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July 2015 Archives

Estate planning may use revocable living trusts to avoid probate

The most popular trust is called a living trust. A person called the grantor, trustor or creator transfers assets to a trust that will be administered on behalf of a designated beneficiary by an appointed  trustee. A living trust is a major legal instrument that is used in estate planning here in Texas and elsewhere to distribute assets of the grantor to trust beneficiaries, thus getting them out of the control and ownership of the grantor during his or her own lifetime.

Outdated will may require special estate administration actions

What happens when a relative dies and leaves an old will that has not been updated for decades? In one real-life case, an elderly aunt died leaving a will with no executor and giving the estate equally to a deceased brother, a sister who is incompetent and in a nursing home and her late husband's children. The rules of estate administration that apply in Texas are relevant to answering the question.