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Call Your Legacy Legal Care™ Today Consulting with an experienced estate planning attorney is crucial

It’s recommended to consult with an estate planning attorney to ensure proper beneficiary designations

If you are planning on making any gifts, it is a good idea to consult with an estate planning attorney

State laws vary, and people thinking of a remarriage should meet with a qualified estate planning attorney to understand what their rights are and how to handle those rights and powers.

According to a recent survey, 64% of Americans don’t have a will. Most of them don’t have one because they just haven’t gotten around to making one. Still, others say it’s a lack of urgency and a general unwillingness to talk about their own death. Forbes‘ article, titled “Snoop Dogg Admits He Doesn’t Have A Will: 7 Reasons He (And You) Should Reconsider,” says the rapper, reality TV actor, and musical artist Snoop Dogg is one of the 64%. Snoop says he doesn’t have a will and doesn’t care because he’ll be dead. His exact words were too “colorful” to print. Even so, he’s not completely oblivious to the consequences. Snoop wants to be reincarnated so that he could come back and watch his beneficiaries fight over his money! Snoop is currently married to Shante Taylor (though divorce rumors linger, even though they were previously married to one another, divorced and then remarried). He has three children with Shante and an alleged additional son with a former girlfriend. Plus, last year, he also became a grandfather. Snoop’s net worth is about $143 million, so it’s hard to imagine why he would refuse to draft a will, even if he’s going to be reincarnated. There are a number of important reasons, even if you’re not millionaire, why you should have a will as part of your estate plan. Here are a few to consider: Appoint a guardian for your children. If you pass without a will, the care of your children will be determined by the court rather than according to your own wishes. Appoint a trustee for your children. In some situations, depending on the ages and circumstances (such as a special needs child or significant inheritance), you might want an independent trustee—such as a bank or trust company—to serve as trustee or as co-trustee to make the best financial choices for your kids. Determine who receives your assets. Without a will, you don’t have a say as to who gets what. If you want to make sure those special items aren’t liquidated as part of your estate or don’t end up in the wrong hands, then you’ll want a will to make sure that doesn’t happen. Save money. Not drafting a will is the start of a potentially expensive and time-consuming situation for your beneficiaries. In addition to the cost and stress, this could create fighting and hard feelings among your family members. Give to charity. Without a will, your administrator can’t carry out your charitable intentions. Even smaller patterns of giving, such as to your church or your college, may be impacted if you don’t properly provide for those charitable organizations in your will. Lessen the tax burden for your heirs. Planning can help you anticipate and potentially mitigate estate and inheritance taxes. Even when your estate isn’t subject to estate and inheritance taxes, you can save on income taxes. While nobody likes to talk about dying or wills or what might happen after you’re not around—and even if you plan to be reincarnated—do everyone a favor and get a will for the sake of your family. Reference: Forbes (May 6, 2016) “Snoop Dogg Admits He Doesn’t Have A Will: 7 Reasons He (And You) Should Reconsider” #AssetProtection #Guardianship #EstatePlanningLawyer #ProbateAttorney #Probate #ProbateCourt #Inheritance #Wills #TaxPlanning #Trusts

to start, or what they are doing, that instead of seeking help from a knowledgeable estate-planning attorney Benefits to Hiring an Estate Plan Attorney While attorneys are often a more expensive route (in the here Hiring an estate-planning attorney allows for you to sit down with a professional, share your specific

A meeting with a trusted estate planning attorney at Your Legacy Legal Care can clarify your options.

according to a report in the Chattanooga Times Free-Press entitled “Brock estate battle lives on as attorneys But the children’s attorneys disagree and plan to appeal. the children’s attorney asked. The kids’ attorneys plan to appeal the ruling because the previous wills show undue influence and how Reference: (Chattanooga) Times Free-Press (February 5, 2016) “Brock estate battle lives on as attorneys

Once you have assembled your list, schedule a meeting with an estate planning attorney at Your Legacy

Schedule a visit with your estate planning attorney to make the revisions. If you don’t have a will, ask the attorney to draft one ASAP.

Contact the Texas Estate Planning Attorneys at Your Legacy Legal Care By working with a knowledgeable and experienced Texas estate planning attorney, you can better understand the estate planning process

Nerd Wallet, in “Avoid This Estate Planning Mistake,” reminds us that many assets have their own beneficiary designations, including retirement plans like 401(k)s, 403(b)s, pensions, IRAs, annuities and life insurance plans. Many folks don’t check them. They think their will or living trust controls their distribution. Classic estate planning mistake. Sometimes it’s a shock to discover that the deceased spouse didn’t update the beneficiary designations. The beneficiary is still the husband’s first wife—whom he had designated 25 years ago when he first established the account. As a result, his surviving spouse receives none of the funds associated with his IRA. The ex-wife gets the money. Under the law, assets like IRAs aren’t subject to probate, but instead are passed using a beneficiary designation. They aren’t controlled by a will. The only situations in which a will controls a non-probate asset are if there’s no designated beneficiary or if the beneficiary is the estate. The Supreme Court has ruled that your beneficiary designations on insurance policies, IRAs, and other retirement accounts will always trump the beneficiaries of your will if case they are different. So make certain that updating beneficiaries is a part of your financial planning checklist. Review the beneficiaries of your non-probate assets every few years; and make sure the beneficiaries of your will and living trust are still the individuals or entities that you want. These documents help heirs avoid probating your estate and allow you to establish beneficiaries for assets that don’t have specific beneficiary designations. You’ve worked hard to create a legacy for your family. Take these actions to avoid a simple but costly mistake that could damage that legacy. Reference: Nerd Wallet (May 6, 2016) “Avoid This Estate Planning Mistake” #AssetProtection #IRAs #ProbateAttorney #Probate #ProbateCourt #Inheritance #401ks #BeneficiaryDesignations #Pensions #Wills #403bs