Estate plans are like cars….no, really! When I was growing up, my grandfather taught me to always maintain a car. I was told that if I changed the oil and did the other things the service manual required, the car was less likely to break down. Conversely, if I did absolutely nothing, my car was likely to need a new transmission or engine. The same principle applies to estate planning.
In my world, disability is a far more complicated animal than death. If you become disabled to the point where you lose capacity (can’t make decisions for yourself) then If you need someone to such a decision, then they will have to obtain guardianship over you. Legally this can be a long, expensive process, and you will end up footing the bill.
If you don’t have a Will, the state of Texas has one for you. Passing away without a will is called “dying intestate.” After you pass away, someone is going to have to probate your intestate estate, which is more involved and expensive than probating a Will. Lastly, if your retirement accounts don’t have the beneficiaries properly named, or if your estate is taxable, then your estate or beneficiaries could end up paying a lot more in tax dollars than they otherwise would.
Consult Our Experienced North Texas Estate Planning Attorney
Whether you're planning your own estate, trying to understand a parent's estate plan, caring for an aging relative or facing probate, our attorney can help you navigate the process and safeguard your family's future. Contact Colin Smith Law today to schedule an appointment for a free initial consultation.