Many people put off estate planning because of unease, but forming an estate plan gives you control, which is also valuable if sickness or incapacity prevents you from being able to communicate your wishes. Here are some tips recommended by CNBC when putting your affairs in order:
Seek Help: It is not difficult to leave behind instructions for one’s passing when using an attorney with a strong understanding of estate planning law, but mistakes frequently happen when couples and individuals try to handle estate planning alone. Having an attorney ensure that everything is legal and in order is the best way to make sure your wishes are met.
You should not forget the little things when crafting your will or trust as many people forget items that are not always monetarily expensive, but have sentimental value. Emotions can run high when a parent dies, so children might fight over jewelry, cookware or cherished possessions because they want something special to help them remember mom or dad. Designating specific items to friends and family may prevent fighting later.
Communicate: Being specific is only helpful if people can read your last wishes, so make copies of wills and trusts or tell someone exactly where the documents are kept. If your loved ones are searching for the correct safe deposit box or scouring the attic for your will, there is no guarantee they will find your burial instructions or other important notes in time.
To discuss estate planning and preparing for your future and passing, contact us today so that we can help ensure your wishes are met.
As we watch our parents and other loved ones become older, we begin to appreciate our own independence. When our parents reach a certain age and it begins to have a detrimental impact, it can be tough to come in and help them out.
Many children are hesitant about stepping in and becoming the parent to their mother or father. Not many children want to be responsible for estate planning, finances, and any short-term or long-term care arrangements. Often, older adults insist they do not need help because they do not want anyone to take over duties they have managed for their entire lives. In many families, no one discusses finances because the subject of finances is restricted in conversations.
Sometimes many families do not bring up finances or legal matters until a death or accident happens. However, the best time for parents and children to discuss these topics is when everyone is still living and able to understand the entire conversation.
We understand it can be difficult to have conversations like those, but they are necessary if you want to avoid any arguments or disagreements later. When it comes to finances and other topics of discussions, all sides can have varying opinions. Arguing will not help, and there is no need for anyone to insist they know more than the other. What is needed is valuable information, documents, and other support for your parents. Older adults need enough time to look through documents in order to make a decision and feel in control.
You should make sure your parents or parent has all the proper documents for estate planning, such as the following:
- A Last Will And Testament
- A Power Of Attorney
- Living Will
- A Trust
- Insurance documents
- Tax documents
- Bank statements/other financial documents
The goal of any family discussion should be to gather and share as much valuable information as possible. You do not want to scare your parents or force them into making decisions they are not comfortable making. When you go through these steps with your parents, you will know what kind of information your children will need to take care of you.
If you need assistance in easing your parent’s transition, do not hesitate to contact us today.
Often, people have arguments or disagreements regarding trusts and wills is because they have concerns about the person’s mental stability at the time of signing these documents. It will not matter if there are any no contest clauses in the document, if it is shown that the signer of the document was not of sound mind and body, the document could be deemed invalid.
There can also be different levels of necessary mental capacity, depending on the kind of estate planning documents that are being used. When it comes to planning an estate, how mentally capable does a person have to be in the state of Texas? When someone signs a will, that person will not be mentally capable if:
- He or she can not grasp the essence of the will or trust
- Understand the relationship between the children, husband/wife, parents, and anyone else who is impacted by the estate planning documents
- He or she has a mental condition that causes him or her to suffer from things such as misconception and apparitions
Regardless of what documents have been signed, a person has to understand what is being signed. They must fully understand what property and assets they have and what will be given away. They must be able to understand what the relationship is between themselves and the person who will be receiving their property.
The court will look at various factors to determine if a person is of a sound mind. The requisite capacity may not apply to every situation and every circumstance. The mental capacity of a person often decreases with age. As we know, many wills are written when a person has reached an older age.
If there have been any allegations of a lack of mental capacity of your loved one’s will, contact us today to consult with an attorney.