Without proper planning, the assets you’ve worked for over a lifetime can end up in legal limbo, with the court ultimately making decisions on your behalf.Īt The M Firm, we recognize that the significance of estate planning extends far beyond the pages of legal documents it is a pivotal act of love and responsibility toward those we hold dear. Countless people make the mistake of neglecting to form an estate plan, creating an unnecessary burden on their family and heirs. If you’d like to learn more about naming guardians and estate planning, call an experienced estate planning attorney to schedule a time for us to sit down and talk.For many, estate planning is a critical yet often overlooked process. Make sure you review your coverage to ensure it meets your family’s needs. If you have dependents, you can benefit from the protection provided by life insurance. It will provide your family members with much needed financial support in their time of need. Texas has very specific power of attorney or other estate planning documents, you may want:Ī health care power of attorney with a HIPAA Release.ĭealing with the loss of a loved one is never easy-especially when it is unexpected. Check to confirm that your plan provides adequate protection. Your estate plan should protect you in the event that you are traveling, severely injured, fall ill, or otherwise become incapacitated. Review your Texas specific Power of Attorney (POA) and Health Care DocumentsĮstate planning is about more than just deciding who gets what. In too many cases, people forget to update their beneficiaries to account for changing circumstances.ģ. Do you know who the beneficiaries are on your 401(k) or IRA account? If not, check to make sure. Properly assigned beneficiary designations allow for the smooth transferring of assets/property. It is imperative that you update your beneficiary designations on a regular basis. Make Sure Your Beneficiary Designations are Up to Date If you have any questions about whether or not a trust is the right option for your family, an experienced estate planning attorney can help.Ģ. Living trusts (and other types of trusts) are an effective estate planning tool for many families, but may not be necessary in all cases. You may also want to set up an alternative estate planning vehicle, such as a living trust. You should review your Will on a regular basis. Every adult can benefit from a clear, professionally-drafted Will. If you do not have a Will, it is time to draft a Will. The first step on your fall estate planning checklist is to review your will. Draft or Review your Last Will and Testament and/or Trust Your Estate Planning Checklist for the Fall:ġ. Here, is an estate planning checklist to help get you started. With a few relatively simple steps, you can get the peace and security that you need. Making sure that you have an estate plan for the future that effectively protects you and your loved ones is important. 55 is not a magic age, as there are many families that start much younger and need estate planning. Yet, Forbes reports that nearly half of adults over the age of 55 do not even have a will-let alone a comprehensive estate plan. A well-crafted, up-to-date estate plan will help to protect you and your family.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |