The Law Office of Kevin H. Berry, P.C.

It’s important to discuss estate plans with parents

2023-11-20T06:23:35Z

Life is unpredictable, and while it is impossible to know what will happen in the future, there are ways that one can have assurance regarding personal interests and other matters. One way to do this is by creating an estate plan that allows one to decide what will happen with personal assets after passing away. If you create a plan, you will be able to say what happens to your property, the type of medical care you prefer in case of incapacitation and more. It is also important to talk about estate planning matters. If you have older parents, it is beneficial to have a conversation about their preferences and what is in their estate plan. Even if they include these details in their plans, having these conversations can allow you to understand their motivations and their objectives. While it could be an awkward conversation, it is an important one. Why it is a critical conversation It is not easy to talk about money, and it can be uncomfortable to discuss someone’s mortality and what will happen after he or she passes. This can be even more difficult when it is your parents, but it can be beneficial for the entire family to have this conversation. When talking to your parents about what they want to happen after they pass or in case of a medical emergency, it is good to be prepared for a potentially awkward conversation. Consider the following:

Be prepared by doing your research, understanding estate planning terms and more.
Have the conversation at a good time and in a place that is private and comfortable.
Listen to your parents more than you talk, and seek to understand rather than inform.
Acknowledge that they may have made decisions you don’t like.
Address any concerns you have and get clarification if you’re confused.

Knowing what’s in your parents’ estate plan may reduce conflict, lower the chance of a problem and empower you to help your parents. You can discuss any remaining decisions with a professional so that your family can face the future with confidence. If you or your parents are unsure of where to start, it may be helpful to first seek an assessment of your case.

Should a special needs trust be part of your complete estate plan?

2023-10-31T04:25:35Z

Planning for the future can be a daunting and overwhelming task. It is not always easy to know what to include as part of your estate planning strategy and what steps you can take that will allow you to face the future with confidence. While each person is different, there are specific things you can do that will allow you to ensure that your interests and those of your loved ones are secure.

An important step is to carefully evaluate your needs to determine what would be most important for your estate plan. For example, if you currently care for a special needs individual, or you may have to provide this care in the future, a special needs trust is a beneficial addition to your strategy. This is a specific estate planning tool that can help you lay the foundation for a strong future.

Help for your loved ones

If you care for a loved one who is unable to care for himself or herself, you may worry about what will happen in the future when you are no longer around to provide sufficient care and support. Through a special needs trust, you can be certain that your loved one will have financial support necessary for the future. Consider the following facts about a special needs trust:

You can name a trustee to oversee the distribution of assets held within the trust.
The assets held in a special needs trust do not impact the beneficiary’s eligibility for government benefits.
A special needs trust allows you to ensure that your loved one has extra financial support for things not covered by government benefits.

Life is unpredictable, and it is always beneficial to plan for contingencies. Even if you will not need a special needs trust until well into the future, establishing one now can help you face the uncertainty of life with confidence.

Your estate planning needs

If you are unsure of whether you will need a special needs trust as an addition to your estate plan, you may benefit from seeking experienced guidance from a knowledgeable professional. This insight can help you make smart decisions that will benefit your Texas family and provide all of you with peace of mind for the future. An assessment of your estate and your needs can provide you with insight regarding your options.

How can you address your digital currency in your estate plan?

2023-10-03T06:54:43Z

One of the intents of estate planning is to control what happens to your property in the future. Through a complete estate plan, you can outline what you want to happen to your personal assets, your wealth and even your medical care in the event of your incapacitation or passing. It is beneficial for every adult, regardless of income, the size of the personal estate and other factors, to have a thoughtfully prepared strategy in place.

It is important to address all of your assets in your estate plan, including those assets that may not be physical. Digital assets are valuable types of property, and it is important that you plan for what will happen to them in the future. Failure to address these assets in your plan could result in issues that will impact your loved ones and beneficiaries in the future.

