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.

How to Probate an Estate

June 18, 2018 2:04 PM Tyler Edmondson

How to Probate an Estate

Probate can be a very complicated process that is hard to understand. So, we will attempt to explain how to probate an estate. Essentially someone who has died can no longer own property. Because of this, the property must be transferred from the deceased owner to a beneficiary that is still living. This takes place under the close supervision of a probate court. The probate court can also oversee the payment of debts that were left behind by the deceased. Certain laws must be followed whenever the court is involved. These rules or laws can vary somewhat from state to state, but some steps are common no matter the location.

Steps to Follow

The first step in the estate settlement process is to confirm whether or not the deceased left a Will. You should first look for the Will within the estate, and if one is not found, you must speak with the deceased’s attorneys. If a Will can be located, then you must open the estate with the court. This can be accomplished by taking the Will to the probate court clerk and filing it. The person that is named as the executor in the Will is the one who usually takes responsibility for this. At this point, the court will more than likely schedule a short hearing officially appointing the named executor of the estate and providing him or her with a Letter of Testamentary. Once the executors then officially proclaimed by the court their first job is to inventory the deceased’s documents and assets. This includes a thorough review of all of the deceased’s personal papers and bank account statements. It is through this process that the true value of this estate can be ascertained. After the value of the estate has been determined, the executor will value the descendant’s assets, then pay the deceased’s income taxes and estate taxes, pay the deceased final bills and estate expenses, then distribute the balance to the estate beneficiaries.

Estate Planning Attorney in Murphy, Texas

The probate process can seem very daunting and complicated. Any time you’re dealing with a legal situation, perhaps it is best to have someone who is very comfortable in this situation to take the reins to ensure that your interest is met. If you have recently lost a loved one and are facing Probate Court, then perhaps the best approach would be to hire a trained Estate Planning attorney. Edmondson Law, PLLC has years of experience in Estate Planning and understands the probate court process very thoroughly. So, if you’re facing probate court then let the team at Edmondson Law assist you in this long and difficult process.

Has Your Mother or Father Passed On Without a Will in Place?

June 11, 2018 3:43 PM Tyler Edmondson

Has Your Mother or Father Passed On Without a Will in Place?

Has your mother and father died without leaving the final Will and Testament? If they have, it is a very common problem. The issue is that this could potentially be a very big headache for you. A final Will and Testament clearly define who the heirs are, and who is entitled to what. But if there is no final Will and Testament then it will be left up to the state to determine who the heirs are. Any time the state gets involved, it’s going to be very complicated. First off, the state does not know the family history; the state also doesn’t understand the family dynamics of your individual situation nor do they care. To make sure that your interests are protected you’re going to have to go through a special set of proceedings.

The Heirship Proceeding

The special proceedings you’re going to have to go through are called the heirship proceedings. Essentially the heirship proceedings are court proceedings that are utilized to determine who the proper heir to an estate is. These proceedings are conducted whenever the owner of an estate has died and has not left a Will to declare who the heir is. So let’s say you have spent the last several years taking care of your parents. Now that your parents have passed, your siblings, who have been absent, have now appeared and are wanting an unfair portion of the estate. This is very unfair to you. But the problem is that the court has no idea. You’ll have to present a legal argument that will compel the court to see the truth. This is a complicated and intimidating endeavor.

Estate Planning Attorney in Wylie, Texas

If you have found yourself in this type of situation, then you can’t settle on any law firm. You need to team up with the law firm that specializes in Estate Planning and understands Texas state law as far as estate distribution is concerned. That is why Edmondson Law, PLLC should be your first choice. Edmonson has years of experience in Texas Estate Law and will be able to help you to build a compelling case and ensure that you are not cheated out of what is rightfully yours. So if you’re facing an heirship proceeding then don’t delay and give Edmonson Law a call today.

What Is a Trust?

June 4, 2018 2:26 PM Tyler Edmondson

What Is a Trust?

A Trust is something that many people have heard of before but perhaps don’t really know or understand what it is. The first thing to realize about a Trust is that it is a legal agreement between three different parties. The first is the Trust maker, which is the individual who creates the Trust agreement. The second is the trustee, which is the person who is responsible for managing the property or the funds. The third is the beneficiary or beneficiaries, who are the people that receive the benefits of the property or assets of the Trust. So, in short, you have the Trust maker who transfers ownership of assets to the Trust and the trustee. The trustee then manages these assets for the benefit of the beneficiaries in the Trust.

Types of Trust

No matter what type of Trust it is, they are all either revocable or irrevocable trust. This means that the beneficiary of the Trust can have their privileges revoked if it’s a Revocable Trust or they cannot be revoked if it’s in your Revocable Trust. But no matter what type of Trust, whether revocable in your revocable, there are several Trusts that can be tailored for a specific purpose. For example, the Special Needs Trust is set up to provide for a disabled or handicapped beneficiary that won’t compromise his or her entitlement to supplemental security income or government benefits. The Spendthrift Trust actually gives the trustee the power to determine how and when distributions can be made to the beneficiaries in a Trust; this is really a good Trust for those who are not financially responsible. These are just a couple; there are several other Trusts as well.

Estate Planning Attorney in Wylie, Texas

A Trust is a precious asset when planning your estate. A Trust is a tool that should be utilized and not disregarded. Unfortunately, many people do not take advantage of the trust because they see the whole process as being too overwhelming. It’s for that reason that we advise you speak with an attorney that specializes in Estate Planning and can make the entire process of establishing a Trust relatively painless and easy. So, if you are ready to set up a Trust, then please don’t delay and give our offices a call today.

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.

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.