Bulletproof Your Legacy for 2024

December 8, 2023

Simply having a will does not avoid probate

Did you know simply having a will does not avoid a costly probate proceeding? A will is a document in which you will be able to state who your heirs are. You can also state how you want to distribute your estate and you’ll also be able to appoint whoever the executor is to be along with any alternates, The executor’s job is to take the will to probate, get court appointed, collect the assets, make an inventory, and then distribute the assets pursuant to the statement of the will. So that’s fairly straightforward.

The problem is, a lot of times when clients are looking at doing a will, they don’t realize that it is really a two-step process. Step one happens while you’re alive. You prepare the will now. The will, while you’re alive doesn’t have any kind of power or authority. Once you pass away, then the will has potential, but it doesn’t have power or authority until it is admitted to probate by the appropriate court.

So that means we still have the second step. So, a lot of times when our firm is hired to do a will, I know that that there will be work coming up for the future for that case. How does a will work? How do you probate the will? Once a person dies, like when you don’t have a will, the process is similar, except it’s much more efficient when there is a will. We still have to file an application to probate the will. We’ll need to file the original will and original death certificate and that will need to be posted for at least 10 days. After those ten days, the court will give us a hearing. That hearing can also be anywhere from two weeks to two months, sometimes more, depending on the court’s docket.

The cost savings here is that there won’t be a need for attorney ad litem like in the previous example, with no will at the hearing. Then, the executor will need to be appointed and they will have thirty days to file a notice to creditors and 90 days to file an inventory of the estate. They can also file an affidavit in lieu of inventory. However, they’ll need to provide the inventory to everyone who would take under the will and have them confirm a receipt and acknowledge that there are no objections to the inventory. Now, once that inventory is approved and filed, then the executor can begin distributing the estate.

As you can see, this is still a little bit lengthier process. It could take four to six months before the assets can be distributed. Although it doesn’t sound like a long time, when there aren’t any funds that are available to pay for regular ongoing bills for the family, it could be a burden and it could create some risks of foreclosure and other situations like that. So, although the will does provide more efficient means for transferring, it still requires going to court and having the probate process.

Now, any time that we have a court process, it opens up the opportunity for there to be litigation. If one of the heirs is not happy with the way the distribution is laid out there, there could be a will contest. Typically, that can result because everyone is treated equally and one of the family members feels like they were always there for mom and dad. Maybe the other siblings were out of town and they never came in and never visited. So, the siblings that were closer to the parents geographically feel they’re entitled to a larger piece of the pie because they were there for their parents. So, if they’re treated equally, they could contest and argue this fact.

On the other hand, there could be an argument in the other direction. If the child that’s locally available and attends to the parents gets a larger piece of the estate, the other the other children could argue, hey, wait a minute, we’re also equally their child and we should be entitled to exactly the same. They might feel that they should all be treated equally. There could be different arguments that can be made and brought up before the court.

The one thing that that they can be certain of is that those arguments will be brought up. And from experience, arguments will cause delays and will increase the expenses for all the parties involved. There will be additional legal fees all the way around to respond to the different objections to the will and any kind of contest to the will. Something to consider if you bulletproofing your legacy is something you want to achieve in your lifetime.

If you would like to hear more about how our firm can help you plan for the future, contact us today. We would love to help.

We provide estate planning services to clients throughout South and Central Texas. Please contact us today, we are happy to share our expertise with you so you can make the best decisions for passing on your financial legacy. We are available in person, by appointment or by Zoom. In South Texas, call us at 956-791-5422.