Planning for the future and your digital property

Cryptocurrency is a growing avenue for building and protecting wealth, and while it is not physical, it is still worth protecting. Without the proper protections, you may lose this asset forever. You can ensure that you are able to maintain control over your Texas property by thoughtfully planning for what will happen to it, both during and after your lifetime. As you are considering how to do this, the following may be helpful to you:

It is important to know exactly where your cryptocurrency is, whether it is in self-custody or with an institution.
Include terms in your estate plan that provide the necessary people with access to your accounts in the event of your death.
Know that self-custody may be a problematic way to hold your cryptocurrency securely if you intend to pass it after your death.
Consider the tax implications of all the decisions you are making.

It is not always easy to make important decisions about what will happen to your property after you pass. If you are considering your estate planning options, or you wonder how to include cryptocurrency in your estate plan, you will benefit from seeking professional guidance. An assessment of your case, your goals and other details will help you determine how to effectively address all types of digital assets in your estate plan.

The important role of the executor of the estate

2023-09-01T04:35:13Z

One of the most complicated aspects of dealing with the death of a loved one is deciding what should happen to his or her estate. If the deceased individual has a will, the distribution of personal assets should happen according to the terms listed in that document. However, there is often much more involved with this process than just reading a paper and dividing up property. There are important legal requirements to meet. The person who will oversee this process is the executor. The executor is either named in the decedent’s will or appointed by the court. This is an important responsibility, and the person named for this role should be capable and willing to act in this capacity. If you are the executor of a Texas estate, it is in your interests to know what to expect and what requirements you will have to meet.

A critical responsibility

In the immediate aftermath of a death, there are a few things that the executor and interested parties will need to do in order to address estate needs. The first step will be to locate the will and file it with the court. This will initiate the probate process. After this, the executor will locate heirs, safeguard estate assets, file tax returns, pay off remaining debts and more. In addition to these things, the executor may have to navigate disputes between heirs and seek a reasonable outcome. It can be quite time consuming to fill the role of the executor. It can take a significant amount of time to secure estate assets, pay off debts, locate heirs and more. This is why many people benefit from having experienced guidance as they navigate the estate administration process. This can also reduce the chance of complications that could cost time and lead to additional stress.

Experienced guidance is key

It can be overwhelming and complicated to navigate the estate administration process. Many families and individuals acting as executors benefit from having knowledgeable counsel as they meet requirements and take the appropriate steps to close the estate. This is a complex process, but with assistance, it is possible to reduce the chance of issues arising and other problems that could impact heirs, beneficiaries and other interested parties.

The importance of estate planning while you are young

2023-07-31T06:24:25Z

One of your primary purposes for creating an estate plan is to have the final say over what happens to your personal property in the future. You may also want to have control over the specific types of medical care you could receive in the event of your incapacitation. However, these may not be pressing concerns for you while you are young. Even if you are not at an advanced age, having a complete estate plan is a beneficial step for you.

Life is unpredictable, and there are circumstances during which Texas young adults may benefit from having an estate plan, regardless of their age. You do not have to be old or unhealthy to benefit from the protections provided by certain documents. If you do not currently have a plan, there is no time to lose in creating one that is suited to your current needs.

Early planning is important

Unfortunately, many younger people overlook the need to plan for their futures. Once you reach the age of 18, parents no longer have the capacity to make legal decisions for you. This means that it is important to have plans outlining your medical preferences in the event of your incapacitation. You also have the right to have the final say over what happens to whatever property you own. As a young adult, the following are important documents for your estate plan:

Health care power of attorney – This gives you the ability to name a person to make medical decisions on your behalf in case of your incapacitation.
Last will and testament – This is a document that outlines what you want to happen to your personal property after you pass. You can also express wishes for the care of a pet.
Financial power of attorney – This document appoints an individual to make financial decisions on your behalf in case you are unable to do so.

Every estate plan is different, and you can create a strategy that will provide you with confidence for the future. This is a worthwhile endeavor, regardless of your age, and taking the time to do this will give you peace of mind knowing that your interests are secure. It is also beneficial for your loved ones as it will reduce their burden and stress in the event that you are unable to speak for yourself to make your wishes known.

