Friday, June 03, 2011 A Houston Wills and Trusts Lawyer Offers Advice for Newlyweds
By: Kim Hegwood, Houston Wills and Trusts Lawyer
In the midst of finding the perfect dress, choosing a venue, and tasting countless cakes, Houston newlyweds often overlook the importance of finding a reputable wills and trusts lawyer. It’s easy to get caught up in planning for the wedding and to forget about planning for the marriage! Really, though, the beginning of your new life together is exactly the right time to start your estate planning.
Perhaps you think it’s unnecessary because you don’t have what you would consider an “estate.” Wills are not just about leaving property to your (potentially not-even-born-yet) children, however. They help protect you and your new spouse, as well as other family members, should something unexpected happen.
Living Wills
Living wills are a powerful example of why newlyweds need a wills and trusts lawyer. A living will declares your wishes in case you are unable to make them clear on your own. Would you want to live on life support? Do you wish to donate your organs? Are there medical procedures that you absolutely would not want to undergo? Your attorney can help you draw up the paperwork that makes your wishes clear and relieves your new spouse of trying to make those very difficult decisions in what would likely be the worst time of his or her life.
Along with a living will, you will likely also need to create powers of attorney. These will designate who is able to make decisions for you, both medically and financially. In many cases, this will be your spouse, but what would happen if you were both unable to make quick decisions for yourself? A Houston wills and trusts lawyer will help you create these important documents according to our local laws and regulations.
Probate
If you should suddenly pass away, would your spouse or other family members have access to your insurance? Your bank accounts? Your property? The answer is not as obvious as it seems. Your estate could easily end up in Harris County probate, meaning that those who should inherit from you are denied access for months or even years. Putting an estate plan in place can help relieve some of this burden while speeding up the process for your loved ones. It can also save them considerable amounts of money.
A Houston wills and trusts lawyer will help you make sense of what needs to be done, and the process is actually far easier than many people imagine. It’s also less expensive than you might think, and certainly less expensive than having your new spouse or family denied inheritance that should rightfully be theirs. Just consider it one more administrative task that needs to be taken care of as you add your spouse’s name to your accounts, get a driver license with your new name, or take care of the other paperwork that comes along with being a newlywed.
At Hegwood & Associates, PC, we often work with newly married couples to create a plan that works now, but also takes into consideration your wishes and plans for the future (i.e. children, acquisition of new assets, business growth). To get started, simply call (281) 218-0880 and request a free Lifetime Legacy Planning Session ($750 value). However, these sessions are limited to 10 per month so call today! Thursday, May 26, 2011 Updating Your Will with an Estate Planning Attorney in Houston
As an estate planning attorney in Houston, I commonly see people who understand the importance of the initial estate planning but then forget that they need to keep their wills and trusts up-to-date. These documents aren’t something that should just be done once and then tucked into a safety deposit box never to be visited again. Actually, there are several times in the course of your life that you need to dig out your wills and trusts and make changes.
·Marriage – Obviously, when you get married, you will have a new spouse to consider when it comes to things like inheritance, living wills, and powers of attorney.
· Divorce – If you don’t relish the thought of your ex receiving your estate, you may want to meet up with your Houston estate planning attorney to make some changes.
· Children – The addition of a child should trigger a need to reevaluate your will and other documents. Estate planning is often thought of as a way to care for your children after your death, and that can only be done if you keep your documents current with the birth of each child.
· Purchases – If you acquire new assets, whether in the form of real estate or something else of value, you will want to call your estate planning attorney to be sure it is covered in your will.
· Health – You may find that certain health conditions cause you to reconsider the wishes outlined in your living will. This ensures that your loved ones and healthcare providers are apprised of your decisions.
· Insurance – Over the course of your insurance policy’s life, you may find that you want to change the terms, such as the type of coverage you have or the beneficiaries of your policy. When changes like this occur, it is important to have an estate planning attorney reflect that in your legal documents.
A Houston estate planning attorney will be current on federal, state, county, and city laws and will be able to guide you as you keep your wills and trusts up-to-date. This protects you and your beneficiaries and can actually keep your will from being invalidated after your death.
So if it’s been awhile since you’ve updated your estate plan, I invite you to give our office a call and schedule a complimentary Lifetime Legacy Planning Session to have your documents reviewed ($750 value). Simply call (281) 218-0880 to get started. Thursday, January 20, 2011 Harris County Estate Planning Attorney Discusses Naming Separate Guardians For Your Kids
As a Harris County estate planning attorney, I work with parents all the time to make sure their minor children will be protected if the death or incapacity of one or both parents should occur.
One of the ways we do this is to name short-and long-term guardians, who are essentially the people with legal permission to take custody of your children if tragedy strikes.
Yet in my work as a Harris County estate planning attorney, I can honestly say that making a guardianship nomination legal is the easy part! It’s choosing the actual people you feel comfortable with to provide your kids long-term care which is the hardest decision for most Houston area parents.
