10. In what circumstances should a Will revision be considered? What should happen to the original...

10. In what circumstances should a Will revision be considered? What should happen to the original Will?

11. List typical types of non probate assets.

12. Why is an Independent Administration beneficial for estate planning purposes?

13. Under Texas law, define incapacity for legal purposes.

14. What is the purpose of a Statutory Durable Power of Attorney?

15. What is the purpose of a Medical Power of Attorney?

16. Why should we consider signing a Medical Directive?

Expert Solution

1. Will can be revised in case of change of circumstances related to marriage, new baby, changes in family, change in financial status, etc. Formal change in will is called codicil, which is a document that alters certain parts of the original will, adds new parts, removes certain parts.

You can also make a codicil stating that you are cancelling the original will or alternatively you can destroy the original will physically by tearing it up.

2. Probate assets are the assets which are owned solely by a person writing the will, and include, personal property like jewelry, household furniture, automobiles etc, bank accounts solely in the name of decedent, real estate property solely in the name of decedent,
life insurance policy listing the decedent and interest or legal share in a partnership firm, LLC or corporation.

3. Independent administrators will be able sell any property, pay-off debts, close solely held accounts and take other actions on behalf of the estate without having to ask for permission from the court first, so the process can be completed more quickly and affordably.

jeff jeffy answered 1 year ago

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10. In what circumstances should a Will revision be considered? What should happen to the original...

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