Estate Planning
Mayfield Law Office offers an array of legal estate planning services designed to provide for your death or for an illness or injury that could incapacitate you or your spouse during your lifetime.
For surviving loved ones, probate law can be very complicated and time-consuming in cases where one dies without a will and has significant property holdings. However, in cases which there is a will, the process can be straight forward.
Mayfield Law Office can provide the following:
Will – a document that establishes heirship and how assets will be distributed.
Living Will – Also known as a medical directive, to physicians that outline what medical measures to be taken in the case of a terminal medical condition.
Durable Power of Attorney – designates someone to handle your personal affairs if you are not able to.
Medical Power of Attorney – designates a loved one to make medical decisions for you when you are unable.
Trusts & Guardianships – Name who will care for your minor children (or disabled adults), and provide assets for their future well-being in the event of your death.
Living Trust – A document that places your assets into a trust for your beneficiaries while you are alive, then transfers your remaining assets to your beneficiaries after you are deceased.
Estate Administration
Texas probate laws break down into two kinds of formal probate. Independent Administration and Dependent Administration. There are a few other simpler types of transfer procedures also.
Independent Administration in Texas: Allows an executor to ask the Court for authority to act as an independent executor if all beneficiaries agree, meaning the executor will not have to 1.) Post a Bond and 2.) Does not have to ask the Court permission before taking steps to settle the estate.
Dependent Administration in Texas: Allows an executor to ask for dependent administration, meaning the Court will have a higher level of supervision throughout the Probate process.
Muniment of Title: Is a simple and inexpensive way to transfer assets as long as a will exists. It can be used when 1.) a will exists 2.) there are no outstanding debts, other than the homestead and 3.) Medicaid has no claim against the estate for recovery of benefits.
Small Estate Affidavit: If an estate has no will, no conflicts of interest, and does not value over $75,000.00, then the heirs can file a simple affidavit to collect the estate.
Handling the estate of a loved one is never an easy task. If you have questions regarding Probate or any other Estate service, do not hesitate to contact us. We are here to help. Follow this link to the Texas State Law Library for more information regarding Texas Probate Laws.
Knowledge is power. Contact us for a comprehensive evaluation of your claim.