Estate planning is the process of planning and providing for the proper disposition and administration of an estate and includes preparation of wills, trusts, powers of attorney and other tools needed to allocate estate assets and personal powers of individuals.
ProbateProbate is the action or process of proving before a competent judicial authority that a document offered for official recognition and registration as the last will and testament of a deceased person is genuine. The process also transfers legal title of property from the estate of a person who is now deceased to the appointed, specified heirs. The probate process in Texas is relatively inexpensive and simple, provided the deceased made a proper will, drafted with the specific requirements of the Texas Probate Code.
A guardian is one who has been entrusted by the law with the care of another person or for the person's estate or for both. Rainey & Rainey, LP represents clients in guardianship proceedings - from securing a guardianship to protecting the estate or personal well-being of an individual, to contesting a guardianship when one may not be appropriate.
An Heirship Proceeding may be necessary to resolve questions regarding the disposition of property owned by someone who died without a will. This process establishes the individuals who are entitled to receipt of property pursuant to the rules of descent and distribution set forth in the Texas Probate Code.
Wills & Trusts
A will directs the distribution of a person's probate assets and simplifys the transfer of his or her property upon death. Probate is the process by which a will is given effect upon a person's death. A trust also directs disposition of property upon a person's death, but is often more expensive to establish. A living trust requires transfer of assets to the trust during the owner's lifetime to be effective.
Because the probate process in Texas is relatively simple and inexpensive, most people do not need a trust simply to avoid probate; however, a trust can be extremely valuable in accomplishing a particular purpose, such as tax planning or managing assets for children or those with disabilities. A will or trust can be challenged on the basis that the person executing the document did not have proper mental capacity at the time he or she made the will or trust.