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Estate Planning Archives

Choosing a trustee important part of estate planning

A living trust, or revocable trust, typically names the person who established it as the trustee. Should one spouse pass away, the surviving spouse would then become the sole trustee, in most cases. Since living trusts are often a component of the estate planning process for many Texas residents, it would be worthwhile to identify a successor trustee for when the surviving spouse also passes away. Financial experts say that children, other family members, friends or financial institutions are commonly named as successor trustees.

Avoid estate planning mistakes

Many Texas residents and others around the nation likely have a will that determines how their assets will be distributed after they pass away. While having a will is important, it is even more critical to have documents in place that specifies how one's needs will be met should he or she become incapacitated. Financial experts recommend several key documents to include as part of an individual's comprehensive estate planning process. 

Unmarried couples should also consider estate planning

Many couples in Texas and throughout the country are now deciding to live together rather than tie the knot. While many cite financial reasons for cohabitation, others simply have been married before and don't want to do it again. Most couples who live together don't see the need for estate planning, particularly if they don't have children. Industry leaders believe there are benefits for developing estate plans, regardless of marital status.

Common misconceptions about estate planning

It is unlikely that most Texas residents have given much thought to how family members and loved ones will be affected after their death. However, it is a subject that needs to be addressed to ensure that someone's assets and property are distributed exactly as desired. While many may believe that estate planning is only needed for the wealthy, it can be a valuable process to help avoid family conflicts. Financial experts hope to convey the need for comprehensive estate plans by shattering some commonly held misconceptions.

There is more to consider in estate planning than taxes

Many Texas residents have likely not given a lot of thought to planning for the time when they pass away. While many may believe that estate planning is reserved for the wealthy to avoid heavy inheritance taxes, financial advisers recommend that most families need a plan. When individuals have children, grandchildren, parents, bank accounts or other assets, an estate plan is important to provide protection to families.

Avoid these mistakes in estate planning

Many Texas residents and others around the nation may think about the legacy they will leave behind one day. However, most avoid discussing it since it involves thinking about a time when one will no longer be around. While it may be a sensitive topic, estate planning is vital in ensuring that one's assets are handled as desired.

Estate planning involves more than just a will

Most Texas residents and others around the country don't like to think about growing older or how life will be when they are no longer around. However, it is important to make decisions when a person still has the ability to determine the way he or she wants an estate distributed. In some cases, even with a will or documentation in place, heirs may encounter unforeseen issues. That is why financial experts stress the importance of estate planning.

Documents needed for estate planning

Planning for the future is difficult for most Texas residents and others around the country. It is particularly daunting for an individual to think about when he or she won't be around anymore. However, it is important to make certain financial decisions now before someone is incapable of doing so later. Estate planning is a necessary process to ensure that the future needs of family members will be met.

Things to keep in mind when estate planning

A professional with many years of experience in the financial and trust fields has shared her suggestions regarding planning for the future. She has offered recommendations on best practices for estate planning and administration. Understanding what is successful and what is not when making plans for an estate is important for Texas residents and others around the country.

Avoid hidden estate planning mistakes

Many Texas residents and others throughout the country don't have a will. They have given little to no thought about estate planning, perhaps because they don't think it is necessary. However, even those with modest assets can benefit from having a plan in place. It is equally as important to carefully review an estate plan to avoid potential problems in the future.

Our Office Locations

The Livens Law Firm
2516 Harwood Road
Bedford (Fort Worth), TX 76021
Phone: 817-545-3425
Toll Free: 800-569-2663
Fax: 817-545-9847
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Austin Office
3 Lakeway Centre Court
Suite 120
Austin, TX 78734
Phone: 800-569-2663
Fax: 888-545-9847
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Addison Office
14135 Midway Rd.
Suite G-250
Addison, TX 75001
Phone: 972-685-5202
Fax: 972-685-5206
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