< Older Post Newer Post >

Molding Your Financial Future in 2025

January 17, 2025

As we step into the new year, I find myself reflecting on the countless entrepreneurs, professionals, and business owners I’ve worked with throughout my career. Helping clients mold a shield of protection around their assets has been one of the most rewarding aspects of my practice. Time and time again, I’ve witnessed that success isn’t reserved for geniuses, nor does it require a fancy degree. The secret lies in action, strategy, and discipline—traits anyone can cultivate to achieve and maintain wealth. The Myth of Instant Wealth How often have we heard someone say, “When I win the lottery, I’ll finally be set”? It’s a common refrain, but let’s examine the reality. Imagine winning $10 million in the lottery. After choosing the lump sum option and paying taxes, you might walk away with only a fraction of that—perhaps $2 million. Without a solid financial plan, it’s no surprise that many lottery winners end up broke within a few years. True wealth isn’t about luck or flashy possessions. It’s about what you do with your resources and how you protect them. If you look around your community, the truly wealthy aren’t necessarily the ones with the biggest houses or newest cars. They’re often the ones who’ve taken calculated risks, lived within their means, and built unglamorous but steady businesses. These individuals mold the clay they’re given, creating shields of protection around their assets that ensure their financial stability for generations. The Trap of Looking Rich We’ve all seen it—the big house, luxury car, and designer wardrobe. But appearances can be deceiving. Many who look wealthy are drowning in debt, spending more than they earn, and chasing the illusion of success. As my wife lovingly calls it, Dickersonism #7: “Looking rich does not MAKE you rich.” True wealth is built on a foundation of solid, income-generating assets, not consumables. Falling into the trap of “keeping up with the Joneses” (or Kardashians) often leads to financial instability and missed opportunities to create lasting wealth. The Cost of Inaction One of the greatest obstacles to wealth and protection is inaction. Henry Ford famously said, “If you think you can, you can. If you think you can’t, you can’t. Either way, you’re right.” Inaction is the path of least resistance, but it’s also the path to missed opportunities and unfulfilled potential. Some hesitate out of fear or over-analysis, a condition I call “analysis paralysis.” It’s easy to get caught up in what could go wrong, but this mindset keeps you stagnant. Every successful person I’ve worked with has one thing in common: they took action. They understood the risks but focused on the rewards, moving forward despite uncertainty. Setting Your Course for 2025 If you haven’t taken steps to mold your financial future, now is the time. Ask yourself: Where do you want to be a year from now? In five years? In ten? Define your goals and begin building the path to reach them. Just as importantly, protect what you’ve built. Not having a plan to shield your assets is like running exposed electrical wiring—sooner or later, you’ll face unnecessary risks. A board-certified estate planning attorney can help you design a plan to safeguard your wealth, ensuring it stays secure for you and your loved ones. Take Control of Your Future Success doesn’t just happen—it’s molded. Listen to trusted advisors, but remember that the final decisions are yours to make. Clarify your vision, take bold steps, and build the life you’ve always dreamed of. At The J.M. Dickerson Law Firm, we’re here to guide you every step of the way. Whether in person, by appointment, or via Zoom, we’re committed to helping you create a legacy of success and security. Contact us today, we can help! South Texas: 956-791-5422 Central Texas: 830-302-4577 Let’s make 2025 your year of action, growth, and protection.

Embracing the Holidays as a Time for Estate Planning

December 20, 2024

The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.

Start the New Year Strong: Four Steps to Success

December 13, 2024

As the end of the year approaches, it’s easy to feel the weight of unfinished tasks and the hustle of the holiday season. Between wrapping up work projects, preparing for family gatherings, and making plans for the future, this time of year can feel overwhelming. But amidst the busyness lies a valuable opportunity—the chance to press reset and prepare for a fresh start. The New Year offers a clean slate, making it the perfect time to reflect, reorganize, and refocus your goals. By dedicating some time to the right activities now, you can set yourself up for success in the months ahead. Here are four key steps to help you start the New Year on solid footing. Step 1: Reflect on the Past Year As the calendar flips to a new year, many of us naturally find ourselves looking back at the previous 12 months. This is the perfect moment to assess your professional and personal accomplishments, challenges, and growth. Ask yourself: • What were my biggest successes this year? • What goals did I miss, and why? • What strategies or habits worked well for me? • Where can I improve moving forward? Reflection isn’t just about identifying wins and losses; it’s about understanding the “why” behind them. Seek feedback from colleagues, mentors, or trusted peers to gain new perspectives. The more honest and thorough your evaluation, the more valuable it will be as a foundation for future planning. Step 2: Create a Game Plan for the Year Ahead Reflection is only the beginning. To make real progress, you need a clear and actionable plan for the year ahead. Start by defining your big-picture goal for the next 12 months. What’s the most important outcome you want to achieve? Once you have that, break it down into smaller, measurable objectives. For example, if your goal is to expand your business, your smaller objectives might include increasing marketing efforts, attending networking events, or launching a new service. Outline the steps needed to achieve each objective and set realistic timelines for completion. Revisit your goals regularly—at least quarterly—to ensure you’re staying on track or to adjust for any changes in your circumstances. Flexibility is key to maintaining momentum throughout the year. Step 3: Declutter Your Inbox An overflowing email inbox can be a constant source of low-grade stress. Ending the year with a streamlined and organized inbox can give you a fresh sense of control as you head into January. Here’s how to tackle it: • Respond immediately to any urgent or unresolved messages. • Delete emails that are no longer relevant. • Unsubscribe from newsletters or mailing lists you no longer find useful. • Create folders and filters to better organize incoming messages moving forward. To keep your inbox manageable, schedule regular cleanups throughout the year. Whether monthly or quarterly, these maintenance sessions will prevent clutter from building up again. Step 4: Knock Out Small Tasks The small, unfinished tasks lingering on your to-do list can be more draining than you realize. Use this time to cross off as many as possible before the New Year begins. • File paperwork that’s been piling up. • Respond to emails you’ve been avoiding. • Wrap up loose ends on ongoing projects. Completing these small but nagging tasks will give you a sense of accomplishment and free up your mental bandwidth for bigger goals in the New Year. Starting January with a clean slate will allow you to hit the ground running. Your Fresh Start A new year is a chance to realign your priorities, set meaningful goals, and approach your work with renewed focus. By reflecting on the past year, setting actionable goals, decluttering your space, and tying up loose ends, you’ll create the foundation for a successful year ahead. Whether you spread these steps out over a few weeks or tackle them all in one day, the most important thing is to commit to the process. A little effort now can make a big difference in how you start the year—and how you finish it. Here’s to making the most of your fresh start!