Have you given any thought to what will happen to your digital assets? This is an often overlook area in any estate plan. We remember to take care of our houses, cars, bank accounts and insurance policies. But what happens to your frequent flyer miles, facebook page, linked in profile, credit card reward points and the list goes on and on. Furthermore, will those left behind know your passwords for these Read More
Planning for a Possible Future Incapacity
We all hope to live a long fulfilled life. That picture usually includes living in the home of our choice and making all of our decisions. However with modern medicine prolonging life spans, more and more people are finding themselves needing care at the end of their life. This care can be as simple as someone coming in to clean the house, help with household chores and fix a few meals. The other extreme is the Read More
Frequently Asked Questions About Wills
Can I use a computer or online program to prepare a Will? You can but this should be done with extreme caution. If the will does not dispose of all of your property, have appropriate language for an independent administration, or include a self proving affidavit, you could actually increase the cost of probating your estate. Other problems could arise from using a software program as well. If I have a Will from Read More
Estate Planning Milestones for Parents
There’s no question that having kids changes your life. Naturally, your priorities and responsibilities shift, and this should also be reflected in your estate plan. Here are a few checkpoints throughout your child’s life when you should recalibrate your estate plan, ensuring that, no matter what, your child is provided for if something were to happen to you. Newborn In the midst of adjusting to parenthood and Read More
What Happens to Bank and Brokerage Accounts After Death?
The first step is to determine what type of account you have. You can determine what type of account you have by contacting your bank or reviewing your signature card. Each bank will have specific terms associated with each account type. There are some industry standards but you should contact each financial institution to determine the terms of the accounts you own. Single Party Account If you have a single party Read More
Wills are Critical for People in a Second Marriage
Betty and George had been happily married for 15 years when he became ill. She stood by him as the illness progressed and eventually claimed his life. They did not have any children together but George had a son and daughter from his first marriage. Betty and her step children were friendly but not close. George died without a will. He and Betty had lived a modest life and he felt there was not enough there to Read More
Trusts Can be an Important Planning Tool for Non-Traditional Families
The use of a revocable trust can be an important estate planning technique for non traditional families and same sex couples. All estate planning should begin with the four key documents but non traditional families and same sex couples need to take that planning a step further. A revocable trust is established during a person’s lifetime and the trust document names a trustee and one or more successor trustees to Read More
Estate Planning for Business Owners
Business owners like all individuals should start with the basics. There are four documents that form the cornerstone of all estate planning. They are a will, durable power of attorney, medical power of attorney and directive to physician (living will). Non-traditional families and same sex couples should consider some additional documents to provide similar coverage available to married couples under the Read More
The Importance of Beneficiary Designations for Non-Traditional Families
A comprehensive estate plan begins with a will and directives. But it would be incomplete without considering beneficiary designations. This enables every aspect of the plan to work together toward providing for your loved ones. A review of how all assets are titled and current beneficiary designations will ensure your goals are achieved. It is important to review beneficiary designations on life insurance Read More
What is a Probate Proceeding?
When a loved one has passed those left behind are often at a loss for how to proceed. What needs to be done? When must it be done? Can I delay the process to allow time to grieve? Following are some general guidelines to help answer these questions for residents of Texas. Since laws vary from state to state and change over time, you will want to consult an attorney to ensure you have information relevant to your Read More
