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Blogs from July, 2022

Most Recent Posts from July, 2022

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  • When you meet with me to start discussing your custom estate plan, the first thing I’ll probably say is “What are your goals? What are your concerns? What is it that you’d like to get taken care of?” Sometimes clients say something like “We just want everything to be sold and split equally to our kids. Our daughter can take care of everything. We want it to be easy.” Sometimes clients say something like “I want to make sure my nephew is taken care of, but he’s had some issues with substance use disorder. I know I can’t just give him a bunch of money, so I need to know what I can do to help him without enabling him.”

    We don’t just create valid legal documents, we create valid legal documents that are customized to you and your situation. A Texas law license says “ATTORNEY AND COUNSELOR AT LAW.” We will counsel you through how the law can work in coordination with your intended plans.

    I often find myself counseling clients on the sliding scale between security and convenience. For any plan, you should pick someone that you truly trust as your trustee, executor, and agent. Once you’ve decided who that person would be, we can help you decide where your plan should be on the scale between security and convenience.

    For example, if you want things to be easy for your daughter to distribute your estate equally to herself and her siblings, we can write a plan where your daughter will be instructed to liquidate everything that you have and just split the cash. However, you can give them the flexibility to decide amongst themselves that, say, your son keeps your house and your other kids split the cash. If you can trust them to work it out themselves, we can give them the power to do so. This kind of plan is on the far end of the scale towards convenience.

    However, if your wish is to take care of your nephew that has struggled with substance use disorder, we might have to move that scale to the far end of security. You might need a corporate fiduciary (a bank or law firm that’s in charge of assets) that can handle making decisions about substance testing, care in a facility, other medical help, assistance with living and transportation needs, and other financial help besides handing him a big bag of cash. While this kind of plan might be less convenient to administer, it might be necessary.

    When you come in to work with an attorney and counselor at law, we can help you decide where you and your loved ones need for your plan to be on the scale of security versus convenience.

    Need to decide on how to distribute your assets after your passing? We are here to help! Visit us here to find out how we can address your estate planning needs.

    Your Estate Plan: Security v. Convenience
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  • Texas Health and Safety Code Section 711.002 details who has the authority to deal with a funeral home or morgue to determine how your remains should be buried, cremated, or laid to rest in another way. While the Code specifically ranks which family members have priority over the others, the best way to ensure that your wishes are carried out is to properly execute an Appointment for Disposition of Remains.

    Even if the ranking according to the code aligns with your wishes, there’s a better way to ensure that your loved ones will be able to adhere to them. Instead of your spouse or kids having to prove that they’re your spouse or kids, you should list them on your Appointment of Disposition of Remains to facilitate the process during a stressful time.

    More importantly, though, there are two specific situations where you absolutely need to properly execute the form:

    1. If your friend, partner that you’re not formally married to, or “chosen family” members are the ones that you want to handle this very important matter, you will specifically need to name them in the document. Furthermore, you’ll want to create that document with a licensed attorney to ensure that it’s properly executed.
    2. If you specifically do NOT want one of your “blood family” members to handle the disposition of remains, you’ll need to make that clear in a specifically written document.

    Appointment for Disposition of Remains is just one of the important documents that you and your loved ones will need as part of your comprehensive estate plan.

    Need to plan for disposition of your remains? We are here to help! Visit us here to find out how we can address your estate planning needs.

    Plan Properly For Disposal Of Your Remains
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  • You may be asking yourself, do I need an estate plan if I am not wealthy? The answer is yes. No matter your net worth, you should have an estate plan in place. There are many reasons why having an estate plan is important, even if you are not wealthy. Our Texas estate planning attorneys discuss the importance of having an estate plan and why you do not have to be rich to have one.

    Handling The Unexpected

    Life is full of surprises, some good and some bad. No one knows what tomorrow will bring, which is why it’s essential to be prepared for anything. An estate plan can help you be ready for the unexpected. For example, if you are in an accident and become incapacitated, your estate plan can designate someone to make financial and medical decisions on your behalf.

    Protects your heirs and beneficiaries

    An estate plan can also help protect your heirs and beneficiaries. Without an estate plan, the state will decide how your assets will be distributed upon death. This may not be in line with your wishes. With an estate plan, your loved ones will receive the assets you want them to have without interference from the courts.

    Avoiding Or Minimizing Probate

    Probate is the legal process of distributing your assets after you die. If you pass away without an estate plan, your assets will go through an INTESTATE probate and be distributed according to state law. Intestate probate can cost up to double a traditional probate and can take years to finalize. An estate plan can help avoid or minimize probate by specifying how you want your assets to be distributed.

    Let Crain & Wooley Help You With Your Estate Planning

    Estate planning is not just for the wealthy. Everyone can benefit from having an estate plan, regardless of their net worth. If you have any assets, do not wait until it’s too late. Contact our office today to get started on your estate plan. We have the experience and knowledge to help you craft a plan that meets your specific needs and goals.

    Call us at (972) 945-1610 to schedule a consultation today!

    Do I Need an Estate Plan If I’m Not Wealthy?
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