Creating a will is one of the most important estate planning tasks you can accomplish. Not only does this tool allow you to decide how to distribute your assets among your beneficiaries, but you also get to choose an individual to manage your estate after you die.
Choosing the right person to be the executor of your will is paramount to ensuring probate goes as smoothly as possible. Here are a few guidelines to help you designate the right person for this role.
Estate planning is not only a way to determine what happens to your assets, but it also provides you with opportunities to help your beneficiaries. If you have a beneficiary with a disability, you may need to consider more than just a will or standard trust.
A special needs trust is a way to ensure your beneficiary remains eligible for government assistance while also receiving an inheritance. Here are some important facts to know about setting up a special needs trust.
When creating an estate plan in the Harlingen area, one can use a variety of provisions to protect assets, such as trusts. Trusts not only allow you to minimize probate court’s involvement, but you can also use them to prevent your loved ones from mismanaging your assets. Two common types of trusts that many people use in estate planning are irrevocable and revocable trusts. The rules governing them vary. When structured properly, irrevocable and revocable (living) trusts can provide many benefits for a testator’s estate while she or he is living and long after she or he dies.
Revocable and irrevocable trusts have specific purposes. More than intent is necessary to structure them properly. To ensure your estate plan gains full benefits, take some time to review the main differences between revocable and irrevocable trusts.
The unexpected demise of your Uncle Harry not only left you with a feeling of sadness, but also with questions related to his will.
Uncle Harry named you as his executor, and you were proud to take on the task. However, you have never done this before, and you want to do a good job. Here are five tips for doing just that.
Estate planning is a complex process that entails more than just writing a will. You may not understand all the terms the court uses as you determine which plans you need, causing you to feel overwhelmed.
Understanding definitions is the first step in ensuring your plans match and cover all your needs. Two such terms you need to be able to differentiate are durable power of attorney and medical power of attorney.
One of the most important estate planning documents you will create is the durable power of attorney. When you create this document, you appoint an agent to make financial and legal decisions for you if you become mentally incapacitated. You can approve this person to pay bills, handle banking transactions, manage real estate, make investments, handle taxes and manage insurance.
These are all important duties that should only be carried out by a trustworthy individual. It can be tricky to decide who to entrust with this role. Here are a few crucial considerations to make when writing this document.
As you gather your documents and drafts of your final arrangements and plans to review, you realize how important digital access and accounting is for you. In this high tech and digital world, you probably have multiple online accounts, each utilizing a sometimes unique password to access.
What happens to those accounts when you die? Recently, a push to include digital access information in wills and other estate planning documents is gaining steam.
When drafting a will, especially for the first time, the process may seem overwhelming. With so many things to consider, finding someone who can help you navigate the process is your best bet.
Once you draft your will, is it a good idea to give a copy to your family? If you do not, who executes the estate upon your passing?
When starting a business, an entrepreneur settles on a product or service that appeals to his or her talent and interests. The fun part of the process often includes selecting a name and a logo, perhaps finding a partner, sketching a business plan and deciding whether to open a storefront.
When the dust settles, and a newly minted business owner begins to dig the foundation, pour the concrete and start building the structure, some realities emerge. The entrepreneur faces unexpected financial issues, a morass of state and federal laws, tax responsibilities and an uncomfortable awareness of all the unknowns.
Have you ever stood in front of your refrigerator and carefully examined the expiration date on a carton of milk? Even if the date had passed, did you sniff the carton and make your own assessment of your milk’s freshness? Like the milk in your refrigerator, your last will and testament may have effectively expired.
Because thinking about death can be uncomfortable, many Texans put off writing a will. Once you finish the task, it may be tempting to never think about the document again. Unfortunately, if you fail to regularly ensure your will continues to reflect your wishes, you may miss the mark. Here are four signs your will may be out of date.
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Harlingen,
TX
78550
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