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David M. Pyke

David Pyke’s Answers

934 total


  • Will I have issues opening a bank account / merchant account if my Revocable Living Trust is listed as the sole member of my LL?

    For privacy and estate planning, I plan to form an LLC in Texas and list my Living Trust as the sole member of the LLC. Inside of my notarized trust documents, it shows that I am the owner/Grantor of the Trust and that I am the trustee of the trus...

    David’s Answer

    The trust can be a member, but I would suggest a manager-managed LLC because it will be easier for you, individually, to operate the LLC and just have the LT as the member. Both the LLC (if you are sole owner) and LT are pass through for tax purposes, so all revenue from business and trust will be reported on your 1040.

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  • If a piece of property is not described in a will correctly, what do you do?

    In my grandfathers will, probated in 1978, it states he is leaving "being of tract of land in Dallas, city block 415/64" But that is not correct, it is city block 416/64. The deed was never executed. We have recently found out about this thru...

    David’s Answer

    The ambiguity may or may not be a big problem depending on all of the provisions of the will. The will must e reviewed to give a complete and accurate answer. There are many possible cures, but if it is clear that your grandfather never had land at 415/64 and at the time of the will had 416/64, a strong argument can be made that your grandfather's intent -- which is the legal standard -- was leaving the 416/64 land to the person named in the will (you? your parent?). Regardless, consider a consultation, probably without charge, with an experienced probate attorney to advise how to proceed.

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  • What do I need to do to have my Last Will and Testament rewritten

    I have been recently divorced and want to leave everything I have to my daughter also to finish out her last 3 years of school here in TX

    David’s Answer

    The divorce voids anything in your will concerning you ex-husband, such as him serving as executor or receiving anything, but this probably means you need new executors and the disposition provisions may need work. A trust for your daughter is probably advisable. What the divorce doesn't do automatically is change beneficiary provisions in 401ks, life insurance from employers, IRA's, and other similar assets. Please consult an estate planning attorney ASAP to get these matters fixed.

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  • Can I become an independent administrator for an estate after four years has elapsed and no will has been filed for probate?

    My father died over four years ago. He owned 5 city lots four of which are in my name including the lot with the home on it. I have paid the taxes for not only my four lots but the taxes and upkeep on the fifth lot which is adjoining my four. ...

    David’s Answer

    If you have an original will that leaves the lot to you, yes, by all means probate it. Whether there is a need for administration after four years would take a more extensive interview, but probating the will as a muniment of title may be sufficient. I'm unclear how any of the lots "are in your name" if no will has been probated. Having your name listed as the one to receive the tax bill at the Appraisal District office is not the same as ownership. Probate records are public, so your brother isn't executor unless he has been appointed by a court. You should search the probate records to see if anything has been done at Court. Regardless., you need legal help. You should have sought it many years ago, but hopefully, no serious damage has been caused by the delay, but further delay is unacceptable.

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  • I have a Texas I love you will question.

    My Mother passed away, then my Step father passed away in that order. Both lived in Texas. Their wills are what I believed to be called I love you wills. As my mother passed first, the house went to my step father. He passed later and it's m...

    David’s Answer

    If your mother's will left everything to her husband, then title has completely passed to him. Unless her will restricts the transfer by way of a trust, her will has no further legal impact when he passes. Then, only his will determines who receives what is now completely his property. If his will only names his children, then his children receive all of the property. You should have the wills reviewed by a probate attorney to be certain of the correct interpretation.

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  • If a "will" was written in another county which the deceased did not live in. Is the will still valid?

    Over 4 yrs, "will" just came out stating Dallas County.. Lived in Collin County.

    David’s Answer

    The place of execution does not determine validity. Sometimes a resident of one county hires a lawyer and drafts and signs the will in that county. It happens all the time at our office since we represent people in Collin County but our office is in Dallas County. If the deceased lived in Collin County at the time of death, that is where the will must be probated.

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  • I just sold my home that was in Revocable Trust. Check from closing was made in Trust Name. Why won't my bank deposit it?

    My residence was just sold (homestead) that had been placed in my Revocable Living Trust three years ago. The Title Company made the check out to the Trust not me because the house was listed on tax rolls as the owner being "______Family Trust." N...

    David’s Answer

    it looks like the estate planning attorney who created your trust didn't explain to you what it means. It is not just "you" anymore and he probably designed the trusts to hold all of your assets, not just your homestead. The Title Company properly made the check payable to the owner, the trust, and you need an account for the trust. It is a trust asset and may be restricted by the terms of the trust. You need an account in the trust name, not your individual name. You need an estate planning attorney to review your will and trust to make sure the plan, as designed by the prior attorney, is working.

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  • Should my family set up a LLC partnership after death?

    My father passed away 2 years ago. My sister and I are executors. I have 3 other siblings. My question is if we need to set up a LLC., and what if any advantages there are to setting up one. All the money has been divided. There is land how...

    David’s Answer

    The recommendation to set up an LLC may be a very solid idea if the land is not sold promptly. Since it has been two years since your father's death, I think that is probably a preferable arrangement. An LLC can provide you personal liability protection in some types of cases, like someone injuring themselves on the property. It also can have the advantage to prevent additional probates if one of the siblings passes before the property is sold. Finally, it can be a vehicle to prevent a deadlock, e.g. one sibling holding out while every else agrees to a sale. But that is the rub, the rules of an LLC are spelled out in a document called its Regulations (or Company Agreement), and those rules determine who manages the property, votes required, etc. You should understand this document before signing it or transferring the property to the LLC. That is what your lawyer is for. Ask him/her.

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  • What do you do when a will is not probated

    My great grandfather passed away a few years ago. My great uncle, the person in charge of the estate, passed away without probating the will or doing anything else related to the estate. I'm not sure what my family is going to do, but my great aun...

    David’s Answer

    If the "great aunt" is "great uncle"'s spouse, then she is probably not an heir at all. In any event, she probably isn't the sole heir. Since the will wasn't probated, and it wasn't your fault, it may not be too late to probate the will. If not, heirship and administration will need to be opened. In either event, you need a probate attorney in the County where your great grandfather lived at the time of his passing.

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  • What is the first step in settling my mother's estate,she died without a will. she had stocks andbonds, real property.

    she also was part owner in some real estate property , left to her by her parents that died over 9 or 10 years ago but that estate was never settled. we are her survive children should we also be entitled to a portion of that?

    David’s Answer

    You need to open probate for your mother's estate. If your siblings are cooperative, this likely will not be a laborious process and independent administration from court supervision is probable. You will need to prove the heirship to the court's satisfaction. In any event, the court will require that you are represented by an attorney and nothing about this process is "do it yourself." Concerning the grandparents' estates, if there was no court action, or the estate wasn't distributed, you may have to start probate. Regardless, you need to start with a probate attorney who works in the County where your mother lived at the time of her death.

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