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Estate Planning Archives

How does a revocable trust differ from an irrevocable one?

Texas residents may be aware that creating a trust is one way to ensure asset protection. However, when one gets down to sorting out the details in creating a trust, it may be easy to get daunted by the different types of trusts and the tax and legal consequences of each. Understanding the basic types of trusts can go a long way in comprehensive estate planning.

The importance of a will

When it comes to estate planning, Texas residents likely have different goals they wish to accomplish. There are many different things you can accomplish in the estate planning process. Sometimes, it is possible to minimize family conflicts and confusion following a person's passing. This can be accomplished through trusts, financial and medical powers of attorney, designation of guardians, wills and other estate planning documents.

Estate planning and the small business owner

Building a family business from the ground up is a dream for many entrepreneurs in Texas. Unfortunately, while many people with successful family businesses take steps to ensure their business's well-being during their lifetime, they may avoid thinking about what will happen to their business should they become incapacitated or pass away.

Have an estate plan? Great! When was the last time you updated it?

Since you have an estate plan already, you probably know that having one is a good idea for anyone with a spouse, children or other people depending on them. If you own a home, have a job that provides life insurance, or receive income from a structured settlement, you need one.

It May Be Time to Update Your Estate Plan

While creating an estate plan can be among the most important tools in planning for the future, it is not always a one-time endeavor. Life's variables are constantly fluctuating and the best plans are maintained and updated as time goes on. Below, our blog outlines four situations which may give you a reason to revisit the terms of your estate plan.

Planning for Incapacity

The loss of mental and physical capacity is a frightening concept. It is uncomfortable to think of ourselves in terms of diminished abilities and because of that discomfort, we often avoid planning for possible future incapacity.

Avoiding Will Contests in Texas

A Last Will and Testament, the cornerstone of a proper estate plan, allows us to determine how our property will be distributed upon our death. Wills are meticulously planned by testators and their attorneys to account for a variety of unknown circumstances which may arise after death. Despite all of the methodical and detailed drafting that goes into a Will, wills are sometimes contested.

Sad Story from True Life

We at the Springer Law Firm encourage our clients to make plans to ensure the safe transfer of their assets at the time of death. Unfortunately, death comes to all of us, and it behooves us to make plans to properly care for our loved ones-it is a way of showing your family that you care when you make an estate plan. It is not just about the transfer of property, it also has to do with health care decisions and other issues that might come up at any time, and these things come up at times when we are not prepared for them. These documents prevent pain and stress at times of accidents, injuries, incapacity, and loss.

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The Springer Law Firm

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Katy, TX 77450

Phone: 281-616-7540
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