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. With that sentiment in mind, we compiled 24 helpful 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.
Unlike having the right to vote, buy alcohol, or carry a driver’s license, estate planning has no age restriction. You could be 22 with a part-time job and a few credits left to graduate from college. You could be a newlywed with a baby on the way or in your 50s or 60s. It does not matter. And the reason why is simple: None of us knows when we will pass away or be placed in a position where we cannot make important decisions for ourselves.
We always include practical, compassionate, and positive advice in our blog posts when you and your family need it most. It is important to us that you never feel alone, and this latest post is no different. After scouring the Internet, we would like to share a few inspirational quotes that help shine a positive light on a difficult topic.
Of all the things newlyweds have to look forward to and accomplish as a married couple, you would be hard-pressed to find many that put estate planning at the top of their list. But estate planning is one of the most important things you can do for your family. And you do not have to wait until you are older. This is especially true for newlyweds looking to begin their new life together on the right foot.
These four titles are given to people you have entrusted to carry out your wishes in the event you die or become incapacitated and can no longer make decisions on your own behalf. But what is the difference between these four roles?
Not many new parents think about the future when they are hyper-focused on the here and now. But estate planning is a topic you should consider sooner rather than later.
It is very possible to avoid probate. But you cannot do it with a Will alone. This blog talks about the importance of having a Will but admits you will likely need to rely on other important legal documents to avoid probate completely.
Next to not having a plan in place at all, failing to keep your Will, Trust, Power of Attorney, etc., updated as the years go by is one of the more egregious estate planning mistakes you can make.
The importance of a Will cannot be overstated, but as you rush to have yours drafted, please seek help from a knowledgeable estate planning attorney. With the rise in technology, it can be enticing to handle things on your own with fill-in-the-blank online wills. Online wills can be a costly mistake for those who have them.
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 do not 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 is 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.
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Source: Nelson Law Group