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Recent Blog Posts
Benefits and Drawbacks of an Irrevocable Trust
When you decide to create a trust, you will have two main options—revocable or irrevocable. Revocable trusts are more common. Having the ability to go back and make changes very easily appeals to a lot of people. The term “irrevocable” can scare people off easily. Because most people transfer all or almost all of their property into their trusts, a lot of people are afraid to create a trust they cannot revoke. However, there are a few distinct benefits of using an irrevocable trust.
The big reason that people who do use irrevocable trusts do is for the unparalleled asset protection features. Of course, an irrevocable trust is not without risks. If you are considering using an irrevocable trust, your attorney can help you decide whether this is the right move.
Benefits of an Irrevocable Trust
The benefits of using an irrevocable trust include:
Top 5 Myths and Facts About Estate Planning
There are alarming many, very common misconceptions about estate planning - what it is and how it works. In this day and age, misinformation is very easy to come by, and sometimes very hard to spot. Many people who approach an attorney to start the estate planning process believe at least one myth about estate planning. What is more concerning is that these myths may be preventing people from beginning the process at all.
You may be surprised by some of these myths and facts about wills, trusts, living wills, and powers of attorney. In some cases, fictional movies or TV shows have perpetuated the misconceptions. Others are simply outdated information. If you are considering beginning to make your estate plans, Geoff Mayfield, Attorney at Law can help.
Myths About Estate Planning and the Truth Behind Them
Some of the most common myths about estate planning include:
- An estate plan only takes effect when you die - Actually, if you use a living trust, it has an immediate effect. You create a trust, fund it with your property, and name yourself trustee. You do not lose any control of your property, but your property goes into the trust right away. Irrevocable trusts can help with asset protection during your lifetime. Additionally, estate planning includes things like making a living will and powers of attorney in case you become incapacitated.
What if My Relative Had More Debt Than Their Estate is Worth?
If you are going through probate, you likely already know that one important step in the process is notifying the decedent’s creditors. Settling debts is an uncomfortable, but necessary part of the process of settling an estate through probate. During this step, the executor or personal representative will need to identify anyone the decedent owed money to and let them know that their estate is in probate now. Certain assets that are part of the estate may be liquidated in order to satisfy the decedent’s debts. However, other assets are exempt from liquidation. So, what happens if your loved one owed more than their estate is actually worth? It depends on a few factors. If you believe that your loved one’s estate is going to have this problem, an attorney can help protect you.
Which Assets Are Protected From the Liquidation Requirement?
If your relative had a lot of debt, you might be worried that you will lose your inheritance to their creditors. While it is true that non-exempt assets can be sold off to pay a decedent’s creditors, other assets are exempt from this requirement.
Estate Planning Documents You Will Need During Your Lifetime
Most people think of estate planning as something that will only come into play after they have passed away. However, the part of estate planning that mostly matters after you are gone - testamentary planning - is only part of what a comprehensive estate plan can do. The other side of estate planning, known as “incapacity planning,” actually controls what will happen during your end-of-life phase. While it may not be a pleasant thought to confront, the vast majority of us will not be fully-functioning independent adults one moment and gone the next. Most people experience a period later in life where they cannot make sound decisions for themselves. In that event, a well-made incapacity plan will control much of your care. You are the best person to make decisions for yourself, and you can do so by taking the time now to make critical decisions about your own future care.
Where Should I Keep My Estate Planning Documents?
Creating estate planning documents in the first place is 90% of the battle. Once you have a trust, a will if you need one, a living will, and your powers of attorney all ready to go, choosing the right place to store them is critical. If no one is able to find your documents, then there is a real risk that the plan you worked so hard to create will never be followed. The right place to store your documents is somewhere that your loved ones will be able to easily locate them, but also somewhere that they will be safe.
It is often a good idea to keep multiple copies of certain documents. For other documents, it is by far best to have the original available when it is needed. Your attorney can give you more specific advice on where to keep your documents so that they will be accessible.
