{"id":12992,"date":"2024-09-15T06:00:25","date_gmt":"2024-09-15T11:00:25","guid":{"rendered":"https:\/\/legaltalktexas.hammerle.com\/?p=12992"},"modified":"2025-06-18T12:18:06","modified_gmt":"2025-06-18T17:18:06","slug":"common-misconceptions-estate-planning","status":"publish","type":"post","link":"https:\/\/hammerle.com\/legaltalk\/estate-planning\/common-misconceptions-estate-planning\/","title":{"rendered":"Heard it Through the Grapevine: Wrong Information About Estate Planning is Worse Than No Information"},"content":{"rendered":"

Mark Twain may have said it best: \u201cIt ain\u2019t what you don\u2019t know that gets you into trouble. It\u2019s what you know for sure that just ain\u2019t so.\u201d<\/span><\/p>\n

How do most people know something for sure? They hear it from their next-door neighbor, barber, dentist, and Facebook community, of course. The trouble is most of the talk just ain\u2019t so.<\/span><\/p>\n

Here are some of the more common misconceptions.\u00a0\u00a0<\/span><\/p>\n

Common Estate Planning Misconceptions<\/span><\/h2>\n

1. \u201cI don\u2019t need a will; everything will go to my spouse anyway.\u201d<\/span><\/h3>\n

This might be true if you have no separate property, and all your spouse\u2019s children are also your children. The trouble is that you still have to prove those facts, most likely in a Probate Court. The Court will determine the identity of the heirs and establish who owns your property. The cost will be at least three times what a will would have cost you, and the time and effort involved will be enormous.<\/span><\/p>\n

Many people do not have such a simple fact situation. If you have children from another relationship, then they, not your spouse, will inherit all of your <\/span>community property<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

If you own real estate that is your separate property, then your siblings will inherit it.<\/span><\/p>\n

This may not be the result you intend. It most certainly will not be the result your spouse expects. Few spouses want to be in a co-ownership situation with stepchildren or in-laws.<\/span><\/p>\n

2. \u201cIt\u2019s in both our names, so it will go to me if my spouse dies.\u201d<\/span><\/h3>\n

Maybe and maybe not. You will have to look at this asset by asset. There is no automatic survivorship on any asset, even if it is your <\/span>homestead<\/span><\/a>. For an account held jointly with your spouse with the right of survivorship, then yes, you will receive the account outright when your spouse dies. If your spouse has an account in her name only, and she names a beneficiary on the account, then you will not receive all of it. Merely owning an asset with your spouse does not mean you receive that entire asset when you die.<\/span><\/p>\n

Texas law presumes against a right of survivorship, not in favor of one. For property to pass by the right of survivorship, the account agreement or other documentation must specifically provide for it.<\/span><\/p>\n

Texas has some excellent tools to pass ownership of real estate on death, including <\/span>transfer on death deeds<\/span><\/a> and revocable living trusts, in addition to the traditional will.<\/span><\/p>\n

3. \u201cIt is in my name, so it is mine.\u201d<\/span><\/h3>\n

Maybe if you\u2019re single, but definitely not if you are married. Texas is a <\/span>community property state<\/span><\/a>. Property acquired during marriage, out of your earnings is community property, owned by both spouses. This includes property held in only one name. Your 401k and IRA may just be in your name, but your spouse could own an interest in it that must be divided on divorce or death.<\/span><\/p>\n

4. \u201cThe trust will take care of everything.\u201d<\/span><\/h3>\n

This might be true if all of your property has been transferred to the ownership of the trust, but one of the most common problems with <\/span>revocable living trusts<\/span><\/a> is failure to transfer ownership of the property to the trust during a lifetime. The trustee can only manage assets that are actually held in the trust. Everything else must pass by beneficiary designation, survivorship, or probate.<\/span><\/p>\n

Avoid Estate Planning Mistakes With Hammerle Morris Law Firm<\/span><\/h2>\n

What is the real danger of these misconceptions? Cost, hassle, and a complete failure of your legacy.\u00a0 As Benjamin Franklin cautioned us centuries ago: \u201cIf you fail to plan, then you are planning to fail.\u201d\u00a0<\/span><\/p>\n

If you or a loved one need assistance with estate planning, <\/span>schedule a consultation<\/span><\/a> today.\u00a0<\/span><\/p>\n

Attorney Robert Morris<\/span><\/i><\/a> is an attorney at Hammerle Morris Law Firm, offering services in estate planning, probate, guardianship, estate and trust litigation, and Medicaid.\u202f Contact him at <\/span><\/i>(972) 436-9300<\/span><\/i><\/a> or <\/span><\/i>schedule a consultation<\/span><\/i><\/a>.\u00a0<\/span><\/i><\/p>\n

The foregoing does not constitute legal advice. <\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Mark Twain may have said it best: \u201cIt ain\u2019t what you don\u2019t know that gets you into trouble. It\u2019s what you know for sure that just ain\u2019t so.\u201d How do most people know something for sure? They hear it from their next-door neighbor, barber, dentist, and Facebook community, of course. The trouble is most of […]<\/p>\n","protected":false},"author":7,"featured_media":12993,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1224],"tags":[],"class_list":{"0":"post-12992","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-estate-planning"},"yoast_head":"\nEstate Planning Misconceptions | Hammerle Morris Law Firm<\/title>\n<meta name=\"description\" content=\"Learn how estate planning misconceptions can cause legal headaches. 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