When Should You Get a Will?

July 30, 2018 3:50 PM Tyler Edmondson

When Should You Get a Will?

Planning for the end of your life and making sure that your affairs are in order is a bleak prospect indeed. Many of us don’t want to think of the end, and so because of that; the will gets move down on the list of priorities. This is perfectly understandable and common. You are not alone in this as many people “drag their feet” and question when the right time to get a will or updating an existing will. Some life-changing events occur which should serve as a reminder that is time to either set up a will or at least update the will. Keep in mind with these life events, the age as to which they should occur is not precise and so perhaps instead of sticking to a particular age, it would be simpler to mark the process to certain life events.

Life Events That Serve As a Catalyst

These life events that are about to be mentioned are simply suggestions and not necessarily doctrine. In that same vein if you can think of other life events that should serve as a catalyst be on this list then definitely bring them into consideration when it’s time to either create or update a will. The first life-changing event to think about is getting married or getting divorced for that matter. These events do reflect a change in your personal relationship and your life which will also include who your beneficiaries are. The next life-changing event is very similar, and that is having children. As you have children, you are going to want to leave them your worldly possessions upon your death. So just like getting married having children should serve as another moment when you should really consider getting or updating your will. Starting a business or buying a home is another moment when you should consider getting a will or updating one. And of course a visit with mortality. If you or one of your family members had a recent brush with death, this should serve as a good reminder that perhaps it’s time to update your will.

Estate Planning Attorney in Wylie, Texas

If you have recently experienced any of these life-changing events and think that perhaps it’s time for you to create or update a will, you are going to want an expert law firm that understands estate planning in Texas law. Our team at Edmondson Law will be able to help you through the process so that you can rest easy knowing that your will is legally binding and secure. Edmondson Law has been serving the Wylie community for years now and will be able to assist the residents of this area with this sometimes difficult process.

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.

What Is Your Legacy?

July 23, 2018 2:10 PM Tyler Edmondson

What Is Your Legacy?

You’ve worked hard your entire life. You’ve made wise investments and done everything in your power to create a lovely estate. This estate is essentially your legacy. It’s the legacy that you intend to leave to your children, something to mark the success of your life. So you may ask yourself, “What is your legacy?” Is your legacy that you’re going to leave your heirs a profitable estate that will have a smooth transition? Or is your legacy going to be a headache for your heirs and they have to fight with the state in regards to how the estate is going to be broken up, and how your final arrangements are going to be handled? This is an earnest question that must be addressed fully.

How to Ensure Your Legacy

Another question you may ask yourself is how do you ensure your legacy? The answer is quite simple. The most important thing to do is make sure that you have a will in place. If you don’t have a will in place, then your estate is going to have to go through the court process headed by the state itself to determine how your estate is going to be broken up. This is going to turn into a huge hassle and make a painful process that much more painful for your heirs. The best way to ensure your legacy is to make sure that your final wishes are known to all. The best way to make sure that your final wishes are known to all is to create a will. By creating a will, everyone will know exactly how you want your estate broken up. This way there will be no conflict or question as to what your wishes are.

Estate Planning Attorney in Murphy, Texas

The best way to ensure that your will is in place and is legally binding is to work through an attorney that specializes in estate planning. Edmondson Law located in Wylie, Texas serves the region of Murphy and has years of estate planning experience. Edmondson will be able to help you write up a will that you know will ensure a smooth transition of your estate and solidify your legacy. So, if you are ready to get a will in place then don’t delay and call Edmondson Law today at 972-442-8326 for more information.

Reasons Why People Don’t Get Wills

July 16, 2018 2:16 PM Tyler Edmondson

Reasons Why People Don’t Get Wills

There are many reasons why people don’t get Wills, and this can be very problematic to the family members that are left behind. One reason people don’t get Wills is they think that they don’t need one at this point. They may feel they are too young and that nothing will happen to them until they are much older. They may also have the thought that there is plenty of time to write up a Will. They could also be thinking that their lives are too busy that they cannot take time out of the day to get this very important document lined out. Perhaps the biggest reason why people do not get wills, however, is that they’re afraid that they won’t be able to afford it. It is definitely no secret that law services can be very pricey. Many people would just assume that they cannot afford it, instead of looking into it. That’s why one must really consider the cost now opposed to the cost later. That is your first mistake. How do you know something cost too much if you haven’t even looked into it? The reality is that you don’t know, so you may be avoiding getting a Will for nothing.