Statistics about estate planning may surprise you

2023-06-26T06:26:23Z

Planning for the future is a difficult process, and it can involve many difficult and emotional decisions that could impact the entire family. As you consider the plans that you need for the future, it may be helpful for you to learn more about the estate planning process. Taking this step is important for every Texas adult, even if you are not wealthy, older or the owner of a large estate. By doing this, you can provide yourself and your loved ones with peace of mind.

By creating an estate plan, you can have control over certain important matters for your future, including your medical care and what happens to your personal property after you pass. Despite the benefits associated with estate planning, many adults fail to have a plan in place. Statistics indicate that only around 33% of adults have an estate plan.

Facts about estate planning that may surprise you

It is critical to share your wishes for the future. If you die without an estate plan in place, state laws could be the deciding factor in what happens to your property. It can take months or years to settle an estate without a will, and there is no guarantee to where your property will end up. You have the right to have the final say, and the following facts may be helpful to you as you consider what plans will be the most beneficial:

Approximately one-third of all adults have never discussed their future wishes with their loved ones.
Around 52% of people do not know where their parents’ estate planning documents are located.
Almost 20% of adults do not know or understand what an advance directive is.
Sixty percent of people without a will report not taking action to create one, or any other types of estate planning document.
The COVID-19 pandemic caused many young people to create estate plans, even though they are young and healthy.

The future is unpredictable. While you cannot know what will happen next, you can be certain that your interests are secure and that you have the final say over certain important matters in your life. Through a complete estate plan, you can decide what you want to happen to your property, name a guardian for your children and have the final say over certain medical decisions.

What is the estate administration process?

2023-05-30T16:56:05Z

One of the most complicated tasks a grieving family will face after the death of a loved one is deciding what to do with his or her estate. This means settling remaining affairs, paying off debts, closing accounts and more. It can be complicated and difficult to officially close a Texas estate, and depending on the size of the estate and other factors, it is a process that can take anywhere from a few months to years to complete. A family will benefit from knowing exactly what to expect from the estate administration process. The executor of an estate is the individual appointed to oversee the estate administration process. This person will bear the responsibility of navigating probate and meeting other requirements, including making payments on behalf of the estate and following instructions in the will. The designation of executor is either made by the decedent in his or her will, or it is an appointment made by the probate court.

Steps to handling estate affairs

Duties of the executor include following the wishes of the deceased, maintaining the estate and distributing assets to heirs. This is not always an easy process, and it can be an immense responsibility to carry this out. Executors will have the responsibility of opening the estate by first filing the death certificate and will with the probate court. While the probate process is underway, the executor will protect the estate, secure assets, locate assets and ensure the accurate value of all assets. Other steps in the estate administration process include:

Notify creditors and beneficiaries of the estate
Pay off remaining debts and file final tax returns
Ensure assets go to the right places as instructed

Probate and other requirements associated with settling an estate are complicated legal processes, and there is significant benefit in having help and guidance at every step. This may prevent complications, reduce stress and lower the chance that a family or other party will incur unexpected costs. Before opening an estate or agreeing to the role of executor, it may be helpful to seek an understanding of the specific responsibilities associated with taking on this important role.

Careful organization of estate planning documents is critical

2023-05-01T07:45:30Z

It can be difficult to think about the future and what will happen after you pass away. While it is never easy to consider one’s own mortality, it is critical to think about what is ahead and to make suitable plans. Through estate planning, you can have the final say over certain matters, such as what will happen with your personal property after your death or what type of medical care you prefer in the event of incapacitation. After you have taken the time to create estate planning documents, it is also critical to ensure that you handle them appropriately. Your effort to create a complete estate plan will be a waste if no one can find your papers or understand your wishes. You will benefit from protecting your plans and ensuring that you carefully organize all of your documents in case the unexpected happens.

