When is the last time you thought about what will happen to your property if you die or become incapacitated? Would you have an estate plan to protect your loved ones? If not, you’re among the nearly 60% of American adults who don’t have an estate plan. So many people put off estate planning for so long that most don’t even have a will until much later in life. In our experience, clients often have ideas about how their property will be distributed after their death that are dramatically different from how the law actually works.
Protecting Assets and Preserving Wealth for Your Family’s Future
Losing a loved one is an emotionally complicated event, but dealing with a disorganized or poorly organized estate plan only adds further frustration and grief into the mix. That’s why estate planning in Dallas is so essential. If you’re thinking about how you can prepare your family for a time when you’ll no longer be around, you help from an experienced estate planning attorney.
Jason M. Tyra, PLLC can provide clients with a number of estate planning services that can ensure their loved ones are protected for the future. When you work with Jason M. Tyra, you can expect a personalized approach that takes your estate planning goals into account. For many clients, this can include addressing issues such as asset protection during life, end-of-life care, and how assets transfer – and to whom – upon death.
Rest assured that one of our Dallas estate planning lawyers can help you create an estate plan that addresses the uniqueness of your estate, family, and goals.
For more information, contact Jason M. Tyra, PLLC online or call us at (972) 201-9008 today.
What Can an Estate Law Attorney Do for You?
Your estate plan can be as simple or as complex as you need it to be. For many people, a simple will is all they need to ensure their estate avoids intestate succession, but having a comprehensive estate plan can ensure that a variety of issues are addressed.
An estate planning lawyer can provide services that address the following:
- Last Will and Testament
- Revocable Living Trust
- Minor Trust
- Living Trust
- Life Insurance Trust
- Education Trust
- Special Needs Trust
- Powers of Attorney
No matter how complicated you think your estate planning goals are, a Dallas estate planning lawyer at Jason M. Tyra, PLLC can help you create a plan that does what you need it to do.
Why Do I Need an Estate Plan?
There are several reasons why everyone needs an estate plan. When people think about estate planning, they assume it’s all about what happens to their property when they die. While avoiding intestate succession is a big part of the process, a comprehensive estate plan can do so much more.
For example, many older Americans can invoke powers of attorney that allow their adult children or other trusted people in their lives to handle financial affairs – like paying bills and taxes – for them. When someone becomes too sick or injured to tell doctors about how they wish to be treated, advanced directives and a health care proxy can ensure that the patient’s wishes are known from the onset.
Estate planning can also ensure that minor children are assigned legal guardians their parents trust. Without this provision in a will, a probate judge may place children with a relative whom their parents might not have intended.
Lastly, estate plans can protect property from creditors and ensure it transfers to an intended recipient. By placing certain assets in special types of irrevocable trusts, people can protect their loved ones’ interests in property without worrying about their own creditors getting in the way.
If you want to learn more about what an estate plan can do for you, talk to a knowledgeable Dallas estate planning attorney during a consultation. Reach out to us today to schedule yours!
When Should I Start Estate Planning?
According to Caring.com, only 44% of adults ages 55 and older have an estate plan. Adults younger than this age group are even less likely to have their affairs in order. There have been some fluctuations in these numbers due to the COVID-19 pandemic, but one thing is for sure: Not enough American adults who could have an estate plan actually have one.
A lot of younger people assume they’re too young or healthy to make an estate plan. Conversely, many older Americans believe they’re too old or unwell to begin planning. What this tells us is that many people who don’t think “now” is the right time for estate planning often put it off for arbitrary reasons – the right time to build a plan for your family’s future is always right now.
When Should I Update My Estate Plan?
Ideally, your estate plan doesn’t remain static after you establish it. Your life will change as time goes on, and your estate plan should take this change into account. Things like purchasing real estate, getting married, having children, divorce, and other deaths in your family are all points where you should take time to consider adjustments to your estate plan.
Forbes.com also shares other important trigger events, such as these:
- Moving to another state
- Falling into debt
- A qualified retirement plan becomes outdated
- Executors or trustees become inappropriate
Should You DIY Your Own Estate Plan?
The best way to ensure your wishes are known and honored is to create an estate plan. While it may be tempting to create your own documents, there are many reasons why you shouldn’t undertake this project without the help of a professional.
Here are five common mistakes made by people who decide to go it alone.
1. Do it Yourself (“DIY”) estate plans may not conform to the applicable law
Many forms found on the internet claim to conform to state law, but this is not always the case. The laws that apply to estate planning are determined by each state—and there can be wide variations in the law from state to state. In addition, if you own property in another state or country, the laws in those jurisdictions may differ significantly, and your DIY estate plan may not adequately account for them.
2. A DIY estate plan could contain inaccurate, incomplete, or contradictory information
If you attempt to create a will using an online questionnaire, you may select the wrong option (e.g. a provision that is illegal in Texas) or leave out important information that could cause your estate plan to fail.
3. Your DIY estate plan may not account for changing life circumstances
For example, if you create a will in which you leave everything to your two children, what happens if one of those children dies before you? Will that child’s share go entirely to his or her sibling—or will it go to the child’s offspring? What if one of your children accumulate a lot of debt? Is it acceptable to you for the property the indebted child inherits to be taken by the child’s creditors? What if your will states your daughter will receive the family home as her only inheritance, but it is sold shortly before you die? Will she inherit nothing? An experienced estate planning attorney will help you think through the potential changes and contingencies that could have an impact on your estate plan– and help you design a plan that prevents unintended results that could frustrate your estate planning goals.
4. A simple mistake in executing the plan could make it invalid in Texas
Wills and other estate planning documents must conform to the law to be valid. For example, a will typically requires the signatures of two witnesses, but state law differs regarding what is necessary for a will to be validly witnessed. Some states require the will be signed by the will-maker and the witnesses and that they all sign the will in each other’s presence. In other states, witnesses are not required to be in the same room when the will-maker signs the will, and they can even sign it later if the will-maker tells them his or her signature is valid.
For a valid power of attorney, some states require only the signature of the principal (the person who is granting the power of attorney) to be notarized, but some states require the signatures of both the principal and the agent (the person who will act on behalf of the principal) to be notarized. In other states, one or more witnesses are required—and these requirements may also differ depending upon the type of power of attorney (financial vs. medical) you are trying to execute. If you seek the help of an estate planning attorney, you can rest assured that your intentions will not be defeated because of mistakes made during the execution of your documents.
5. Assets may be left out of your estate plan
A trust is frequently a better estate planning tool than a will because it avoids expensive, time-consuming, and public court proceedings that would otherwise be necessary to transfer your money and property to your heirs. Even if you have created a DIY trust, if you do not fund it (i.e., transfer title of your money and property into the name of the trust) it will be ineffective.
Further, even if you do initially transfer the title of all your assets to the trust, it is likely you will acquire additional property or financial accounts over the years that must go through probate if the titles are not transferred to the trust. Regular meetings with an estate planning attorney can help ensure that your plan accomplishes your goals and that your grieving family members are not burdened after you die.
We Can Help
These are just some of the mistakes or unforeseen issues that could cause your plan to fail. We can help provide you and your family with the peace of mind that comes from knowing that you have an estate plan that accomplishes your goals. Jason M. Tyra, PLLC is committed to helping our clients create robust estate plans that can secure the best possible outcomes for their families. We have what it takes to address any estate planning need, concern, or goal with experienced advice and services.
If you’re ready to start planning, we’re ready to help. Schedule a consultation.