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Will Drafting
Advantages
of Having a Will
Wills for a Fixed Fee
Estate
Planning Packages
Advantages of Having a Will
A
Will is a legal document that is written to ensure that upon your death,
your assets are given to the heirs that you specify.
Without a Will, your estate will be distributed according to state law.
The marketers of living trusts have done a good job of informing seniors
about the alleged evils of probate. Stories are legendary of Will contests
arising because the witnesses to the Will cannot be located or of attorneys
charging tens of thousands of dollars in legal fees to settle the simplest
of estates. Probate in Texas, however, can be easy and inexpensive by
providing for an independent administration within a “self-proved” Will.
Probate is the process by which your financial affairs are wound up and your
assets are distributed to your heirs. This administration will be required
whether you die with or without a Will, and your executor will be the person
that oversees the process. As part of the probate administration, your
executor will gather your assets, pay any of your creditors, determine your
rightful beneficiaries or heirs, and distribute any remaining assets to the
proper persons.
Clearly, the primary function of a Will is to leave instructions on how to
distribute your property after your death. A lesser known function of a Will
is to appoint the executor who will carry out your wishes. It is while
appointing this executor that you have an opportunity to save your heirs
significant amounts of money in legal fees.
In Texas, the executor can be authorized to conduct either a dependent or an
independent administration. In a dependent administration, the Probate Court
must supervise the administration of the estate. Under this supervision,
each step of the probate process must be presented to the Probate Court for
approval. This means that the lawyer your executor hires may have to prepare
several motions and make several trips to the courthouse, all costing the
estate time and money.
In contrast, the executor in an independent administration is given wide
latitude to administer the estate without obtaining court approval of each
step of the process. In fact, in an independent administration, Texas law
provides that no action shall be had in the courts in relation to the
settlement of the estate other than 1) the probating and recording of the
Will, and 2) the filing of an inventory, appraisement, and list of claims of
the estate. Think about it: after the offering up of the Will and the filing
of an inventory, it is possible that your executor (and his or her lawyer)
will not have to make any more trips to the courthouse!
Because the powers granted to an independent executor are very broad, it is
imperative that you have the highest level of confidence in the diligence
and integrity of the executor you appoint. There have been cases where a
poor choice for executor has led to disastrous results. Thus, an independent
executor should be chosen carefully and should be someone in whom you have
complete trust.
A second procedure that can significantly reduce the legal fees incurred by
your estate is the use of a “self-proved” Will. In a self-proved Will, the
testator and the witnesses sign the Will. The testator and witnesses then
sign a separate “self-proving affidavit” which is attached to the Will. The
affidavit is later used when the Will is offered for probate, providing
proof of the necessary execution requirements. This eliminates the need to
locate the witnesses and will work even if the witnesses are deceased.
Before rushing out to buy a Will kit that features a “personal
representative” and an attached notarized affidavit, please realize that the
language in many Will kits does not substantially comply with the Texas
requirements for independent administration or for a self-proved Will.
Also,
a
Will must also be executed with certain formalities in order to be
considered valid under the Texas Probate Code. The instructions in the kits are not always clear, resulting in
the use of the wrong form or incorrect completion of the document. This
could lead to the execution of a defective Will, forcing both your estate
and your beneficiaries to pay money to attorneys to litigate the correct
meaning and validity of your Will. This amount will easily
surpass any amount you would have paid to have a Will correctly drafted in
the first place.
In conclusion, probate in Texas is not difficult if you have an up-to-date,
self-proved Will with an independent executor. By having a skilled attorney
draft such a Will today, you may save your family thousands of dollars and
hours of worry at a time when they can least afford it.
Wills for a Fixed Fee
The Duran Firm prepares "Simple Wills" for a $150.00 fee.
In order to be eligible for consideration for
this fee, the following conditions must be met:
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Your Will must only provide for a general
gift of all of your property to your spouse, if living, and if not, to
your children in equal shares;
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The total value of your taxable estate must be less
than $750,000 to be sure no tax planning is required in your Will.
Your taxable estate includes your interests in:
real estate, life estates, cash, stocks, bonds, notes, annuities,
financial accounts (including "Payable on Death" or "Joint Tennant with
Right of Survivorship" accounts), retirement accounts, businesses,
many trusts
(revocable or otherwise), personal property assets, powers of appointment,
life insurance policies that pay out upon your death, other property that transfers upon your death, etc.;
and
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Your
estate plan must not require any complex estate planning
techniques.
No two estates are identical.
Therefore, the Duran Firm
cannot quote you a final price until the facts and circumstances of your
estate are determined. In most circumstances, however, a Simple Will is
appropriate. In any event, you will know your fee before we start on
your case.
To get started on your Simple Will,
please answer the questions below, and a person from the Duran Firm will
contact you.
Use "Tab" key or mouse to move between responses.
Do not hit "Enter" until you are ready to submit information.
......After clicking on the button, a blank screen with
the words "Thank You." will appear. You will then be redirected to the top
of this page. A representative from the Firm will contact you within three
days to discuss payment and to coordinate the will execution ceremony in our
offices. If you do not hear from the Firm within 3 days,
please call to follow up.............
Estate Planning Packages
The Duran Firm also
prepares estate planning packages that contain Simple Wills and ancillary estate
planning documents such as powers of attorney and living wills.
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Single
Person
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Married Couple
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Estate Planning Package, includes: |
$450.00. |
$750.00 |
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Simple Will for Non-Taxable Estate |
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Living Will (Directive to Physicians) |
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Statutory Durable Power of Attorney |
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Medical Power of Attorney
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HIPAA Authorization
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(for the release of medical information) |
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Declaration of Guardian |
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Declaration of Guardian for Children |
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Medical Power of Attorney for Children |
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HIPAA Authorization (for Children) |
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Cash, checks, money orders, MasterCard and Visa are
accepted for the payment of attorney's fees and expenses. ...To get started on an Estate Planning Package, please download the
Prospective Client Information Worksheet for Estate Planning by clicking on the link below
and then return the completed Worksheet to our office:
Prospective Client Information Worksheet for Estate Planning [Single]
Prospective Client Information Worksheet for Estate Planning [Couple]
The Worksheets are downloadable Adobe®
PDF files. If you are having trouble downloading the file, you may
have to install the Adobe®
Reader®:
No claim to government works. Otherwise, © The Duran Firm, PLLC 2006-2008. Disclaimer:
This website is designed for general information only.
The information presented
should not be considered or construed to be legal advice.
Moreover, this site
does not create an attorney-client relationship.
The attorney responsible for
this site is Michael A. Duran, a Dallas Probate Attorney.
The Duran Firm's principal office is located in
Dallas, Texas. |
