When you're going through a divorce, there are many things to do. One of the most important things is updating your estate plan. If you fail to do this and pass away, much of your estate could end up going to your ex-spouse.
You might think that a divorce is the worst time to start focusing on your estate plan, but, in reality, it's one of the best times to begin. When you get a divorce, many things change. Addressing those changes in your estate plan is a good start toward protecting your beneficiaries.
The creation of a last will and testament is very difficult for some. Acknowledging death is something that a lot of people never come to grips with in life. It can be so difficult for some that they fail to create a will and leave their family in a lot of legal issues upon their death. If you are ready to create a will in Katy, Texas, here are some items you should never include.
When you have a substantial collection of assets, it's necessary to continuously update your estate plan. The last thing you would want your family to have to go through is probate court because certain assets weren't listed in your estate plan.
If you were to fall ill and be unable to speak for yourself, who would you have make decisions for you? If you don't have an answer to that question or are wary of who might make decisions on your behalf, it's time to look into a durable power of attorney.
There are times when an adult adoption is important, like if you need to take care of a relative with a disability or want to make sure someone you aren't related to is able to obtain trust funds without those funds going to your friends or family members first. The trouble is that some adult adoptions won't protect the person you care about in the case of your death, and they may not help him or her obtain the assets you wanted to leave behind.
Estate planning is important if you want to make sure your loved ones receive as many assets as possible after you pass away. This is particularly important in cases where you have a blended family. For example, if you have children from two marriages, you'll want to have an estate plan and will that accounts for the needs of each child, regardless of who their mother or father is.
While we have heard studies chronicling the cost of raising a child to age 18 (more than $200,000 by today's estimates) there is arguably no price we can put on a child. This adage is especially applicable when we consider the chances of an aging parent spending extended time in a nursing home.
Many individuals pride themselves on having their estate plan documents in order. But in actuality, estate planning is a dynamic process that must undergo periodic reviews and modifications to keep up with one's changing lifestyle.
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.