Estate Planning Lawyer Arlington TX
Have you considered speaking with an estate planning lawyer Arlington TX trusts about your future, and the future of your family? Have you prepared for the distribution of your assets and wealth upon your incapacitation or death? Although it might be an uncomfortable subject, it is a reality an Arlington TX estate planning lawyer will recommend that you face. By doing so, you could save your loved ones a great deal of time, stress, and money. Furthermore, you can feel peace of mind in knowing that everything is in place exactly as you want it.
Most people can benefit from having an estate plan in place, but many don’t realize the reasoning and advantages to creating one. At the Brandy Austin Law Firm, PLLC, you will discover experienced estate planning lawyers who can help you to secure your wishes in a comprehensive, legal estate plan. Guided by decades of experience, we understand the laws, rules, and tax matters that apply to estates. If you would like to learn more, please call 817-841-9906.
What to Consider When Planning Your Estate
It does not matter what stage of life you currently find yourself in or the value of total assets. Instead, it is about how you intend to plan for your future and the impact of your passing on beneficiaries.
Management of Your Estate
Your estate includes everything you own. This may include your:
- Personal property
- Real estate
- Savings and checking accounts
- Retirement accounts
- Life insurance policies
- Brokerage or investment accounts
An estate planning lawyer in Arlington TX can help you prepare a detailed accounting of what is included in your estate.
The Estate Planning Process
Controlling how your estate is managed after you pass away or what will happen after you become incapacitated is critical for adults of all ages. To ensure that your desires are carried out appropriately when and if the situation happens, good estate planning can accomplish all of these goals and more. Estate planning involves more than just putting together a basic will. The estate planning process provided by an estate planning lawyer Arlington TX is proud to have representing their residents include:
- Naming proper beneficiaries for retirement and life insurance accounts
- Instructions for passing on your estate
- Instructions for your care if you become disabled before you pass away
- Instructions for the transfer of your business such as disability, retirement, or death
- Specific provisions for loved ones who may need future protection from divorce creditors or their own spendthrift actions
- Provisions for family members who have special needs without compromising their right to government benefits
Communicating Your Wishes to Family Once You Have Completed an Estate Plan
You may not have considered the importance of communicating your estate plan to family members and loved ones. Discussing end of life can be complicated. Most people do not want to broach the topic with their loved ones. Chances are your family will be uncomfortable bringing this topic to your attention. No one wants to ask whether someone has created their estate plan. Even more challenging is asking what the contents of the estate plan may be. Despite this, it’s key to share some of the contents of your estate plan with family members. Not only can proper communication help to manage expectations of your loved ones, it ensures there are no surprises after you have passed. An estate planning lawyer Arlington TX can not only help you to develop your estate plan but also provide counsel as to the best way to communicate your wishes to loved ones before the time comes.
Obtaining Your Estate Plan in a Timely Manner
Once you have created an estate plan, perhaps one of the most important ways to proceed is to communicate with loved ones the whereabouts of your estate plan. Obtain copies of your estate plan with an attorney and be sure to keep it in a safe place. Make sure at least two people are aware of the location of your estate planning documents in the event of your passing. While some may keep their estate documents tucked away in a safe deposit box, others may choose an alternative place. No matter your choosing, make sure that your estate plan is in a place where it may be preserved and accessible in the event of a disaster. Ensuring someone knows where to find these crucial documents secures the future for our loved ones.
Estate plans require you to make a number of challenging decisions. You will not only be charged with appointing an executor but, also a guardian should you have minor children. Difficult conversations may be the last thing you want to face, but they are vital. Make sure family members are aware of key decisions you have outlined in your estate plan. You should also have conversations with people who may have not been included in your estate plan. This can help to ensure they do not contest your will after you have passed away. As a result, you may be able to reduce conflict later on.
The Opportunity for Family to Prepare Themselves
Failing to communicate your wishes to your family ahead of time can cause a number of problems. After you have passed and the estate plan has been reviewed, family may be in utter shock over the decisions you have made. Communicating your wishes with family prior to your passing can give them some time to come to terms with the decisions you have made. An estate planning lawyer Arlington TX can also assist with these difficult conversations.
Mitigate the Risk of Conflict Down the Road
Should you leave someone out of your estate plan, or leave them less than they had expected, it could cause problems after you have passed. If family was unaware of your wishes, they may feel slighted, especially if they believe the inheritance you have left them was unfair or inequitable. Having conversations ahead of time can make a deeper impact when family is able to hear your reasoning directly from you. This could help to reduce the likelihood of conflict after your passing.
Discussing your final wishes can be uncomfortable. It can be awkward navigating conversations regarding the contents of an estate plan. Despite this, it’s crucial to share with loved ones to ensure that they are prepared for when the time comes. Although these types of conversations may be the last thing you want to manage with your family, facing them head-on is important. An estate planning lawyer Arlington TX can advise you regarding who you should have these conversations with and, what from your estate plan should be shared. Contact an estate planning lawyer Arlington TX as soon as possible so that you may begin developing your estate plan.
Estate Planning Assistance from Brandy Austin Law Firm, PLLC
Many clients coming to an estate planning lawyer Arlington TX residents trust are concerned about minimizing court costs, court intervention, administrative frustrations, taxes and unnecessary legal fees. This is why it is essential to conduct the estate planning process well in advance. Contact the law firm of Brandy Austin Law Firm for help from a dedicated estate planning lawyer Arlington TX community members work with for a range of legal concerns.
