Post on 15-Apr-2017
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7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
THE 411 ON ESTATE PLANNING
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
ESTATE PLANNING ESSENTIALS
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Any estate planning attorney has his or her share of horror stories from years of working with
clients to create an estate plan.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Whether its issues regarding ownership of property or family disputes of a loved one's estate.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
AN IMPORTANT TIP ABOUT YOUR LAST WILL AND TESTAMENT
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
AN IMPORTANT CONSIDERATION WHEN DRAFTING A WILL
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Never rely solely on your expectation that your children will be able to decide who gets
what.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
In many cases, money and property can divide a family quicker than
anything else.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
SELECTING A TRUSTEE FOR YOUR TRUST
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
First, discuss your options to create a trust with an estate planning attorney.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Choose an appropriate trustee to manage your trust, someone who
will make an appropriate fiduciary. That means some who can be
trusted.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
GET PROFESSIONAL ASSISTANCE IN DRAFTING YOUR TRUST
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Trusts are usually complicated estate planning instruments which, if not handle
properly, may not be valid.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
CHOOSE YOUR AGENT WISELY
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Understand THAT a durable power of attorney can benefit anyone, regardless of
your socioeconomic status.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
DURABLE POWER OF ATTORNEY FOR HEALTH CARE
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Also, do not neglect the need to address your medical care, as well as your financial
affairs.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
AVOID THIS MISTAKE WITH DURABLE POWERS OF ATTORNEY
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Do not assume that your spouse will simply take over and handle things for you if you
become incapacitated.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
THE BENEFITS OF AN ESTATE PLANNING ATTORNEY
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
When it comes to planning for your future and your family's future, the advice of an estate
planning attorney can be irreplaceable.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Estate planning attorneys can provide you with the guidance you need to make all of the important
choices that are necessary.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
Your attorney can describe all of your options and help you decide
what tools are best for accomplishing your goals.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
CONTACT US!
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
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.
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
LEARN MORE ABOUT ESTATE PLANNING IN TEXAS
7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560
(972)386-4560 www.VermillionLawFirm.com
The Vermillion Law Firm, LLC