What Is Estate Planning? A Lawyer’s Guide to the Do’s and Don’ts
Life is unpredictable for everyone. No matter your age or wealth, documenting how you’d like your affairs to be handled in the future is important -- yet any Dallas estate planning lawyer could share horror stories centered around people who didn’t prepare sufficiently.
For your own benefit – and, above all, the benefit of your loved ones – making decisions about your assets and what will happen in the event of your incapacitation or death is something you’ll want to do soon. By taking action, you can ensure that your wishes are followed and potentially prevent a great deal of emotional pain and suffering down the line. An experienced Dallas estate planning lawyer can provide the help you need, but for now, here are some of the key do’s and don’ts to consider.
DO Draw Up a Last Will and Testament
A last will and testament outlines your wishes in regards to the distribution of your assets after you pass away. If you don’t create this document before your death, everything you own will be distributed in accordance with the Texas intestate succession statute. And if you have minor children, the court may appoint a guardian. As any estate planning lawyer would agree, the choices made by the state may not align with your wishes.
DO Make Plans for Future Incapacitation
An illness or accident could leave you incapacitated, and if that happens, you won’t be able to make your own medical and financial decisions. An estate planning lawyer can help you prepare for this possibility, creating a living will or advance directives with medical instructions and a durable power of attorney document that empowers someone to act on your behalf.
DO Mull Over Who Should Handle Matters
Whether it’s your executor – the individual responsible for handling your affairs upon your death – or the person you authorize to make decisions in the event of your incapacitation, figuring out who to appoint requires careful thought. It’s crucial to choose people you can trust and who are capable of handling the job, and they must be willing to take on your chosen role.
DON’T Wait to Deal With Estate Planning
Creating an estate plan may seem like a task you can tackle at some point in the future, but procrastinating isn’t a good idea. Unexpected events can always happen, and you’ll want to meet with an estate planning lawyer when you’re able to think clearly and can make reasoned decisions. This is especially important if you have minor children or others who depend on you for care.
DON’T Consider Your Estate Plan Done
Once you have all the necessary estate plan documents created, your preparations for the future are only mostly complete. Life changes as time goes on, and when there’s a significant event in your life, changes in your estate plan may become essential. Any marriages, divorces, births, deaths and asset acquisitions should prompt you to update your documents to keep everything current.
DON’T Assume You Don’t Need Help
You may think your estate plan isn’t all that complicated or that you have your bases covered, but working with an estate planning lawyer is still in your best interests. An attorney familiar with the laws of Texas can provide you with expert advice and ensure your plan addresses every eventuality that may arise. And, a legal professional can do things right, helping to prevent delays during asset distribution.
Why is Estate Planning Important?
Estate planning may seem morbid, but it’s important for personal, financial and legal reasons. If you haven’t yet prepared for the future, here’s why talking to an estate planning lawyer sooner rather than later would be wise:
To plan for your own future needs - An estate plan can protect you and your assets if you become incapacitated and unable to make medical and financial decisions for yourself.
To decide how your assets are dispersed – Without a documented estate plan in place at the time of your death, the state of Texas will decide how to distribute everything.
To preserve your family’s wealth – By removing your name from assets and placing them in legally protected structures, like trusts, an attorney can safeguard your legacy.
To plan for minimal transfer taxes – A lawyer can enact a tax-efficient wealth transfer strategy, allowing your loved ones to hold on to a greater share of your estate.
Estate planning is important for other reasons, too – it can enable you to establish philanthropic intentions, shaping the way you’re remembered, and with a solid plan in place, family disputes over your assets can be avoided. The process is often complex and emotional, but the earlier you get started, the more prepared you and your loved ones will be when difficult situations arise.
Due to the legal complexities involved in creating an estate plan, getting guidance from an experienced estate planning lawyer is advisable. Based in Southlake, Texas, the legal team at Schultz and Kellar, PLLC, is here to meet your needs. We work with clients throughout the Dallas-Fort Worth metroplex area, and being one of the only local law firms with both estate planning attorneys and highly skilled financial advisors, you can count on us to preserve your legacy and prepare for the future.
For more information, or to schedule a consultation with a seasoned estate planning lawyer serving Dallas, Texas, contact our office today.
