New Year is a good time to think about updated estate planning documents |
Make a New Year’s resolution to find an estate planning attorney to review your existing documents and advise you on the best path forward.
Q: We recently moved away from Texas. What do we need to do regarding our wills in our new state, if anything?
A: You need to hire an attorney in the state where you now live to prepare new wills, or possibly a revocable trust, as well as new powers of attorney and health care proxies. Each state has its own unique forms.
Your Texas forms are valid in every state, but just like you will need to find new doctors and get new license plates for your cars, you will also need to redo your estate planning documents.
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Q: My wife and I have substantial assets including real estate, retirement accounts, investment accounts and savings accounts. I’m in my early 60s and my wife is in her mid-50s, and we have two grown and married sons. We currently have wills that we signed in 2013. We also signed a revocable trust in 2006 when we lived in California. We know we need to update our planning in case something happens to both of us. Should we have a revocable trust or a will? The forms we have now are probably outdated. What do you suggest?
A: Without more information regarding your net worth and your goals and desires, and without reading your 2013 wills and the 2006 trust, it’s impossible to say exactly what type of document is best for you.
Wills have their advantages and are generally favored in Texas, but sometimes it is better for certain people to have revocable trusts.
You and your wife should make a New Year’s resolution to find an estate planning attorney to review your existing documents and advise you on the best path forward.
Q: We purchased timeshare points from a large, national timeshare seller. A Special Warranty Deed was recorded in Orange County, Fla., showing we purchased 4,000 points. Recently, the club removed some of the timeshare points from the recorded deed. Is this legal?
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A: There have been many lawsuits filed against your timeshare club over the years alleging their sales practices amount to racketeering and fraud. Clearly, these lawsuits haven’t stopped them from issuing recorded special warranty deeds even though you are simply receiving points (or a license to use real estate) as opposed to actual real estate.
It is unclear whether it was legal for the number of your points to be reduced. You should review your original purchase agreement as well as any other documentation related to the purchase of your timeshare points to see if they have the right to modify the terms in this manner.
You should also consult with an attorney in Florida, if you think that would be helpful. I don’t know how you would find a timeshare attorney who will not extract even more money from you with no resolution to your matter, but you may be able to find one if you are careful.
The information in this column is intended to provide a general understanding of the law, not legal advice. Ronald Lipman of the Houston law firm Lipman & Associates is board-certified in estate planning and probate law by the Texas Board of Legal Specialization. Email questions to: stateyourcase@lipmanpc.com.
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