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Today, Barry’s is on the cusp of continued global expansion with over 100,000 members working out weekly in studios in over a dozen different countries.

When you are ready to sit down with an estate planning attorney, it is important to choose an attorney who is well versed in the ever-changing probate and tax laws. Our estate planning attorneys are dedicated to assisting our clients in ensuring that their estate plans protect their assets, as well as clearly define and execute what their wishes for that estate are. When you feel ready, do not hesitate to reach out to one of the best estate lawyers O’Fallon MO relies on to help you with your needs.

Why Do I Need an Estate Plan?

No one likes to think about the day they will no longer be here, but the truth is that day is inevitable. Not having an estate plan in place could have a major negative impact on your loved ones. What your wishes may have been had you drawn up a plan could end up being much different should the courts have to decide how your assets should be distributed. There could also be serious tax burdens on your heirs without a plan drafted by a seasoned estate planning attorney.

Probate

Another possible negative drawback for those who die without an estate plan in place is that their estate must go through the probate process. This is very time-consuming, taking at least 12 months, if not longer, for the estate to be settled. The probate process is also public, so your financial information is no longer personal.

Living Wills

Another important component of an estate plan is having a living will (also referred to as an advanced directive). This document contains what your wishes are in the event you become incapacitated and unable to communicate what you would accept and not accept for medical treatment. A living will can also address what your wishes are for organ donation. Having a living will take the burden off your loved ones in being forced to make those decisions.

Powers of Attorney

You can also have your estate planning attorney draw up a document designating powers of attorney. You should have someone designated that will be able to oversee and ensure that your healthcare wishes you stipulated in your living will are carried out. At the same time, you should choose a person that would have power of attorney over decision-making for your finances. You can choose to have the same person as both or you can choose different people. Your estate planning attorney can discuss with you the factors that you may wish your power of attorneys should have.

Divorce

If you have already put estate planning documents in place and then go through a divorce, you should consult with an estate planning attorney to make any changes that are necessary. You should also change the beneficiary for any life insurance policies or financial accounts that name your ex-spouse as beneficiary.

Blended Families

Along with divorce often comes remarriage. Many remarriages result in blended families, with one or both spouses bringing children from prior relationships. In order to ensure that one’s children inherit the assets they had prior to their remarriage, many couples set up their estate plans so that if they die first, their children will receive what is rightfully theirs.


Thank you the authors at Legacy Law Center for providing their insight on estate planning.

 

Estate Planning Attorneys Serving Arlington And Neighboring Communities

How Can an Estate Planning Lawyer Arlington TX Trusts Help Your Family?

Estate PlanningWe understand that it is difficult to talk about “what if.” No one really wants to think about becoming incapacitated or dying in an accident or from an unexpected illness.

The thought is even more frightening if you are fairly young. Yet, it is almost more important to address and prepare for an accident if you have young children or are the main provider for your family.

Our attorneys and legal team have years of experience helping clients determine how to best provide for those they leave behind, whether they are young families or families whose children are grown.

Every Family Is Unique When It Comes To Estate Planning

The estate plan for each family is unique and should not be left to filling out a form on a website that claims to know what is best for you and your situation.

It takes a compassionate and experienced estate planning attorneys to listen to your wishes and dreams for your family and commit that to an enforceable legal document.

We consider many alternatives when putting together a personalized estate plan for you:

  1. Do you have children from another relationship?
  2. How old are the children?
  3. Do you need a durable power of attorneys?
  4. Would you like to set up a trust for educational expenses or starting a business, and at what age should they be entitled to start withdrawing funds?
  5. Do you plan to include any charities or extended family members in your will?

Another important thing to keep in mind is that estate plans can be changed as your life changes. People divorce, have more children, grow their businesses and move to other places. We cannot plan for every possible turn our lives could take; we can only plan that someday we will no longer be here.

Since we never know when that will be, we plan for now and keep adjusting as things change in the future. Estate planning is a fluid process over your lifetime.

We Can Create A Personalized And Unique Estate Plan

Regardless of where you are on that road, we can help you get a plan in place that will grow and change with you in the future. We also serve Burleson and Arlington, Texas.

To arrange a free consultation with our experienced estate planning lawyers and legal team, please call our office today.

The Beginner’s Guide to Writing a Living Trust in Six Steps

Those who are unclear on what it means to write a living trust can benefit from meeting with an estate planning lawyer at Brandy Austin Law Firm, PLLC for guidance. What may seem like an intimidating document to complete, can become less daunting when it is worked on a little bit at a time. A living trust may also be referred to as an inter vivos trust, where you are in control of your property while still alive and have a say in how your belongings are handled after death.

There are steps a client and their Arlington TX estate planning lawyer will need to take to set up a living trust, described below. For any additional questions, do not hesitate to reach out to an estate planning lawyer at Brandy Austin Law Firm, PLLC for answers.

Step #1  Write a paragraph at the beginning of the document that states your name, current address, and social security number. If for any reason this is not your first time writing a living trust, include a statement that says all previous documents have become void in the creation of this new edition.

Step #2  Make a list of your belongings, including property, real estate, bank accounts, bonds, stocks, personal treasures, vehicles, and anything else of value.

Step #3  Appoint yourself as the trust administrator. This means you shall maintain control of your property and shall determine which beneficiaries or loved ones receive a portion of your belongings after death.

Step #4  Appoint a living trust successor administrator to take over in the event of your passing. You may want to ask if the person is willing to handle this role before naming him or her in the document. You do have the option of choosing a backup trust administrator if the first cannot uphold their duties. You can choose an individual person or organization (such as a bank) to be the successor administrator.

Step #5  Write instructions for how you want the successor administrator to distribute your trust assets after passing away. Include the names of your chosen beneficiaries, and which of your belongings or property they are to receive.

Step #6  With the help of an estate planning lawyer at Brandy Austin Law Firm, PLLC, perform an edit of your draft before signing and dating the document in the presence of a notary public. The successor administration should be present to sign the document as well.

Anyone who would like further assistance creating their living trust can meet with an attorney at Brandy Austin Law Firm, PLLC at their earliest convenience. We would be happy to help you finalize a document that can have such a positive impact on your loved one’s future. We understand that by creating a living trust, it likely means something to you that each of your loved ones receive a portion of your legacy after you have passed on. Your first consultation with an estate planning lawyer Arlington TX clients recommend is free, so please call today,

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