Not to mention the complications (and stress) that can arise when it becomes clear that the kids would fare better if left in the care of different guardians (and yes, perhaps even be separated from one another) if the death of one or both parents occurred.
Of course this is a decision that’s not to be taken lightly, but legally, there is nothing stopping you from leaving your children to the care of different people if it seems necessary for their future well-being.
If in your conversation with a Harris County estate planning attorney you feel such a move is necessary, I urge you to make your wishes known and don’t feel bad or even guilty about your decision. Sometimes it’s clearly for the best.
Not sure when this would be an appropriate choice for your family? Let me give you an example as to when the decision to name separate guardians would come into play.
Let’s say you are a mother of 3 children. You have two girls from your first marriage and your third child, a boy, is from the 2nd. If something unexpectedly happened to you, the law dictates that your youngest son would be placed in the care of his father, provided he is still living.
Yet you know that living with your current husband would not be the best arrangement for the girls. The girls have never been close to your new husband and you can’t imagine the situation getting any better if you were gone. Worst of all, the girls have no relationship with their biological father. In fact, he signed over his rights in lieu of paying child support years ago. So in your mind, leaving the children to him is not an option either.
Based on this scenario, you decide to make your sister the guardian of the girls, while your husband would continue to raise your son if something happens.
Of course that’s just one of MANY examples in which the decision to appoint separate guardians for your children comes into play. As I tell parents all the time, YOU and only you know what is best for the physical and emotional well-being of your children in a time of need. While the ideal situation is to leave the kids together if possible, family dynamics or life circumstances may dictate that alternative plans be made.
Fortunately, that’s the beauty of estate planning. It gently forces you to think about such situations in advance so your kids are given the best chance to thrive if something unexpectedly happens to you. You can then document your wishes so there is no question as to who you want to care for your kids in your absence.
Haven’t made plans yet to legally appoint someone to care for your minor kids if something happens to you?
Then give us a call at (281) 218-0880 and request a Lifetime Legacy Planning Session. These sessions are normally $750, but you can come in free with the mention of this article. However, these appointments are limited to 10 per month so call today! Wednesday, January 12, 2011 Texas Estate Planning Attorney Discusses Naming Separate Guardians For Your Kids
As a Texas estate planning attorney, I work with parents all the time to make sure their minor children will be protected if the death or incapacity of one or both parents should occur.
One of the ways we do this is to name short-and long-term guardians, who are essentially the people with legal permission to take custody of your children if tragedy strikes.
Yet in my work as a Texas estate planning attorney, I can honestly say that making a guardianship nomination legal is the easy part! It’s choosing the actual people you feel comfortable with to provide your kids long-term care which is the hardest decision for most Houston-area parents.
Not to mention the complications (and stress) that can arise when it becomes clear that the kids would fare better if left in the care of different guardians (and yes, perhaps even be separated from one another) if the death of one or both parents occurred.
Of course this is a decision that’s not to be taken lightly, but legally, there is nothing stopping you from leaving your children to the care of different people if it seems necessary for their future well-being.
If in your conversation with a Texas estate planning attorney you feel such a move is necessary, I urge you to make your wishes known and don’t feel bad or even guilty about your decision. Sometimes it’s clearly for the best.
Not sure when this would be an appropriate choice for your family? Let me give you an example as to when the decision to name separate guardians would come into play.
Let’s say you are a mother of 3 children. You have two girls from your first marriage and your third child, a boy, is from the 2nd. If something unexpectedly happened to you, the law dictates that your youngest son would be placed in the care of his father, provided he is still living.
Yet you know that living with your current husband would not be the best arrangement for the girls. The girls have never been close to your new husband and you can’t imagine the situation getting any better if you were gone. Worst of all, the girls have no relationship with their biological father. In fact, he signed over his rights in lieu of paying child support years ago. So in your mind, leaving the children to him is not an option either.
Based on this scenario, you decide to make your sister the guardian of the girls, while your husband would continue to raise your son if something happens.
Of course that’s just one of MANY examples in which the decision to appoint separate guardians for your children comes into play. As I tell parents all the time, YOU and only you know what is best for the physical and emotional well-being of your children in a time of need. While the ideal situation is to leave the kids together if possible, family dynamics or life circumstances may dictate that alternative plans be made.
Fortunately, that’s the beauty of estate planning. It gently forces you to think about such situations in advance so your kids are given the best chance to thrive if something unexpectedly happens to you. You can then document your wishes so there is no question as to who you want to care for your kids in your absence.
Haven’t made plans yet to legally appoint someone to care for your minor kids if something happens to you?
Then give us a call at (281) 218-0880 and request a Lifetime Legacy Planning Session. These sessions are normally $750, but you can come in free with the mention of this article. However, these appointments are limited to 10 per month so call today! |