Criss & Rousseau Legal Issues Blog

In the wake of the loss of a loved one, the last thing you want to do is focus on frivolous issues, such as finances. However, failing to stand up for your rights and assert yourself during estate administration is a major mistake that can haunt you for years to come.

Whether you worry about someone influencing the last will left behind by your loved one or believe they were not in a proper frame of mind during the creation of their estate plan, you may have reason to contest the last will in court.

For the youngest baby boomers in Texas, 2019 will mark their 55th birthdays. This occasion may prompt many in that generation to think about how they will plan for the future, including their retirements as well as passing on assets. The baby-boom generation is the wealthiest in American history, with over $30 trillion in assets to spend or pass along in the coming several decades. Nevertheless, many don't have estate plans. Up to 42 percent of baby boomers have yet to create an estate plan or even a basic will.

Of those who have made some sort of plan, many of their estate documents are years out of date. They may not reflect major life events like the birth of children, marriages, divorces or even deaths. In addition, they might not be updated to account for changes to the law, including the significant expansion of exemptions to the federal estate tax. Wills, trusts and powers of attorney all have an important role to play in passing on a person's property and fulfilling their plans for the future. Transfer-on-death accounts and life insurance can also be important.

A will that is created in Texas may or may not be valid in another state. It is also possible that a will created today won't meet a person's needs in a year or a decade from now. Therefore, it is important that a person takes time to review an estate plan after it has been created. An estate review includes spending time looking at beneficiary designations on 401(k) plans and similar documents.

The person who is listed on the designation form is the person who gets the asset. This is true even if someone else is named in a will or trust. Individuals may also need to update an estate plan if they have a child or grandchild to provide for. As life events occur, a person may need to be taken out of a will or trust. For example, a former spouse may not be the appropriate party to receive cash or a home.

The First Step Act is of particular interest to people dealing with criminal sentencing in Texas, especially if they are in the federal court system. The bill has been backed by an unusual coalition of supporters ranging from President Donald Trump to longtime advocates of criminal justice reform. Widely understood as a compromise bill, the legislation has been criticized both for being soft on crime and for avoiding serious reforms that could change the inequalities built into the system. However, it is important for people to understand what changes may take place if the bill becomes law.

The bill could make a significant change for almost 2,600 federal prisoners who were convicted of crack cocaine offenses before 2010. In that year, Congress passed the Fair Sentencing Act to equalize sentencing for defendants convicted of powder cocaine or crack offenses. Before that time, crack offenses were much more harshly penalized, resulting in sharply disproportionate effects in African American communities. While sentencing changed for people moving forward, those convicted before the law was passed were not affected. The First Step Act would enable these people to petition a judge for release.