Storage of critical documents

There are certain types of documents that you will want to carefully store and keep in a location you can easily access in case of an emergency or unexpected situation. Estate planning documents are private and personal, and they contain sensitive information, but they should also be in a place where your loved ones or agents can get the information they need quickly. Obviously, your will is an important estate planning document you should store in a safe location. Other important documents that should be easily accessible include your powers of attorneys and your living will. If incapacitated, these documents will allow another person to act on your behalf or make medical decisions according to your preferences. It is also beneficial to have a document that lists your passwords and other information your loved ones may need in the future. Finally, it is important for at least one person to know where you keep your documents and what information they will need to access them.

Creating a strong estate plan

Having a complete estate plan in place is a critical step to protecting your future interests. With the right documents, you can feel confident that you will have the final say over important matters, such as your personal care and the distribution of your personal property. By planning ahead, you are also shielding the interests of your loved ones. If you are unsure of where to begin, you may benefit from discussing your needs with an experienced legal professional.

Who should be the executor of your estate?

2023-03-27T16:53:31Z

When you make plans for the future, you will also have to choose an individual who will oversee the execution of your plans. In your will, you can name a person to act as the executor of your Texas estate, which is the person responsible for settling any remaining matters and ensuring that responsible parties follow your objectives. This is a critical role, and it is in your interests and the interests of your heirs that you carefully consider the person to whom you give this responsibility. The appointment of an executor is an important estate planning decision. The executor should be a good fit, as well as someone you can trust to be responsible and prudent. You will benefit from understanding this person’s role and how you can make a choice that will allow you to feel confident regarding the execution of your estate plans.

What does the executor do?

Having the role of the executor is a big job. Not only is this person in charge of following your wishes according to the terms of your estate plan, he or she is also in charge of important legal and financial matters to address before the closing of your estate after your passing. The executor will oversee the following matters during probate:

Locating the will and filing it with the court
Notifying creditors of the death
Paying off remaining debts associated with the estate and closing accounts
Distributing assets according to the terms of the will
Closing the estate

The person who acts as the executor must also juggle these responsibilities with his or her everyday life. The probate process can take more than a year to complete, or even longer if there are complications. This is a commitment of time and effort, and your choice should be an individual you can trust to act in your best interests and the interests of your heirs.

Creating the best estate plan

Creating a beneficial and strong estate plan starts with identifying your goals and objectives. If you are unsure of where to begin or who to name as your executor, you may find it helpful to discuss your goals with an experienced professional. This guidance can help you make estate planning decisions that will allow you to feel confident about the future and what will happen to your property after you pass away.

Proper expectations for the probate process

2023-02-28T17:58:51Z

After the loss of a loved one, you may experience emotional duress, grief and other emotions as you navigate the weeks and months after the death. Even when expecting a passing, a loss can significantly impact you and the rest of your Texas family. Eventually, it will be time for you and your loved ones to settle the estate of the decedent -- a task that can be overwhelming, especially during an emotionally complex time.

The administration of an estate often involves probate. Whether you are an heir of the estate, beneficiary of an account or tasked with the responsibility of settling the estate, you will benefit from knowing what to expect from probate. This process can take months to complete, or even years if there are issues, and having appropriate expectations and knowledge can ensure you avoid unnecessary setbacks and complications at each step of the process.

The legal requirements of probate

Probate is the legal process of verifying the will. Before it is permissible to distribute assets from an estate, many of them must go through the probate process. One exception to this is when there are assets held in a trust. The first step in the probate process is to locate the will and file it, along with other required documents, with the appropriate probate court. This opens the estate, and after that, you may expect the following to happen:

The probate court will appoint an executor of the estate. This person is responsible for overseeing the entire process and managing the estate. The decedent may have named his or her executor in the will.
The executor will locate assets and secure them, and then he or she will notify creditors that have a rightful claim to payment from the estate.
The executor will oversee the payment of remaining debts and final tax returns, and then he or she will ensure the distribution of estate assets to designated heirs as outlined in the decedent’s will.

Probate can be lengthy and complex, especially if there are issues with the estate, difficulties with assets associated with the estate or disputes over the terms of the will. It may be in your interests to have assistance with every step of the probate process in order to prevent issues, reduce the chance of setbacks and provide assurance to everyone with an interest in the estate.