Good Places to Keep Estate Planning Documents
Different types of documents should be stored or kept in different places. Some helpful tips for different estate planning documents include:
With Trusts Becoming More Common, Who Still Needs a Will?
If you have started to look into estate planning a bit, you have probably read over and over that trusts are rapidly becoming the preferred means of testamentary transfer. Certainly, there are numerous benefits of using a trust over a will. Using a trust can allow your beneficiaries to skip a lengthy and costly probate process. It also keeps the handling of your estate private rather than public, reducing the odds of a contest. And, you can use a trust to make controlled distributions over time instead of giving someone - especially a very young adult - one lump sum.
With all of this in mind, you might wonder why anyone at all still bothers with making a will. There are certain situations in which it is wise to use a will in addition to a trust. Wills are still useful in modern estate planning for many, as they can sometimes accomplish goals that a trust cannot.
5 Reasons to Update Your Texas Estate Plan
If you already have an estate plan, when is the last time you pulled it out and looked over it? If it has been a while, you might want to revisit it. People’s lives change over time. Laws change. Families change. It is a wise idea to review your estate planning documents periodically to ensure that the plan you have is still the plan you want.
Estate planning can be an emotional process for some, so it is understandable if you are reluctant to visit the subject more than once. However, even a quick review to make sure that your wishes are still accurately expressed can go a long way towards protecting both you and your loved ones. There are also a few trigger events that should prompt you to take a look at your estate planning documents. Most changes to an existing estate plan can be made relatively quickly and easily with a lawyer’s help.
When Should I Revisit My Estate Planning Documents?
6 Steps to Probating a Will in Texas
Probate can be very complicated. Even relatively straightforward probate cases involving smaller estates can be challenging if even one step goes slightly awry. Whether your loved one left a will or not, a problem that arises during any one step can lead to long delays and more expenses. There are generally six steps, or phases, of the probate process in Texas. Some steps are trickier than others. Some may go quickly, and others may seem to drag on forever. Most people could greatly benefit from a lawyer’s assistance in navigating the process.
Regardless of the complexity of the estate, it is typically easier to manage if you have a lawyer on board from the beginning. Our team has the experience needed to anticipate and be prepared for any potential difficulties during probate.
What to Expect During Texas Probate
Each step in the probate process must be completed correctly and in order before any distributions can be made. The six steps are:
Talking to Your Aging Parents About Estate Planning
Some families are very open about their estate plans and what their end-of-life wishes are. Some parents will tell their children who will be getting what completely unprompted. They may give their children copies of their wills, trusts, powers of attorney, and advance directives. This is the wise approach in most cases. Other families are less open about the subject. Estate planning can be an unwelcome reminder of human mortality. You may not even want to think about your parents one day passing away, or they may not want to consider it themselves. Nevertheless, it is important that you have this conversation. While adults of all ages should have an estate plan, it is especially important for older adults. If you have not yet spoken to your aging parents about their estate planning, now may be the time.
Why Is Having This Conversation Urgent?
When your parents are getting on in years, there is a substantial chance that they may be impacted by age-related illnesses that affect their cognitive function. Their estate planning must be completed before they lose the mental capacity to execute legal documents. It is impossible to tell whether or when the effects of aging will become apparent, so it is best that aging adults do not wait much longer to make an estate plan.
What If I Cannot Find My Family Member's Will?
Some families talk openly about subjects like death and estate plans. Others are uncomfortable discussing these sometimes difficult subjects. Talking about making a will can be upsetting for some, as it can serve as an unwelcome reminder that a loved one will not be here forever. If your family falls into the latter camp, you may not know much about your loved one’s estate plan. You may not even know where they put it or if they had one at all.
When it comes time to start settling your family member’s estate, you may have a limited window of time to locate their will. This can be a difficult task. Many older adults still keep hard copies of important documents, which can make your search all the more difficult. After years of practice, the attorneys at Geoff Mayfield, Attorney at Law have learned a few strategies for locating seemingly lost wills.
Where Should I Look If I Cannot Find My Loved One’s Will?
14603 Huebner Rd., Bldg. 32, San Antonio, TX 78230
210-535-0870
