Skip to main content

Why Most Adults Need an Estate Plan



A will or an estate plan is important for most individuals to have. But unfortunately, it is considered an afterthought for many people. Surprisingly, the majority of American adults do not have a will. If tragedy were to strike, this could create a variety of unwanted outcomes.
 For example, the death of both parents in an accident can leave their children’s fate up to a judge. Assets in a blended family may not end up being distributed the way you would like. And furthermore, if one is in an accident and incapacitated but not killed, decisions made about your medical care may not be ideal.
 Estate planning can save you from all these unfortunate circumstances. Everyone should do some basic estate planning — regardless of their personal income level.
 A Will or Estate Plan is Important Even for Unmarried or Single People
If tragedy befalls you and you die without a will, then state law determines who gets your assets. For those who are single and childless, that could mean that your estate goes to your parents or your siblings. If you are married, your assets may all go to your spouse, or be split between your spouse and children. If you’re in a domestic partnership but unmarried, your estate would go to your biological family, as opposed to your partner. In many cases, this could not be the ideal situation for you.
 Make Adjustments or Reviews to Your Estate Plan Every 5 Years
Even after completion of your will or estate plan, it’s important to reevaluate it from time to time. This is for several reasons. Your heirs may have passed away, remarried, or no longer be capable of administering your estate. It is also highly recommended you review your estate plan if you get married, or have a divorce.
 Store Your Will in a Safe Place
After your will or estate plan has been created, keep it someplace safe. Many choose to keep them in a waterproof, locked strongbox at home, or to keep them in a safe deposit box at a bank. Wherever you decide to store your will, be sure that your heirs know the location and have access to it.
 Before writing your estate plan it is recommended that you consult your own personal attorney. If you do not have an attorney, contact us at Ramey & Flock.

Comments

Post a Comment

Popular posts from this blog

Probate Dispute News: Aretha Franklin’s Holographic Will, by Steve Spitzer

Aretha Franklin’s legendary singing career spanned five-plus decades. The “Queen of Soul” made the most appearances on the Billboard charts of any female performer ever. She died from pancreatic cancer in August of 2018 at age 76.
1. Probate CaseIt was initially thought that Franklin died without a will. A niece, Sabrina Owens, was appointed as the administrator of the estate, which is pending in a Detroit suburb. Earlier this month, Owens was searching Franklin’s home and discovered three handwritten wills.
Two wills from 2010 were found inside a locked cabinet. One from 2014 was found in a spiral bound notebook under the cushions of a couch. The wills are difficult to read, are disorganized and look like rough drafts. Words are crossed out and are written in the margins. The primary beneficiaries are Franklin’s four sons.
2. Disputed IssuesThe four sons have been unable to reach an agreement about the validity of the wills. Owens has filed a petition to have the court rule on the valid…
Post a Comment
Read more

Things to Know Before Hiring an Attorney

With so many attorneys out there, selecting the right one can feel overwhelming. If you select the wrong lawyer for your case the results can be utterly detrimental. So it’s important to do your homework before finally settling on an attorney. Here are some important questions to ask before agreeing to hire any lawyer: Does the lawyer have experience in the type of law your case is in?Almost every lawyer has his or her area(s) of specialty. An attorney with decades of business litigation experience is the wrong person to hire for your DUI case. You will want to make sure you find a lawyer who understands your case, your needs as a client and has expertise in the legal matter you’re dealing with. Who is the lawyer’s typical client?This is something important to consider. Let’s say you are an individual with a particular legal problem, but the attorney you're meeting with represents only corporations, this will not be the attorney best suited for you and your case. What alternatives to …
Post a Comment
Read more

New Texas Power of Attorney Act

Texas recently adopted much of the Uniform Power of Attorney Act, resulting in a significant overhaul of the prior Texas power of attorney statutes. A few of the more significant changes are:
Standing to Sue for POA Abuse: As discussed in the October 2016 edition of this newsletter, standing to sue a fiduciary for misuse of a power of attorney was previously limited. The new act considerably broadens the persons who have standing to sue.
Increasing POA Acceptance: POAs are often ineffective due to the reluctance of third parties to accept and rely on them. The new act requires third parties to provide a specific, written reason for the refusal to accept the POA, and creates a limited right to seek court intervention to force the acceptance of a POA.
Estate Planning Powers: If desired by the principal creating the POA, “hot powers” can be included that allow the agent holding the POA to engage in estate planning activity for the principal such as creating trusts, making gifts, and mod…
Post a Comment
Read more