How Is Your Will Looking?

May 29, 2018 12:04 PM Tyler Edmondson

How Is Your Will Looking?

So how is your Will looking? Do you even have a Will? When was the last time you looked at your Will? Or updated your Will for that matter? All of these are fundamental questions that you have to ask yourself. You might think that you’re pretty young. You’re in your early 40’s and putting a Will together is the last thing you think about. Keep a few things in mind here; you have a considerable estate. You’ve spent the majority of your adult life working hard to build a comfortable life. Also, bear in mind, you could die in an auto accident, from a random illness, or some other unforeseen event. At which point if you do not have a Will and you have no say or control as to what’s going to become of your estate.

The Importance of Having and Updating Your Will

Hopefully, it’s clear, the importance of having a Will even in your younger years. You have no idea what the future holds. At the same time, you don’t want your estate to go into disarray. You want to make sure that your final wishes are seen through. So, don’t look at this as you have plenty of time left, look at it as being part of building your estate which you’ve done for the past 20 years. Another important aspect is to make sure your Will is updated. Say you created a will 10, 15, or 20 years ago. Have you updated it since then? Shirley your estate has expanded during this period. If you have not updated your Will, then the additions to your estate are not going to be covered in your Will. This is problematic.

Estate Planning Attorney in Wylie, Texas

Hopefully, this article has made it clear how important it is to create a Will, no matter your age, and to update the Will. Of course, creating a Will can be a complicated process. You have to make sure that it is legally binding for one, and that all bases are truly covered. In order to ensure that you have an excellent legal binding Will that will see that your estate is divided as you see fit, you should have a law team working with you this specializes in Estate Planning. Edmondson Law located in Wylie, Texas has an expert team of attorneys that specialize in Estate Planning and will be able to help you create a thorough Will.

Information, Not Legal Advice. We provide the information on this website as a public service. The legal landscape is constantly changing and being modified by state law and case law. As a result, we cannot promise that this information is always up-to-date and reflective of the most current jurisprudence.

We do not intend this information to be legal advice. By providing this information, we are not acting as your lawyer. If you need legal advice, you should contact a lawyer through our number (972) 442-8326 or contact another attorney of your choosing.

An Executor and the Power Of Attorney

May 21, 2018 3:19 PM Tyler Edmondson

An Executor and the Power Of Attorney

Estate planning is complicated. There are all sorts of terms and procedures that must be known and followed in order to ensure a legally binding document that will ensure that your estate is taken care of as you see fit. One question that comes up often is, “Do I need both a power of attorney and executor?” The answer is, yes you do. The reason for this is because the executor and a power of attorney can be two different people. Someday you will be able to attend to your own personal and financial affairs as you age. It’s at this point that you will need to name someone to be your power of attorney. This person should be somebody you can trust with your day-to-day finances and your daily medical issues. And this person may be someone entirely different than the executor.

The Executor

The executor is the person that you choose to take care of your affairs after you have died. So, essentially the executor is the person that is going to be the one to liquidate your estate. The executor deals with your affairs after you have left this world, while a power of attorney deals with your affairs why you’re still alive. So, because these two people have two completely different roles, it’s clear to see why you would need both. It is possible that you can have the same person as your executor and power of attorney. But, you must have it lined out legally that that person is going to handle both roles.

Estate Planning Attorney in Sachse, Texas

We understand that all this may seem complicated, and to be honest, in order to ensure a smooth transaction and liquidation of your estate you must make sure that you have the proper documents in line. Because of this, we suggest that you team up with the skilled law team that specializes in Estate Planning. Edmondson Law, PLLC is a law firm located conveniently in the Wylie, Sachse, and Murphy area. If you want to plan ahead to ensure that everything is in order as you age, then please don’t delay and give our offices a call.

Having That Difficult Conversation

May 15, 2018 2:41 PM Tyler Edmondson

Having That Difficult Conversation

No one wants to have that hard conversation. You know the one I’m talking about, the one you have with your spouse, children, your brothers or sisters, or your close friends. Death is a scary thing that no one wants to think about. We as a society like to live in the moment and don’t want to think of the future and the great unknown. This is problematic, however, as people don’t want to have this uncomfortable conversation so when they do pass they are not prepared. This can be a sad situation for your family members to go through and you know that’s not what you want for your family.

The Importance of the Will

A final Will and Testament is one of the most important documents you need to have lined out as quickly as possible. A final Will and Testament outlines how you want your estate handled after you do indeed pass. The thing about the Will and Testament is that it’s something that should be worked out with your family, that way there are no unexpected surprises. But as I have mentioned, it’s tough to have that conversation because people don’t want to think about it. And whenever you try to talk to family members about this, it’s possible they will try to avoid the conversation. Your relatives will say things like “well don’t worry about it, you do not have to worry about this for years.” But don’t let this dissuade you. Stand firm and have the conversation. Don’t wait until it’s too late.

Estate Planning Attorney

There is another individual that you need to be having this conversation with. Speaking with a knowledgeable attorney that specializes in Estate Planning is the first person you should do. While it’s important to talk to your family members, you must remember they don’t understand the technicalities of Estate Planning Law in Texas. So to have that hard conversation, the first step revolves around you contacting an Estate Planning attorney. If you are ready to take that first step, then please contact our offices at Edmondson Law, PLLC. Our staff will help you make the first step of this challenging conversation.

Estate Planning Mistakes

May 7, 2018 5:33 PM Tyler Edmondson

Estate Planning Mistakes

There are a countless number of legal strategies you might want to consider when putting together an estate plan. And there are a few “must have” estate planning documents you should create such as a will, a health care directive, financial and health care powers of attorney, and a trust. But there are many who still make frequent mistakes which can prevent a smooth arrangement when dealing with estate planning. Here are a few common mistake people make.

Not Seeking Professional Advice

Some people try to “DIY” estate planning and important documents by using self-help websites. Even though you’ve done extensive research, mind you there is nothing wrong with doing research, but you need to realize you can’t do it all yourself. A professional estate planner can help you chose what is best for you in your situation. There is no substitute for hiring a qualified attorney to ensure your documents are adequately drafted and accomplished to your specifications and needs.

Not Re-Examining or Updating an Estate Plan

It is not in your best interest to create an estate plan and forget about it or update it. There could be changes in the law or family structure. A divorce, death, adoption or even moving to a new state, where the laws affecting beneficiaries may not be the same as the state you moved from and can change the emphasis of a plan. Re-exam your estate with a professional every few years or when there is a significant change in your life.

Keeping Secrets from Your Estate Planner

We understand that clients like their privacy in regards to finances and family and we respect that. But providing incomplete or vague details can keep your planner from producing an accurate estate plan. It is also a good idea to communicate with your family to avoid conflict and hurt feelings and to family members from being blindsided. Talking about your decisions will provide everyone with an opportunity to understand and respect your decisions. Communication can allow hurt feelings to heal and jealousy to subside and can help prevent alienation and court battles among your heirs.

Professional Estate Planning

These mistakes are just a few that most people make. Edmondson Law, PLLC is here to help you represent your best interests. Call Edmondson Law Firm for professional help to get you on track and put your mind at ease.