Think of an estate plan as an ongoing project that changes as your life changes. It’s never the wrong time to strategize for the management and transfer of your estate after your death. Certain major life events such as marriage, the birth of a child, or a death in the family can move estate planning to the top of your to-do list.
A well-thought-out estate plan determines who will eventually receive your assets. It identifies the legal instruments that you will use to accomplish this such as a will and/or trusts.
Although it is stressful to consider these matters, finalizing an estate plan can bring a sense of security for both you and your family.
This 3 part series will provide a basic overview of the key elements to consider when finalizing your estate plan including:
The great thing about estate planning documents like wills and trusts is that you can keep them private during your lifetime if you like. But this isn’t necessarily a good idea. If you feel that family members may object to the terms of the document and pressure you to change your decisions, you can keep the details quiet.
However, it is important to notify those who will play key roles in administering the plan after you are gone. For example, if your will names a guardian for your minor children or an executor, ask these people to agree to serve in these roles before executing the documents. Likewise, anyone named as an attorney in fact in a power of attorney or medical power of attorney should also be consulted early.
You may also wish to provide them with copies of the relevant documents. Many people give a copy to their attorney and to their spouse or closest family member. You definitely don’t want these documents getting lost or forgotten before going into effect.
Revisit your estate plan every few years and rewrite the documents as needed to address life changes and new circumstances. Don’t forget to hand out new copies of the old documents to those you have taken into your confidence.
If you are planning your estate or updating your will, the best thing to do is consult with a local Amarillo Texas estate planning attorney to make sure you are following the laws and regulations of your respective state. Many people have similar questions and go through the same line of questioning when deciding how to make or update their estate plan. It can be and often is critical that you get legal help understanding the basics of this process. The best way to get this understanding is to contact an experienced Amarillo Estate Planning attorney near you. Stop and take a breath and call an Amarillo Estate Planning Attorney who has had decades of experience. Pick up the phone and call Amarillo Estate Planning Attorney Bill Cornett. Bill is your choice as an experienced estate attorney in Amarillo and the Texas Panhandle. Don’t waste another minute. Call him today.
Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer. In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett. Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498 or (800) 658-6618.
Bill Cornett, Amarillo Attorney, with Cornett Law Firm, offers affordable, qualified services as an experienced personal injury lawyer and probate attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.
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Bill Cornett grew up on a farm in Knox City, Texas. He received his Bachelor of Science in Agricultural Economics from Texas Tech University and his Doctor of Jurisprudence from the University of Houston Law School. Bill was licensed to practice law in the State of Texas in 1973.