Estate Planning FAQs
We frequently receive calls from people who are looking for more information about estate planning. Many choose to talk to us in more detail during a free consultation. To have your questions answered by an experienced estate planning lawyer Arlington TX prefers, please call 817-841-9906.
What estate planning documents should I have in place?
There are a number of legal documents that can be included in an estate. Often, what you need will depend on your financial and family circumstances; however, in general, you will want your estate plan to be as comprehensive as possible. This means you should consider including the following:
1. Revocable Trust. Similar to a will, a revocable trust provides for the management and distribution of your assets upon your death. There are many benefits to a revocable trust over a will. For instance, this estate document will allow you to transfer assets to beneficiaries immediately without having them go through the probate process. A revocable trust can also include details on how to manage your affairs should you ever become incapacitated. Including this could help you avoid any issues with someone seeking guardianship over you. Usually your spouse is the trustee of this legal document, but you can name anyone you wish. As an estate planning lawyer Arlington TX residents regularly consult will tell you, one of the greatest benefits to a revocable trust is that you can save money and time in the long run and the distribution of your assets will remain private, unlike with a will, which is public.
2. Financial Power of Attorney. This names a person to conduct financial affairs on your behalf in the event you become incapacitated. Without this, someone may be required to go to court to seek guardianship, which is a costly and time-consuming process.
3. Living Will. A legal document that details your wishes for medical treatment in case you become terminally ill, permanently unconscious, or are unable to make decisions about your care.
Beneficiary Designations. This document will address certain types of assets such as IRAs, 401ks, retirement accounts, and life insurance.
4. Pour Over Will. If minor children are involved in your estate planning, a pour over will may be necessary. The primary function of this is to name and nominate a guardian, as well as to name an executor who can transfer your assets to a trust of the minor child. These can be distributed accordingly.
Working With an Estate Planning Lawyer Arlington TX Recommends
There might be additional documents that should be included in your comprehensive estate plan. An estate planning lawyer in Arlington TX can discuss your personal situation and let you know what would be most suitable to your needs. To find out more, please schedule a consultation with an estate planning lawyer Arlington TX residents rely upon at the Brandy Austin Law Firm, PLLC, by calling 817-841-9906.
What Services Can Be Provided by an Estate Planning Lawyer in Arlington?
When considering how to share your legacy with your beneficiaries, it is imperative to identify an estate planning lawyer Arlington TX residents have come to know and trust. Before consulting with an attorney, you should be prepared with a list of questions to ask and the goals you hope to accomplish.
The right attorney can have a significant impact on the structure of your estate as well as your individual comfort level about the plans that have been undertaken. Estate administration, elder law, special needs planning, individual business planning, and individual estate planning needs come together with the help of an estate planning lawyer Arlington TX community members turn to with their complicated estate planning questions.
What kind of services does an estate planning lawyer offer?
The truth is that not all services are provided by every Arlington estate planning lawyer. Sometimes, lawyers will choose to focus on particular services or advanced planning strategies, so it’s important to do research in advance to determine what an estate planning lawyer will and won’t help you with. An initial consultation can help you learn more about the strategies available so you can determine what’s most appropriate for you.
Which Legal Documents Should I Include in My Estate Plan?
The process of estate planning is undeniably daunting. There are few legal tasks less inviting than making plans for one’s end-of-life care and ultimate demise. However, none of us knows how much time we have on Earth. As a result, the process of estate planning must be “tackled” even though it can be intimidating to begin. Thankfully, you can work with an experienced Arlington, TX estate planning lawyer in order to make the ordeal much more manageable, efficient and effective. In addition, working with a professional dedicated to the process of estate planning can be particularly helpful if you are unsure of what kind of estate planning documentation you need to draft.
The Key Elements of a Sound Estate Plan
When most Americans think about estate planning, they think about constructing a simple will. Wills are critically important estate planning documents designed to help individuals distribute their property according to their wishes after they are gone. However, wills are not the only estate planning tools worth considering. In fact, all legally independent adults should, at minimum, have legally enforceable wills, advance healthcare directives and power of attorney designations currently maintained at all times. Although there are a host of other estate planning documents that your Arlington, TX estate planning lawyer may suggest that you consider for any number of reasons, these three estate planning tools form the foundations of a sound estate plan.
Wills are concerned with the distribution of property and assets in the wake of an individual’s death. By contrast, advance healthcare directives allow individuals to leave explicit instructions for healthcare providers concerning emergency and end-of-life care preferences. When executed properly, these documents are legally binding. They can address any medical care preferences, from the drugs that physicians may or may not prescribe for an individual to whether extreme measures should be taken in an effort to save someone in medical distress. Finally, power of attorney designations generally allow individuals to grant trusted loved ones with the authority to make medical, financial and/or practical decisions on their behalf in the event that they become incapacitated by illness or injury.
Legal Guidance Is Available
If you have never created an estate plan or you need to make extensive revisions to existing documentation, please consider scheduling a consultation with an experienced Arlington, Texas estate planning lawyer today. There is no single “right” way to construct an effective estate plan. Your estate plan simply needs to reflect your unique preferences and should include those legal essentials that all independent adults must have at the ready. The legal team at Brandy Austin Law Firm, PLLC has extensive experience helping clients create estate plans that make sense for them uniquely. Please allow us to do the same for you. Please schedule a consultation with an Arlington, TX estate planning lawyer in our office today. Your future self and your loved ones will likely thank you for making this proactive effort. We look forward to speaking with you.