If you’re an adult, and if you haven’t yet prepared your will, it’s time to make an appointment with a lawyer who provides estate planning in Conroe, TX. It is worrisome that most Americans pass away intestate, which means they die without a will. When this happens, their estate is subject to inflexible state regulations and guidelines. Additionally, family conflicts over finances and legal guardianship of children may be more likely to occur when a loved one dies intestate. You can protect your family by having a qualified attorney draft your will for you.

Make a List of Your Assets

Before you meet with a lawyer to have your will drafted, you’ll need to make a list of your assets. This is not so much for inclusion into the will, but to give your attorney an idea of what’s involved in the estate. Such a list should include intangible assets such as your bank accounts, along with physical property such as family heirlooms and jewelry. Any assets you have that name a beneficiary, such as a life insurance policies or joint bank accounts, will go to that particular beneficiary. In other words, you cannot use your will to override your beneficiary designations. However, you can change your beneficiary designations, if desired. You can use your will to designate heirs for most all other assets.

Evaluate Prospective Legal Guardians

Choosing a legal guardian for a minor child can be one of the most difficult decisions a parent will face, particularly if there are no obvious candidates available. If you have siblings or other family members, then your will could name one of them to be the legal guardian of your child. However, you should carefully consider whether any particular candidate may be more likely than others to adhere to your preferences for your child’s upbringing. In sum, communication prior to tragedy often limits the scope of that tragedy.

Revisit Your Lawyer Periodically

Estate planning isn’t a “one and done” procedure. As your life circumstances change, so too should your will. Where large estates are involved, it might be wise to make an appointment with your lawyer at least every five years to re-evaluate your situation in light of any recent tax law changes. You should also schedule appointments if you experience a significant change in circumstances, such as the birth of a child, a divorce, a marriage, or the death of a family member if that passing affects your finances.

Many people hesitate to discuss estate planning because the subject is inevitably tied to death. Although estate planning may be an uncomfortable topic of discussion, it is quite often a necessary one. You may prefer to wait to discuss these matters with your family until after you have met with a lawyer and drafted your will. If you feel that a discussion about estate planning will turn into a contentious argument among family members, you could even request that your lawyer be present to serve as a neutral third party and answer legal questions.

Determine Your Priorities
Before you meet with the will attorney, write a list of your priorities. Remember that the assets you leave behind should ideally serve to accomplish your goals, rather than to reward deserving loved ones. For example, you might prioritize the care of an ill or disabled family member, the support of a favorite charity, or the education of grandchildren. Determining your priorities will help you when drafting the will and when discussing it with your family members.

Decide How Much Information You Wish to Disclose
Ahead of the discussion, determine how much information you’re comfortable sharing with your family. Some people prefer to say very little, informing their heirs only that they’ve drafted a will and that they believe that the will allows for a fair and equal distribution of wealth. Other individuals feel that providing detailed information about which heir will receive which asset will prevent future arguments.

Explaining Unequal Distributions
If your will is going to distribute more assets to one heir than to another, you may wish to explain your reasoning. For example, you may have two children, one of whom is a geologist with a lucrative salary and the other is a childcare worker with only a modest wage. You may prefer to leave more than half of your wealth to the latter child. If so, you could explain to your children that this does not reflect favoritism, but rather addresses a real financial need.

Consider Disclosing Information After Your Passing
If you feel uncomfortable explaining the terms of your will to your family, you could write separate letters to your heirs or one letter addressed to all of them. Yes, even the videotaped lecture is not uncommon. These procedures allow you to explain your reasoning in a manner which is separate from the will. Keep sealed letters of explanation with the will.

If you wish to make financial arrangements for your children, grandchildren, or other heirs, it’s a good idea to speak with a lawyer about estate planning , including the possibility of establishing a trust. An attorney in Conroe, TX, can help you explore the various aspects of a trust and how to structure your trust to accomplish your goals. For example, you could use the trust to leave a certain amount of money to your child, which could be distributed in set amounts at certain intervals. This arrangement prevents your child from spending his or her inheritance all at once. Or, you can place conditions on your child’s inheritance. For example, you can have your lawyer set up the trust to distribute small amounts of money over time and to only allow your child to receive the rest after he or she graduates from college.

Another reason why you might ask your attorney to establish a trust is for tax advantages. Life insurance policies provide tax-free benefits to your beneficiaries. However, the death benefit amount may be added back into the estate, which may make it [the estate] subject to federal estate taxes. Establishing an irrevocable life insurance trust protects the full death benefit for your beneficiaries.

If you haven’t yet drafted a will, it’s time to schedule an appointment at a law firm that emphasizes estate planning in The Woodlands. Having a will is important for nearly every adult, especially parents who have minor children. An estate planning attorney can draft your will in a way that reduces the possibility of disputes. This can go far in promoting family harmony after your death. Even if you have already made your last will and testament, it’s a good idea to visit your lawyer periodically to update your will as your circumstances change.

Children
Even if the distribution of your property after your death is not a matter of concern for you, you definitely need a will if you have minor children. If you die intestate (which means without a will) then a judge will determine guardianship for your children. This may not necessarily lead to an arrangement that you would have chosen yourself. Having your lawyer create a will for you is the only way to designate your children’s guardians in a manner pleasing to you.

Children’s Property
It’s common for parents to name their children as beneficiaries for certain assets. However, if you die while your children are still minors, an adult must manage the property. You can use your will to designate a property manager and you can leave specific instructions with regard to how you want the property to be managed.

Pets
Sometimes, an individual’s beloved pets end up in an animal shelter after his or her death. You can prevent this from happening to your pets by using your will to designate a caretaker for your furry or feathery friends. You might also consider leaving money to the caretaker for the care of your pets. Many shelters and animal adoption centers offer plans which allow you to create very unique and satisfying arrangements for your pets should you pass.

Property
People often consider it very important to ensure that specific assets are distributed to certain people after their passing. You can use your will to designate beneficiaries for certain financial accounts, vehicles, and similar assets. If you have family heirlooms, designating beneficiaries for them can be helpful for preventing family disputes after your passing.

Welcome to Texas! Most newcomers find that, apart from our sometimes cranky weather, Texas is perhaps the best state in which to reside. Texas has low taxes, low regulation, low prices, and one of the country’s easiest probate systems! But to take advantage of our fast and easy probate process, it is often necessary to update your will to obtain the benefits of a Texas probate.

As with most things in the legal arena, there are often certain “magic words” which must be used in order to fast track and simplify the probate of your will. Whether you are young and just starting out, or whether you are closer to retirement than most, a redraft of your will can result in peace of mind–before and after you are gone.

It’s important if you are moving in from another state to seriously consider a will redraft. Although I’m not 100% certain, I hear that a will redraft is much harder after you are gone!

Contact us for an inexpensive review of your will. If one is not needed, we will tell you. If a redraft is in order, then it is the most cost-effective way of gaining peace of mind.

The need for estate planning does not depend on the size of your estate. If you have any possessions, monetary or otherwise, that you would like to bequeath to friends, family members, or charitable organizations, you may want to speak with a will attorney in The Woodlands.

Some people may not think of estate planning until they have reached significant life milestones such as getting married, having a child, or buying a home. However, these events typically happen after an individual has already amassed significant assets. As soon as you accumulate possessions of financial or sentimental worth, consult a law firm that specializes in wills and trusts. A will lawyer can explain the differences between these documents and help you decide which one is right for your needs. When you go through a law firm for your estate planning needs, you can also better guarantee that your wishes for the division of your assets will be carried out as you wish.