Blog Posts on Estate Planning. No one likes to think about the day when they are no longer around to enjoy their family, pursue their dreams, and relax with the people they love the most. For many older adults, the topic of their own mortality is so painful that they refuse to discuss it at all, which often leads to them neglecting estate planning altogether.
While death is certainly a touchy subject, having a plan in place to protect your family’s needs after you are gone is one of the most important things you can do. At Nelson Law Group, PC, we carefully guide you through the estate planning process and help you make thoughtful, informed decisions.
With that sentiment in mind, we compiled 16 useful blog posts on estate planning so that you are educated and prepared for the road ahead. If you have a question that is not covered in the posts below, please give us a call.
You have likely heard of the terms intestate and probate before and may not realize there is a big difference between the two terms. Intestate refers to a person who has passed away without a will. Probate is the legal press that determines how a deceased person’s assets are distributed. Click the link above to learn more.
When you initiate a Power of Attorney, whether for financial purposes, medical, or other, you must choose someone to act on your behalf should the time come when you are unable to make decisions for yourself. This person is known as an attorney-in-fact, and while not necessarily a lawyer, they have a fiduciary responsibility to look out for your best interests.
Naming a trustee is typically one of the first things you will do when establishing a trust. But one question that our estate planning attorneys get asked a lot is: “What are my options if I do not have a trustee?”
Very early in the estate planning process, you will be asked to select one or several people in your newly-crafted will or trust to pass your assets and other belongings to after you die. This is called a beneficiary, though you may have also heard the term “heir” thrown around. Trust us when we say there is a distinct difference between the two.
A will is considered a living, breathing document. In other words, it is meant to be altered over time to fit your needs and accounts for every possible scenario — now and into the future. The first step in determining whether or not you need a codicil is to schedule a review with your estate planning attorney.
The POA is a pretty straightforward concept and is utilized by individuals and families every day. But did you know there are different types? Each Power of Attorney is designed to carry out a specific decision or action.
A question that our estate planning attorneys get asked a lot is, “what’s the difference between an executor and an administrator?” It is understandable to see so much confusion over these two terms. After all, both generally perform similar duties. Here is a brief breakdown of the difference between an executor and an administrator.
Estate planning documents such as wills and trusts can get pretty overwhelming when you don’t deal with them every day. A qualified estate planning attorney at Nelson Law Group PC can help clear up any confusion you have with a simple consultation. In the meantime, we have laid out the differences between revocable and irrevocable trusts in this post.
Choosing a beneficiary is an important decision, as it ensures everything you own gets into the right hands, and everyone you love is protected as they move forward without you. You can name more than one beneficiary, and though most people choose family members, it is perfectly acceptable to choose someone else if it makes sense for you.
At Nelson Law Group PC, we help you plan while contemplating and protecting your family’s needs. We also believe in educating our clients, which is why we have compiled this list of common estate planning terms that you need to know.
It is the job of every estate planning attorney to walk clients through the intricacies of not only having a plan but putting the right one in place for your specific situation. Here are just a few questions to ask your estate planning attorney.
At Nelson Law Group PC in Flower Mound, we carefully guide you through the estate planning process and help you make thoughtful and informed decisions. Because once you have decided to put a plan in place, the last thing you want is to make a costly mistake that you might not learn about until it’s too late.
Similar to a power of attorney, burial directives allow you to leave detailed instructions behind for your family. But while POAs generally deal with specific matters such as medical or financial affairs, burial directives are more concerned with determining who you want to be in charge of managing your end-of-life wishes.
A financial power of attorney does not take effect until the day you are considered legally incapacitated. At that point, the person in charge can do whatever they need to so long as they are acting in your best interests. In the event you pass away, the document is no longer valid.
A medical power of attorney is more concerned with determining who you want to be in charge of making healthcare decisions if you become incapacitated.
So your estate planning lawyer suggests that you have a Power of Attorney drawn up. But then your lawyer asks if you want a regular or durable power of attorney, and suddenly you are looking at him like a deer in headlights. Read more to learn more about these two options and which is right for you.
Call Nelson Law Group today!!
When it comes to protecting your family’s future for years down the road, it is imperative to have an estate planning attorney in your corner at all times. Give our knowledgeable staff here at Nelson Law Group, PC, a call if you have any further questions regarding this – or any other – issue. Our staff is always available.
For more information about Brett A. Nelson, click here.
Source: Nelson Law Group