Estate planning can be acreative and effectiveoption in protecting your assets and in making sure that loved ones are taken care of; however, to some, estate planning may not be the most pleasant topic to consider, as it denotes the possibility of an upcoming passing of a loved one. With that said, if used correctly, estate planning can be a handy tool to use not only after a passing but also during the grantor’s lifetime. Estate planning, by definition, is the process of anticipating and arranging during your lifefor the disposal ofyour or a loved-one’sestate. Estate planning can be one of the most important things you can do to protect your family and loved ones especially under certain circumstances and this includes managing spending problems, medical issues, educational issues, providing future income, shelter and also protecting your heirs (includes: immediate family, beneficiaries and decedents) from creditors. For instance, if you have never consulted with an estate planning attorney and you pass away without a will and have no trust, the state or the probate court will decide who receives the benefits from your estate, mostly based on the existence of children and immediate family members. As a result, your designated heirs may not inherit or receive the full benefit or any of your estate proceeds, should you choose to designate them to specific appropriate individuals or outside entities, such as a charity or religious organization.
Why Create or Change Your Will?
If you already have a will, or even if you don’t, life changes and during those changes you may want to change your mind as to which family members or entities will receive your estate after you pass. If you have a will, you also may want to change your will for specific reasons. It is your right to change your will at anytime; however, no one else should influence you on your decision to write or change a will — only you! Some of the reasons you may want to write or change a will include getting married, a divorce or separation, or if you decide that a decedent is not deserving of the inheritance that you have initially decided upon.
Although divorce severs the right of a spouse to inherit under your will, some divorces take years to complete and if you happen to pass during the divorce, and before a final decree is enforceable, you may want to change your will or your spouse will inherit as designated in your earlier will, and if there is no will he or she will end up with more than half of your estate. It is our advice to always change or update your will after any major life changing event, if beneficiaries have changed, or if new property has been purchased orreceived through a gift or inheritance.
Likewise, you may need to reconsider who the executor of your estate will be; for instance, you may designate your spouse as your executor, and if you pass during a divorce, you may not want that person to run your estate.
Further, without designations or modifications to your legal estate, your children and other family members may be left out or left with few benefits from your estate. That is why it is important to contact a qualified estate-planning lawyer in Texas or an estate-planning attorney in Arizona in order to seek his/her advice andhis/her opinion as to your will or the possibility of forminga trust agreementto satisfy your life arrangements.
How to Change Your Will
Because of the significanceof changing your will, it is always best to revoke your existing will and to create a completely new document. In addition to this, make sure that your new will clearly states that your new will “supersedes any and all previous wills.”
Issues to Consider When Changing Your Will
Life-changing events present a host of legal questions and challenges that must be addressed. And all changes must be considered, such as: Do you have any children from a previous marriage or relationship that need to inherit? Have you carefully considered which child should inherit specific funds or heirlooms? Do you want specific assets to go toward your children’s education or future maintenance? Do you want step-children to inherit? Is there future child care required? Is there a new wife or husband in your life that you would like to include? Addressing your desires in writing can add or prevent new spouses, children, or step-children from inheriting; and making sure that you provide a proper schedule of assetsto your will will make sure that specific family members inherit sentimental family treasures which have emotional value to you and which you would want a certain person to have. Selecting an appropriate estate planning attorney will assist you in meeting these objectives. Lastly, make sure that you discuss with your estate attorney which executor or executrix will be best to handle your affairs and that a back-up person be selected should the person chosen not be able to perform their duties.
The attorneys at Goldstein & Scopellite, PC who are Texas will attorneys and Tucson will Attorneys will ensure that all of your specific arrangements are met or that your new will fits your new life situation.
Goldstein & Scopellite, PC, is located in Dallas, Texas and now has a new office located in Tucson Arizona. The firm was established in 2002. For more information, see the Goldstein & Scopellite, PC local listing in D Magazine.
Image via Shutterstock.com
