A will is often the cornerstone of any comprehensive estate plan, but does that necessarily mean it is the best estate planning tool? Our Texas estate planning attorneys appreciate wills for what they can do, but we also recognize the many things they cannot do. One such thing is avoid probate. At Doehring and Doehring, we help clients craft estate plans that reflect their overall estate planning goals, as well as how they hope to help their loved ones.
Planning your estate in Texas may appear incredibly confusing when you hear the words "trustee," "executor," and "heir," flying at you. In reality, each of these parties will play an important role in seeing that your assets and possessions end up exactly as you desire. At Doehring & Doehring, Attorneys at Law, we have helped many families to decide how to proceed with estate planning, as well as help them put together a customized plan that meets their needs.
People in Houston are encouraged to thoroughly plan out the administration of their estates in order to avoid contention and discord from arising amongst their beneficiaries once they are gone. No one wants their passing to push their family members and friends apart; rather, they want to such parties to come closer together following their departure. Yet no amount of planning is guaranteed to satisfy all those who might be party to one's estate. One might think, then, that the only way to avoid contention over their estate is to eliminate the potential for it altogether.
If you are a Texan unfamiliar with estate planning, you may not be familiar with the term "irrevocable life insurance trust." According to FindLaw, an irrevocable life insurance trust is a life insurance policy managed by a designated trustee who distributes benefits to your heirs after your death according to the terms that you specify when creating the trust. Once you have successfully created an irrevocable trust, you can no longer change it, nor can your trustee or anyone else.
You are knee-deep in the process of writing a will and planning your estate and things are only getting more confusing. As you prepare to pick apart your future and create a plan for the rest of your life, it is important that you do things the right way. When you are writing a will in Texas, failure to pay attention and follow the rules can negate your will entirely or leave parts of it open to individual interpretation. Your awareness of common mistakes that people make when writing a will can help you to avoid the same missteps as you coordinate your future plan.
There are times when difficult decisions may need to be made with respect to a will, from deciding who to name as the executor to figuring out how to distribute your assets among loved ones. Moreover, this can be a highly emotional time and some people simply are unsure of which route is best. Furthermore, there are a number of circumstances, such as the end of a marriage, which can lead to significant changes with respect to a will. For example, you may want to remove certain beneficiaries following your divorce.
Estate planning is a complex subject, and there are many different issues that converge to make your estate. However, if there is one central point to all of these entangled matters, it is the will. Your will is incredibly important and it provides the backbone to your entire estate. Without one, your estate may be in disarray and your beneficiaries may not receive what you want them to receive. Even with one, you need to update it frequently, lest you risk the provisions and information contained within the will no longer being accurate.