That which is inherited; a title, property or estate that passes by law to the heir upon the death of the owner.
For more information, please see our Inheritance page.
2. Can my spouse take part or all of my inheritance if our marriage ends in divorce?
Property that is inherited is separate property and is not subject to division in a divorce if:
- has remained yours alone and has not been jointly titled
- has not been used for marital purposes (i.e., purchase of a home)
- has not been commingled with marital assets
- has a traceable history
However, if it has been commingled, it is possible that the court will include it. It is best to seek the assistance of an experienced inheritance attorney at Heard and Smith to advise you on your rights and the laws regarding inheritance.
3. Will my children receive their inheritance all at once? What if I wish them to receive it over a period of time?
You may specify an age or ages when your child is to receive their inheritance. Although children are legal adults at age 18, very few 18 year old children can properly manage an inheritance. Often parents make provisions in their wills so that children do not actually receive control of an inheritance until they are 25 or older. You can also authorize an Executor or Trustee to pay for the expenses of a child’s health, education and maintenance until the child is old enough to properly manage these responsibilities on their own.
4. What kind of taxes will I have to pay on my inheritance?
The federal estate tax rules apply to everyone in America. Some states also impose various taxes that affect estates or inheritances and these taxes can be quite high. Since an inheritance is not income, no income taxes are paid as a result of an inheritance. However, income taxes will be paid on any investment income after your heirs invest the bequest. An experienced inheritance tax attorney can assist you with federal and state tax laws.
5. Do I need an attorney to assist with my inheritance?
Yes. Inheritance planning is complicated. In addition, estate planning and
will drafting are highly technical and should only be done by a competent
professional. An improperly drafted will may not be valid, may force your
beneficiaries to pay substantial additional death taxes and may not distribute
your property in accordance with your wishes. Will kits and software programs
often will not meet the requirements of Texas’ laws. These kits and programs are
designed to work in most states which derived their laws from England. In Texas,
the probate laws are part of our history and come to us from Spain and Mexico.
Thus, our procedures are entirely different from those used in most states. Will
kits and forms prepared for other states rarely work properly in Texas.
For more information about Inheritance in Texas, please see:
Our Inheritance page
Estate Planning & Probate Links
Estate Planning & Probate Links
