The 411 on Estate Planning

7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
THE 411 ON ESTATE
PLANNING

ESTATE PLANNING ESSENTIALS

Any estate planning attorney has his or her share
of horror stories from years of working with
clients to create an estate plan.

Whether its issues regarding
ownership of property or family
disputes of a loved one's estate.

Or, if they do create a plan, they
don't consider all of the potential
issues that may arise. The reality is,
even the most basic estate plan can
go a long way toward avoiding
family conflict.

AN IMPORTANT TIP ABOUT YOUR
LAST WILL AND TESTAMENT

Regardless of how many assets you have, you should
obtain an estate planning attorney to draft an
appropriate will to ensure that your family, and the
court, have a clear roadmap for how you want your
estate handled.

Always REMEMBER that the value
of an asset is not always seen in
terms of money. Some property will
have more of a sentimental value.

Discuss the value of certain assets
with your family ahead of time to
avoid problems in the future if you
leave that property to the "wrong"
person.

AN IMPORTANT CONSIDERATION WHEN
DRAFTING A WILL

Never rely solely on your expectation that
your children will be able to decide who gets
what.

In many cases, money and property
can divide a family quicker than
anything else.

You should not assume that your
family will simply accept every
provision you include in your WILL.
Do your best to discuss potential
areas of conflict with them while
you are still able to do so.

Don't forget to review you will every
few years, or whenever there is a
major change in your life
circumstances, such as the addition
of new family members, divorce, or
changes in you financial situation.

SELECTING A TRUSTEE FOR YOUR
TRUST

First, discuss your options to create a
trust with an estate planning attorney.

Choose an appropriate trustee to
manage your trust, someone who
will make an appropriate fiduciary.
That means some who can be
trusted.

GET PROFESSIONAL ASSISTANCE IN
DRAFTING YOUR TRUST

Trusts are usually complicated estate
planning instruments which, if not handle
properly, may not be valid.

The best thing to do is seek the
assistance of an estate planning
attorney who will understand the
tax consequences and benefits of
the various types of trusts.

Also, do not forget to name a
successor trustee along with your
primary trustee. There are various
reasons your chosen trustee may
not be able to serve in that capacity
in the future.

CHOOSE YOUR AGENT WISELY

Understand THAT a durable power of
attorney can benefit anyone, regardless of
your socioeconomic status.

The possibility of incapacity is
always there. Just in case, you need
to choose a trusted friend, associate,
or family member to have power of
attorney over your affairs in case
you become incapacitated.

This is a tremendously powerful
appointment, as the person you
choose will have the ability to make
most of the financial decisions that
you would normally make, so trust
is of the utmost importance.

DURABLE POWER OF ATTORNEY FOR
HEALTH CARE

Also, do not neglect the need to address
your medical care, as well as your financial
affairs.

A health care power of attorney, just
like a financial power of attorney,
gives your agent the authority to
make health care decisions on your
behalf.

AVOID THIS MISTAKE WITH DURABLE
POWERS OF ATTORNEY

Do not assume that your spouse will simply
take over and handle things for you if you
become incapacitated.

It is possible that your spouse won't
be available. For instance, if you
are both injured in a car accident
and both are incapacitated then you
will need someone to handle your
affairs.

If at all possible, your financial
power of attorney and your
healthcare power of attorney should
not be the same person. That way,
no one person will have nearly
complete control over your future.

THE BENEFITS OF AN ESTATE
PLANNING ATTORNEY

When it comes to planning for your future and
your family's future, the advice of an estate
planning attorney can be irreplaceable.

Estate planning attorneys can
provide you with the guidance you
need to make all of the important
choices that are necessary.

Your attorney can describe all of
your options and help you decide
what tools are best for
accomplishing your goals.

CONTACT US!

If you have questions regarding
your estate plan, or any other estate
planning needs, please contact The
Vermillion Law Firm, LLC for a
consultation either online or by
calling us toll free at (888) 567-
5745.

LEARN MORE ABOUT ESTATE
PLANNING IN TEXAS

(972)386-4560
www.VermillionLawFirm.com
The Vermillion Law Firm, LLC

The 411 on Estate Planning

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