounts, valuable personal property and retirement accounts. There is TPP, which is the most typical item that people will find in their will. But what is TPP? TPP is anything that you own that you can physically touch, like your car, your computer, furniture, etc. It doesn’t include financial instruments or intangible personal property (IP).

    The post What’s the difference between Tangible and Intangible Assets in Probate? appeared first on Austin Probate Attorney, Kreig LLC.