What happens to all of your money when you die? If you have been thinking about this question, you are not alone. The truth is, there are many methods you could use for distributing your money before or after you pass away. Finding the one that works for you is really a matter of personal preference and financial stability. At Doehring & Doehring, Attorneys at Law, we are experienced in helping people in Texas to coordinate a customized estate plan.
There are all sorts of issues to tackle when it comes to estate planning, and everyone is in a different position when it comes to their estate. Aside from determining which type of plan is most sensible, focusing on the benefits of an estate plan and figuring out how it could affect loved ones, people who have already worked through all of these issues may have estate planning considerations arise in the future. For example, those who are injured because of another's negligence and receive a significant personal injury settlement may need to go over their estate plan once again.
While conflict is a natural part of many family units in Texas, there are certain situations when unsolved disagreements can wreak havoc on relationships that could end up causing long-term damage. Estate planning for one is a topic that can be met with angst and hesitation by some family members and is also one that can create ongoing conflict even after the death of the person who created the plan.
We completely understand how challenging estate planning can be for some people, especially those who have uncertainty. Not only are some people unsure of which type of estate plan will suit their needs best, but some may be unsure of how to move forward with a will or a trust. For example, someone could be unsure of whether someone should be named as a beneficiary, or how to divide their assets among beneficiaries. There are many different angles to consider and people in Houston and across Texas will likely benefit from reviewing all of their options in detail.
When you are informed of the declining health of one of your family members in Texas, whether from a progressing condition or an unexpected accident, preparing for his or her death can be incredibly challenging. While coping with someone's death is never an easy feat, there are things that you can do to hopefully ease the emotional turmoil you experience.
When people in Texas have a good job, are surrounded by people they care about and are not immediately lacking anything they desire to have, the last thought to cross their mind may be estate planning. However, studies have demonstrated proof that people who plan their estate early on, seek the input of their loved ones and guarantee that their final wishes are legally preserved, often have a much more successful outcome following their death in terms of being able to control where their assets are distributed.
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.