Why is power of attorney necessary in estate planning?
Estate planning is not just about planning for your death. Planning for the unexpected, such as incapacitation due to a sudden illness or disease, is equally important. A lot may not work out as you intended if you are ill-prepared for such unforeseen eventualities. A...
3 estate planning mistakes to avoid
Estate planning is key to protecting your loved ones should you become incapacitated or die. Your estate plan will include several documents that will protect your legacy and state your wishes. However, to significantly benefit from it, you should make the right...
Asset protection planning: What is it, and how does it work?
When you work hard all your life to build wealth and create opportunities, it is only sensible to want to protect what belongs to you and leave a substantial inheritance for your loved ones. And this is where planning for your asset protection comes in. But what...
When is it time to update a will?
Creating a will isn’t a one-and-done process. You’ll likely make many wills throughout your life to ensure that your assets and wishes are up to date by the time you pass away. Without an updated will, many of your assets may be left without a beneficiary in mind and...
2 benefits you can derive from asset protection planning
Estate planning is synonymous with creating a will for many people. Some estate plans do only include one document, and people can achieve numerous crucial goals with just a will. They can name a guardian for their minor children and arrange for the descent of their...
4 common questions about estate planning
Have you ever made an estate plan? If not, then you should understand it is the legal process of preparing your assets for your heirs in the event of your passing. This way there will be less fighting over your estate. There’s a lot to consider in an estate plan and...
Protect your family by preserving generational wealth
It is disheartening to learn that by some estimates, 90% of affluent families have lost the bulk of their resources and prosperity by the third generation. We live in times of chaotic changes for which there is no way to anticipate every outcome. But there are ways to...
Could a transfer on death deed help with your estate plans?
Texas is now among the numerous states that allow people to transfer real property to their heirs through what’s known as a “transfer on death” deed (TODD). Whether you have a will or not, this is something that you may want to consider for your estate plans. It has...
Why parents shouldn’t rely on intestate succession laws
Strictly speaking, creating an estate plan isn't necessary for someone to ensure that their immediate family receives the property from their estate. In theory, all adults in Texas have protection if they die without a will on record. State statute establishes...
3 factors that can extend the length of probate after you die
Creating an estate plan is the first step to ensuring your loved ones are taken care of after you pass. However, if you make mistakes or don’t follow the established rules, you may cause probate to last longer than it must. While this is true, there are also steps...