How can you change an irrevocable trust?
Irrevocable trusts are among the most powerful estate planning tools in use today. Done right, they offer significant tax advantages, protection from creditors and asset control that can extend beyond the grantor’s lifetime. By their nature, irrevocable trusts are not...
How is a power of attorney different than a living will?
When considering medical decisions in your estate plan, you have two documents you may want to use. First, you may consider using a power of attorney. Second, you may be thinking about using a living will. Both of these documents can be beneficial, but they do operate...
3 compelling reasons to add powers of attorney to an estate plan
Many adults do not have any estate plan whatsoever. Those who do often have basic wills and no other documents. However, integrating additional legal instruments into an estate plan can be a beneficial decision. Estate plans can provide guidance to family members and...
2 tactics for reviewing your estate plan
If you have already written an estate plan, you are ahead of the game. Most people have not. Simply by virtue of having an estate plan in place, you are more prepared than average. However, there is the risk of creating an estate plan and then neglecting it. Some...
Writing a will may not be enough
If you don’t have an estate plan and you want to start one, you will probably begin by writing a will. In your will, you can name beneficiaries and the assets you want to leave to them. You could say that your first-born child gets the family home, for example, while...
Why is becoming a parent a good time to estate plan
If you have not yet made an estate plan then becoming a parent gives you an extra incentive to get it done. While you will already have your hands full with your newborn baby, creating an estate plan can help you ensure they will always be cared for. Things you might...
Don’t forget about your estate plan as you divorce
When people are responsible about their estate planning and don’t put it off until they’re well into their senior years or have serious medical issues, they know they will likely need to make some modifications as their lives and their families change. Certainly,...
What a trust can do for your estate plan
There are several legal documents you can add to your estate plan. Your main document is a will, which can instruct how your assets are distributed after you pass away. Another document that you can add is a trust. A trust is a legal arrangement that works similarly...
Should you discuss your estate with your adult children?
Inheritance is a topic often shrouded in secrecy and discomfort, but discussing this issue doesn’t have to be so tough. Suppose you’ve established strong bonds with your children; best believe, you can discuss any topic with them with the right approach. The reason...
Estate planning is useful at every stage of adult life
Wills, trusts and powers of attorney are often thought of as legal tools that are only useful to elderly individuals. However, the truth is that estate planning can be useful for adults at every stage of life. In Texas, as soon as you turn 18 years old, you can draft...
