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TBy Alissa Reinhard
his September, I sat down with experienced legal mind, Kathleen Cassidy Goodman and video
taped an interview. Kathleen is a Texas attorney based in Helotes. She has been practicing law since 1997 and her practice is focused primarily on Estate Planning, Probate and Business Formation. Kathleen is committed to her clients and has built her practice upon integrity and trust. During our conversation, Kathleen and I discussed the importance of having a will and some misconceptions about what happens to shared property after a loved one passes away.
What are some misconceptions that people have regarding what will happen to their property once they pass away?
I find in my practice that married couples often think that because they’re husband and wife, when one of them passes away, their property will automatically transfer to their spouse. Unfortunately, that’s totally incorrect. Even if both of their names are on the deed, the property still needs to be legally transferred into solely the spouse’s name. The reason why this must be done because if it is not, if and when the second spouse passes away, it can become problematic when passing that property down to their children.
What is a Transfer on Death Deed?
A few years ago, the Texas legislature back passed a law that married couples and even single individuals could execute a Transfer on Death Deed, a simple way to automatically transfer real estate to someone after you pass away. It’s a way to avoid probate, the legal process that takes place after someone dies, which can be timely and costly. It’s also an option if you don’t have a will. However, there are issues that can still arise and things you should definitely consider before using a Transfer on Death Deed, so be sure to talk to an attorney first!
Why is it important to think about preparing a Will now?
By taking the steps necessary to prepare you will now, you will be saving your family
Kathleen Casidy Goodman.
and loved ones so much hardship. I like to say that by spending a little money now, you’re saving a lot of money later. In the event you don’t have a will, depending on various circumstances, it can become very problematic – for instance, if stepchildren are involved. In those situations, where someone does not have a will, you must find two witnesses (who are not related to you) who are willing to swear under the penalty of perjury about your family history. Oftentimes, finding two people who can commit the time and energy needed to complete this process is very difficult. So, by taking the time to prepare the legal documents now, you really are helping your spouse, your children, your relatives when you do pass on by ensuring that everything is in order.
To learn more about Kathleen Cassidy Goodman, you can contact her at 210-949-1000, visit bexarlaw.com or email kcglaw@att.net. Kathleen offers new client’s a Free Legal Strategy Session. Virtual consultations are also available! Video is available on You Tube.
November 2020
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