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Estate Planning Archives

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.

Estate planning should be a priority

Most Texas residents don't give much thought to what might happen when they die or if they become incapacitated. Many believe they do not have enough assets to worry about creating a plan. However, financial experts contend that those with assets over $150,000 total, including their home, should carefully consider estate planning.

Go beyond just signing documents in estate planning

Most Texas residents don't want to think about the possibility of being incapacitated and no longer able to make decisions. They also often avoid discussing what will happen with their property after they die. But those issues must be addressed in detail when estate planning. But even having a plan in place with all the documents signed may not be enough. Experts suggest several things to keep in mind to ensure that someone's wishes are carried out after his or her death.

Estate planning seeks to keep beneficiary designations updated

In Texas and elsewhere, the decisions that one makes regarding estate planning are important and they may carry significant consequences. That is why it is always better to have an experienced estate planning attorney as a key part of one's planning team. As always, when doing an important thing it is better to be safe than sorry.

The simple will is one of several estate planning documents

There are five basic documents that are used most often in estate planning in Texas. They are the will, durable power of attorney, health care proxy, HIPPA release and the revocable trust. Within those categories, there are occasionally sub-documents that may be preferred or applicable. Optimally, the choice of documents will be made in consultation with one's estate planning attorney.

Estate planning updates important for blended Texas families

It is not unusual for Texas residents and individuals across the country to marry more than once. In many cases, additional marriages often result in individuals gaining step-children and families blending together. Because new family members are gained by marriage and ex-spouses are lost through the process of divorce, individuals may want to ensure that they remember to make estate planning updates.

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