Getting It Done

If you know that a loved does not have a Will in place, the first thing you need to do is explain that it’s never too early to get a Will. Even though they may be in their 20s, 30s, 40s, or 50s, you never know when something might happen, and they may leave this world unexpectedly. As for the second, this will take a bit more force. You need to be blunt with the individual and state that if they can’t make time now, their loved ones could suffer in the future. Make the time, schedule more than one appointment if necessary. As for the final reason, the easiest solution is to shop around. You don’t know how much law services are going to cost until you speak with the lawyer. Never be apprehensive to see someone and ask questions.

Estate Planning Attorney in Wylie, Texas

Edmondson Law, PLLC prides itself on being an affordable law firm that offers top-notch service. So if you think you can’t afford to get a Will or other Estate Planning measures in place then think again and give our office a call. We have years of experience and can work with your schedule so we can meet your needs. We take pride in providing personalized care to your case and are here to fight for your best interests.

Advantages of a Trust

July 9, 2018 5:19 PM Tyler Edmondson

Advantages of a Trust

Trusts are an excellent way to manage assets. There are several advantages of a trust that make it a viable option for many people. Some of the benefits of having a trust are that it drastically reduces estate and gift taxes. This means that the state will not hit your heirs with the tax like they usually would. Another big advantage of a trust is that it puts conditions on how or for that matter when your assets inside this trust are distributed upon your departure. A trust is also advantageous as it helps to protect your assets from lawsuits or creditors. Trust also makes it easy to distribute assets to your heirs without the cost, publicity, and delay of the probate court. Another advantage is that you have the power to name a successor trustee who is in charge of managing your trust after you die but is also able to manage the trust if you become too ill to do so.

Trusts are a Great Option

Every situation is certainly different. Not everyone or everyone’s estate is the same. This is what makes the trust so useful. Trusts are very flexible, and they vary and can also be complex. Each type of trust does have its advantages or disadvantages, but this is also good because you can find the right trust that fits what you need perfectly. According to a report by CNN, a trust can run anywhere from $1600 to $3000 to set up this is a lot lower in cost than other estate planning measures. And there is a wide variety of trust that will be able to fit your needs. For example, you have the credit shelter trust, the generation-skipping trust, the qualified personal residence trust, the irrevocable life insurance trust, and the qualified terminable interest property trust. This is just to name a few.

Estate Planning Attorney in Murphy, Texas

As mentioned above there are several trusts that are complex in nature. If you are thinking about getting a trust, the best course of action would be to contact an attorney that specializes in estate planning. Edmondson Law specializes in estate planning and has years of combined experience. We will be able to help you figure out which trust would work for you and assist you in getting the trust set up. So if you are thinking about getting a trust, then your first move should be to contact Edmondson today.

Make Sure Your Assets Are in Order

July 2, 2018 3:32 PM Tyler Edmondson

Make Sure Your Assets Are in Order

You’ve worked hard your entire life to build up your estate. You have paid off your home and the land your home sets on. And in your golden years, you have very little overhead, and so you’re able to enjoy retirement. You have a life insurance policy in place to ensure that your family is taken care of upon your death. And because you are skillfully able to invest and create a certain degree of capital, your family will also be left something upon your departure. This has taken years of planning and hard work. It would be a shame if this planning and hard work were all for nothing. It would be absolutely horrible if your assets were not secured because you did not have a final Will and Testament that stated how you wanted your assets broken up.

The Importance of a Will

Perhaps one of the most important things you can do to make sure that your assets are secure is to have a final Will and Testament in place. A final Will and Testament will let your final wishes be known so that there is no question. The reality is, if you do not have one in place, it is the state’s job to come in and decide how your estate should be broken up. It’s because of this that you need to make sure that your assets are indeed in order. The state is not going to know the traits of your family and won’t know that you want certain family members to have certain things. So if you don’t want the estate that you worked so hard to build to simply be broken up and dissolved at the behest of the state, then make sure you have a Will in place.

Estate Planning Attorney in Wylie

If you have built a considerable estate and now need to make sure that all of your assets are in order and that your estate will be broken up as you see fit, then you need to have a Will in place that has been done by a professional. This is a complicated legal process that can be very intimidating. But with an expert law team that specializes in Estate Planning, this process can be very painless and simple. So if you’re ready to get a Will in place, then please don’t delay and give our offices a call. Our team at Edmondson Law, PLLC will help you fight for your interests and are committed to providing personalized attention to your case.