Estate planning is about setting ones affairs in order for the benefit of friends and family. In that way, the holiday season is a natural time to discuss these matters, because it is now when many families are getting together as a group. Particularly for families that do not live close together, this time of the year may be the only one when everyone is all in one place.
This doesn't mean that you need to spend time delving into the specific details of a plan over holiday dinners, but simply mentioning the topic lightly can be important to start the conversation. If parents or adult childen do not seem willing to get into the details during the holiday, simply explain that you'd like to discuss the subject at a later time. However, if they are receptive, it is helpful to ask them some basic questions. For example, some parents may already have wills drafted. If so, it is important for other family members to know where it is located and how to access it. If a will is used, children should ask who has been named executor. The same is true when more advanced tools like trusts are used, since in those successor trustees have to be named. Seemingly simple choices come loaded with problems--for example, choosing one child over another for these duties may create hard feelings. Discussing them ahead of time is often a good approach.
Beyond subtle prompting to get certain estate planning affairs clear, the holidays may also be a good time to share exactly how certain sentimental objects will be distributed. Of course, each family is different and this may cause discord. However, it is never a good idea for family members to learn who is set to receive certain objects only after a loved one has passed, particularly items with emotional attachments. Because everyone is together, the holidays may be the ideal time for grandparents or parents to clearly explain what steps they've taken and to answer any questions that family members may have. The input that they receive from family members may also prove helpful in case something has been left out of planning
All of us at The Greening Law Firm, P.C. wish you very happy holidays. We are proud to serve the Austin area with estate planning, estate administration, probate, and elder law, and we are excited to begin a new year with our clients, friends, and colleagues.
Monday, December 19, 2011
Tuesday, December 6, 2011
Squatters Taking Over Tarrant County Homes
This past weekend, the Fort Worth Star-Telegram published an article highlighting rampant squatting this year in the north Texas County of Tarrant. County records show that over $8 million worth of property was been claimed by squatters in 2011 when owners were away for long periods or bank owned properties from the housing crisis were vacant. Among the audacious take-overs were a transplant from Memphis who took over a $2.7 million mansion with an elevator and a five car garage, career criminals who leased squatted homes to tenants, and people citing the Bible as legal justification for their actions.
Unfortunately, the struggle to oust these unlawful tenants is more complicated than it may seem. There is a loophole in a state law, which allows people to claim abandoned portions of property if there is no owner to dispute the claim. The original intent of the law was to assist ranchers in claiming vacant land that they had tended to for years. This law, though, doesn't distinguish between a section of sod worth a few dollars and a mansion worth millions of dollars. To stake a claim even a court could have a hard time disputing, one need only complete the proper paperwork for a $16 filing fee, maintain the property taxes, and live in the residence for over three years. Affidavits of possession at the Tarrant County Clerk's office have created a real estate nightmare, making the houses nearly impossible to sell because of the now confused titles of the homes.
While it may not be a situation applicable to most homeowners, the squatting in Tarrant highlights the importance of guarding your assets. Be mindful that scams are prevalent and planning always adds predictability.
Unfortunately, the struggle to oust these unlawful tenants is more complicated than it may seem. There is a loophole in a state law, which allows people to claim abandoned portions of property if there is no owner to dispute the claim. The original intent of the law was to assist ranchers in claiming vacant land that they had tended to for years. This law, though, doesn't distinguish between a section of sod worth a few dollars and a mansion worth millions of dollars. To stake a claim even a court could have a hard time disputing, one need only complete the proper paperwork for a $16 filing fee, maintain the property taxes, and live in the residence for over three years. Affidavits of possession at the Tarrant County Clerk's office have created a real estate nightmare, making the houses nearly impossible to sell because of the now confused titles of the homes.
While it may not be a situation applicable to most homeowners, the squatting in Tarrant highlights the importance of guarding your assets. Be mindful that scams are prevalent and planning always adds predictability.
Tuesday, November 29, 2011
Creating a Successful Will Requires Professional Help
A will often creates more problems than it solves. With a will, probate is involved, the information is made public, and legal challenges to the will's provisions are common. Estate planning is meant to simplify the transfer of assets, and typically the creation of a trust is a superior method of saving taxes and streamlining the process to distribute assets quickly and seamlessly.
In estate planning, there may be limited situations where a will might still be appropriate, though, depending on the age of the individual and their assets. No matter if a will or a trust is created, it is vital to have professional help in the creation. While do-it-yourself projects can produce a large return on investment for home improvements and car maintenance, it is not the same with financial planning. When professional help is not sought and a will is self-written, it is only at the moment when the document is needed to work that its flaws come to light. At that point, there is no going back.
As Forbes recently explained in "The Case Against Do-It-Yourself Wills," when done without experienced aid, wills are often filled with errors. For example, common mistakes include failure to sign the will, not updating it, or adding amendments improperly -- all of which can nullify the document. Without the guidance of professionals, imprecise wording is often used. It is much harder than many suspect to craft legal documents with language that is void of any ambiguity. Without the author present, vague language will be easy to misinterpret. Estate planning lawyers are well versed in crafting legally precise terms in standard language that doesn't equivocate.
Besides making sure one's specific intentions are explained without ambiguity in the will, a legal professional can also ensure that important issues are incorporated into the document. When drafting a will on their own, many community members fail to consider important issues. What happens if an heir dies first? What happens when an asset distributed in a will is no longer owned when the will is executed? Who is responsible for paying the expenses on certain assets, like a house? A professional experienced in these matters can bring up these and many concerns that may need to be considered when going through the drafting process. This is particularly important in more complex situations, such as with blended families. The attorneys and staff at The Greening Law Firm, P.C. are always ready to discuss what planning is best for you and your family. We stand ready to serve you.
In estate planning, there may be limited situations where a will might still be appropriate, though, depending on the age of the individual and their assets. No matter if a will or a trust is created, it is vital to have professional help in the creation. While do-it-yourself projects can produce a large return on investment for home improvements and car maintenance, it is not the same with financial planning. When professional help is not sought and a will is self-written, it is only at the moment when the document is needed to work that its flaws come to light. At that point, there is no going back.
As Forbes recently explained in "The Case Against Do-It-Yourself Wills," when done without experienced aid, wills are often filled with errors. For example, common mistakes include failure to sign the will, not updating it, or adding amendments improperly -- all of which can nullify the document. Without the guidance of professionals, imprecise wording is often used. It is much harder than many suspect to craft legal documents with language that is void of any ambiguity. Without the author present, vague language will be easy to misinterpret. Estate planning lawyers are well versed in crafting legally precise terms in standard language that doesn't equivocate.
Besides making sure one's specific intentions are explained without ambiguity in the will, a legal professional can also ensure that important issues are incorporated into the document. When drafting a will on their own, many community members fail to consider important issues. What happens if an heir dies first? What happens when an asset distributed in a will is no longer owned when the will is executed? Who is responsible for paying the expenses on certain assets, like a house? A professional experienced in these matters can bring up these and many concerns that may need to be considered when going through the drafting process. This is particularly important in more complex situations, such as with blended families. The attorneys and staff at The Greening Law Firm, P.C. are always ready to discuss what planning is best for you and your family. We stand ready to serve you.
Subscribe to:
Posts (Atom)