The 411 on Estate Planning

7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560

THE 411 ON ESTATE PLANNING


ESTATE PLANNING ESSENTIALS


Any estate planning attorney has his or her share of horror stories from years of working with

clients to create an estate plan.


Whether its issues regarding ownership of property or family disputes of a loved one's estate.


Or, if they do create a plan, they don't consider all of the potential

issues that may arise. The reality is, even the most basic estate plan can

go a long way toward avoiding family conflict.


AN IMPORTANT TIP ABOUT YOUR LAST WILL AND TESTAMENT


Regardless of how many assets you have, you should obtain an estate planning attorney to draft an

appropriate will to ensure that your family, and the court, have a clear roadmap for how you want your

estate handled.


Always REMEMBER that the value of an asset is not always seen in

terms of money. Some property will have more of a sentimental value.


Discuss the value of certain assets with your family ahead of time to

avoid problems in the future if you leave that property to the "wrong"

person.


AN IMPORTANT CONSIDERATION WHEN DRAFTING A WILL


Never rely solely on your expectation that your children will be able to decide who gets

what.


In many cases, money and property can divide a family quicker than

anything else.


You should not assume that your family will simply accept every

provision you include in your WILL. Do your best to discuss potential areas of conflict with them while

you are still able to do so.


Don't forget to review you will every few years, or whenever there is a

major change in your life circumstances, such as the addition of new family members, divorce, or changes in you financial situation.


SELECTING A TRUSTEE FOR YOUR TRUST


First, discuss your options to create a trust with an estate planning attorney.


Choose an appropriate trustee to manage your trust, someone who

will make an appropriate fiduciary. That means some who can be

trusted.


GET PROFESSIONAL ASSISTANCE IN DRAFTING YOUR TRUST


Trusts are usually complicated estate planning instruments which, if not handle

properly, may not be valid.


The best thing to do is seek the assistance of an estate planning

attorney who will understand the tax consequences and benefits of

the various types of trusts.


Also, do not forget to name a successor trustee along with your primary trustee. There are various reasons your chosen trustee may

not be able to serve in that capacity in the future.


CHOOSE YOUR AGENT WISELY


Understand THAT a durable power of attorney can benefit anyone, regardless of

your socioeconomic status.


The possibility of incapacity is always there. Just in case, you need to choose a trusted friend, associate, or family member to have power of

attorney over your affairs in case you become incapacitated.


This is a tremendously powerful appointment, as the person you

choose will have the ability to make most of the financial decisions that you would normally make, so trust

is of the utmost importance.


DURABLE POWER OF ATTORNEY FOR HEALTH CARE


Also, do not neglect the need to address your medical care, as well as your financial

affairs.


A health care power of attorney, just like a financial power of attorney, gives your agent the authority to

make health care decisions on your behalf.


AVOID THIS MISTAKE WITH DURABLE POWERS OF ATTORNEY


Do not assume that your spouse will simply take over and handle things for you if you

become incapacitated.


It is possible that your spouse won't be available. For instance, if you are both injured in a car accident

and both are incapacitated then you will need someone to handle your

affairs.


If at all possible, your financial power of attorney and your

healthcare power of attorney should not be the same person. That way,

no one person will have nearly complete control over your future.


THE BENEFITS OF AN ESTATE PLANNING ATTORNEY


When it comes to planning for your future and your family's future, the advice of an estate

planning attorney can be irreplaceable.


Estate planning attorneys can provide you with the guidance you need to make all of the important

choices that are necessary.


Your attorney can describe all of your options and help you decide

what tools are best for accomplishing your goals.


CONTACT US!


If you have questions regarding your estate plan, or any other estate planning needs, please contact The

Vermillion Law Firm, LLC for a consultation either online or by calling us toll free at (888) 567-

5745.


LEARN MORE ABOUT ESTATE PLANNING IN TEXAS


(972)386-4560 www.VermillionLawFirm.com

The Vermillion Law Firm, LLC

The 411 on Estate Planning

Law

Transcript of The 411 on Estate Planning