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In Central Texas, families in Waco, Temple, Belton and Georgetown work hard to build their legacies. It’s easy to put off planning for the future, but waiting can create needless challenges for those you care about most. A modern estate plan is more than just a will. Today’s world is complex, with issues like digital assets and blended families. These situations need careful thought, and Texas law adds another layer of detail. We aim to help you understand these challenges so you can confidently plan.
Understanding Texas Community Property Law
One of the most significant factors in Texas estate planning is our state’s community property system. This fundamental concept can shape how your assets are distributed, sometimes in unexpected ways. In Texas, with limited exceptions, most property acquired during a marriage is presumed to be owned equally by both spouses, regardless of whose name is on the title. A car, a house, or a bank account can be and are presumed to be community property.
Separate property, on the other hand, includes assets acquired before or during the marriage by gift or inheritance. The distinction between community and separate property is a legal matter that can complicate a plan. For example, if you are married and no will is in place, the distribution of assets must follow the rules of descent and distribution Texas law. We work with families to help them understand these laws and how they apply to their unique situation.
The Problem of Dying Intestate in Texas
Intestacy is the legal term for dying without a valid will. Many people believe their assets will automatically pass to their spouse or children in an arrangement they assume is fair. This is not always the case in Texas. The state has a strict set of rules, outlined in the Texas Estates Code, that dictates how your property will be divided if you do not have a will.
Dying intestate means your wishes for certain people or causes may be left unfulfilled. Under Texas’s intestacy laws, a beloved long-term partner who is not a spouse or a cherished stepchild who was never formally adopted would receive nothing. Likewise, a spouse does not inherit separate property or community property if there are children from outside the marriage. The same is true for a favorite charity or a close friend who is considered family. This is one of the most common and difficult challenges we see families in our community face. Without a plan, the state will make these important decisions for you.
Beyond the Will: The Importance of a Modern Plan
In addition to a will, a modern estate plan can address what happens after you’re gone and if you cannot manage your own affairs. A Durable Power of Attorney allows you to name an agent to handle financial matters if you become incapacitated, as outlined in the Texas Estates Code Chapter 751. A Medical Power of Attorney gives a trusted person the authority to make healthcare decisions for you. Without these key documents, a court may have to appoint a guardian over you, which is a public and often an expensive and lengthy process.
Another helpful tool is a trust. Many families use trusts to manage assets and pass them to heirs outside court-supervised probate. A trust offers privacy and control and can be customized for specific needs, such as providing for a family member with special circumstances. We help our clients choose the right tools for their goals.
The Texas Probate Process: Understanding the Options
Probate is the legal process of settling an estate after death. While many people think this process is always expensive and time-consuming, Texas law provides options for a more efficient administration. For example, our state allows for independent administration, which lets the executor you name in your will manage the estate with minimal court involvement. This can save your family significant time and money, it is still time consuming and expensive.
Common Local Challenges in Central Texas
Living in and around Waco, Temple, Belton and Georgetown brings a particular lifestyle and unique challenges that can be addressed with thoughtful planning. With these areas are growing, many families may have acquired real estate, opened new businesses, or blended families through second marriages. These life events require an updated plan. Failing to update a plan after a marriage, a new child, or a significant change in assets is a common mistake that can have serious consequences. Our team is accustomed to helping families in our community address these specific issues.
Our Approach to Planning for Your Family
We know estate planning can feel overwhelming. Our compassionate team at Rainey & Rainey, PLLC, Attorneys at Law, is here to help you prepare for the future, beginning with a conversation about your family and goals. We focus exclusively on Elder Law, Estate Planning, Asset Protection and Probate, staying informed on the most current information in this area. Our attorneys typically use flat fees, giving you a clear understanding of the full cost once we know your needs.
A strong plan is not just about assets—it’s about protecting those you love. We invite you to contact our offices in Waco and Georgetown. You can reach us at (254) 752-8644 or (512) 598-9005.
