A living will vs. a power of attorney: What to know
While drafting an estate plan, one important thing to keep in mind is the necessity to make medical decisions. Many people begin by splitting up their assets, choosing beneficiaries and making other decisions about how their estate should be administered. But your...
Reasons to use an incentive trust
There are many different types of trusts you can use, depending on what you’re trying to accomplish. A special needs trust, for instance, can help a beneficiary qualify for benefits while still receiving an inheritance. A spendthrift trust can protect assets if you...
How do trusts help in estate planning?
Thinking about the future is something that most adults often do. Those thoughts are often limited to what they want to do while they’re still living; however, thinking beyond that is a good idea. All adults should think about getting their estate plan together so...
3 benefits of a POD account
A POD account, or a payable-on-death account, is in many ways like any other financial account. You set it up at your bank, and it can hold funds that you can transfer in and out as you like. The difference is that this account has a beneficiary designation. You are...
What happens to your pets when you die without planning?
For many people, pets are more than just animals -- they’re beloved members of the family. But what happens if something unexpected occurs and your pets are left all alone? Without a proper will or trust in place, your beloved companions may end up in the hands of...
Why don’t people make estate plans?
An estate plan can be beneficial for anyone, from a young parent to an elderly retiree. These estate plans can help to divide assets among beneficiaries, make medical decisions in advance, establish guardianship for minor children and much more. However, most people...
Addressing your home when estate planning
It is possible that your home is one of your most valuable assets. As a result, it will likely be a primary concern for you as you engage in estate planning. Deciding what will happen to your home after your passing requires careful planning to better ensure that your...
The importance of choosing the right health care agent
Some of the most important documents in your estate plan are intended to be used while you’re still alive. One of these in Texas is called the Medical Power of Attorney Designation of Health Care Agent (MPOA). This is the document where you name the person you’re...
Adapting your estate plan to benefit all your heirs
When creating your estate plans, it helps to accommodate the unique circumstances of your loved ones and craft a tailored plan that works best for everyone. This means considering each heir’s situation and ensuring your estate plan provides them with the necessary...
Estate planning considerations this Christmas
Most people get some time off work over Christmas and the New Year. If you have not yet made an estate plan, you could use some of this time to start thinking about yours. Then, once the holidays are over, you can get help to put it all in writing. Here are a few...
