Probate is necessary to pass title to property to those person(s) named as beneficiaries in a Decedent’s Will. Probate is also the process by which the affairs of a Decedent are wound up or concluded, which will involve the collection of his assets and the payment of his debts.
Title to assets must be conveyed into, or placed in, the Trust. At this point, the Trustee will manage the assets in his name as Trustee. Living Trusts are designed to hold title to your assets while you are living and, at death, pass title to the assets as you direct in the Trust, without the necessity of probate.
A Will is a legal document in which you describe who will own your property upon your death. It also provides for the orderly passage of your property after your death. In your Will, you can provide for the appointment of Independent Executors who, in Texas, operate independent of the Probate Court after a Will is admitted to probate and an Inventory has been filed.
A Guardianship is a court-supervised process involving the appointment of an individual (the guardian) to care for a person, manage his or her financial affairs, or both.
Medicaid/Long Term Care Planning
The ever changing landscape of Medicaid eligibility requirements and benefits can be difficult to navigate.