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When to Think About Naming a New Executor for Your Estate
A last will and testament is often the basis for a comprehensive estate plan. You probably realize that your will can include a number of provisions to distribute your assets to those you have chosen as your heirs, and you can make arrangements regarding how your minor children will be cared for in your will as well. However, one of the most important parts of your will is the selection of a person or entity to serve as your executor. Under Texas law, your estate’s executor is in charge of managing your estate and making sure that your wishes regarding your assets and property are followed.
Once you have chosen an executor, however, your work in this regard is not necessarily done, especially as more time passes after the establishment of your will. There are a few situations in which you might consider someone else to serve as your executor - here are just a few.
Major Life Changes
The Greek thinker Heraclitus is credited with the ancient maxim about the only constant thing in life being change. This reality proves itself every day as we get older. Your current situation might be dramatically different from when you first created your will and named someone to serve as your executor. Significant life changes, such as a divorce, the death of a child or spouse, or moving to a new state, could make a complete revamp of your estate plan necessary, including your choice of executor. The individual that you originally appointed to that role might no longer be in your life, or he or she might live too far away to manage your estate effectively.
How to Talk to Your Aging Parents About Estate Planning
Everyone can benefit from having a comprehensive estate plan in place. In addition to giving a person and their family the peace of mind that their final wishes will be fulfilled, estate planning offers the opportunity for someone to examine their financial needs and assets in order to plan for the future. An estate plan usually includes a last will and testament and can also include a living trust, power of attorney, health care proxy, living will, instructions concerning life insurance, a business succession plan, and more.
At our firm, we have helped hundreds of clients create estate plans with varying degrees of complexity. We have also received many questions from individuals wondering how to approach the topic of estate planning with their aging parents. It is not always easy to initiate such discussions, but doing so is important for the security of your family.
Intestate Succession
If you have parents who are getting older but do not have an estate plan, you may be concerned as to how their end-of-life decisions will be made and how their assets will be distributed after their death. When an individual dies without having executed a valid will, the contents of his or her estate will be distributed to eligible heirs through "intestate succession." The specifics of intestate succession vary slightly by state, and such laws can be quite complicated in certain situations. Put another way, if a person does not make their own decisions about their property, the state will do it for them. Of course, most people would not choose to surrender those decisions to the state, but by not having an estate plan, they are doing just that.
The Dangers of DIY Estate Planning
If you have begun thinking about creating an estate plan, there is a good chance you have seen at least a few ads for self-serve estate planning or will creation services. When you first see the advertisements, it is easy to believe that such services will save you money, time, and stress. The ads might even outright claim that you do not need an attorney to develop your estate plan.
The bad news is that online document generators and DIY estate planning services lead many people into serious mistakes. These mistakes can cost a great deal in lost money, time, and frustration not only for the creators of the estate plan but also for the loved ones they leave behind.
Why You Need a Lawyer
There is no law in Texas that says you must work with an attorney to create an estate plan. However, DIY estate planning services try to “help” as many people as possible by being a “one-size-fits-most” approach. A DIY site might offer basic estate planning documents such as wills, powers of attorney, and advance medical directives. Unfortunately, the basics are often insufficient to properly address your needs. When you work with a qualified lawyer, your attorney will help you explore all of your options—including lesser-known and more complicated instruments—so that you can make the best possible decisions for yourself and your loved ones.
Understanding ADA Guidelines as a New Business Owner
In 1990, the U.S. Congress passed a historic bill into law that would forever change business: the Americans with Disabilities Act (ADA). This law effectively enforces the civil rights and needs of people with disabilities. Before this law was passed, horror stories existed of inaccessible mobility for those bound to wheelchairs. Unfortunately, some people were forced to get out of their wheelchairs and crawl up stairs to schoolhouses and courtrooms. Buses also used to be inaccessible because there were no lifts available. Furthermore, grocery shopping was nearly impossible without someone tagging along to assist, as shelves were stocked to the ceiling.
Since the passing of the ADA, life has become a bit easier for disabled customers and employees, and business owners are often happy to comply with ADA guidelines. However, sometimes new businesses may not realize the extent of the Americans with Disabilities Act policies and have trouble conforming.
Business Contract Litigation: Remedies for Breach of Contract
Contracts play an important role in a business’s ability to operate successfully. When a business makes a deal with a vendor, a client, its employees, or other parties, everyone who signs the agreement is expected to hold up their end of the bargain. Unfortunately, there are many cases where contract breaches occur, such as when a company fails to complete work on time after receiving payment. While it may sometimes be possible to resolve disagreements about contracts through communication or negotiation, a party that suffered losses because of a breach of contract may pursue litigation to address these issues. In these situations, it is important to understand the orders that may be made by a court to correct the breach.
Common Remedies in Breach of Contract Cases
To succeed in contract litigation, one party to a contract will need to meet certain requirements, including demonstrating that the contract was legally valid, that the other party failed to meet some or all of their requirements, and that they suffered losses or other damages as a result of the breach. If a plaintiff can prove all of these elements, the court may impose certain penalties or requirements on the party that breached the contract (the defendant).
What Elderly People Need to Consider When Creating or Updating a Will
A last will and testament is one of the foundational elements of a comprehensive estate plan. A person’s will details decisions about how the property they own should be passed to their heirs after their death. Seniors who are entering their twilight years will often be looking to make plans for how to address different assets they own, distribute property to their loved ones, and ensure that their wishes will be followed after their death. When creating a will or making changes to a will that had previously been created, a person will need to make sure to understand the legal issues that they may need to address.
Key Considerations in a Last Will and Testament
It is important to understand how different types of property will be considered during the probate and estate administration process. Seniors will need to take a complete inventory of their assets and debts before they will be able to make decisions about how the distribution of their property will be handled. Some different types of assets to consider include:
Incapacity Planning: Creating a Medical Power of Attorney
In many cases, estate planning is focused on making decisions about what should happen after a person’s death. While this is an important issue to address, a family may also need to consider issues related to a person’s medical treatment and personal needs as they reach an advanced age. This aspect of estate planning is known as incapacity planning, since it will address how decisions will be made in any situations where a person becomes incapacitated, meaning that they cannot make decisions for themselves or cannot express their wishes to others. One of the key tools used for incapacity planning is a medical power of attorney.
Addressing Health Issues Through a Power of Attorney
In a power of attorney agreement, a person will name someone who will be allowed to make decisions for them. This person is known as their agent. When creating a power of attorney, a person will want to choose a person they trust to serve as their agent, such as an immediate family member or a close friend.
Should I Establish Guardianship for My Elderly Loved One?
A family may need to address multiple issues related to the needs of a person as they get older. Seniors can sometimes struggle to handle concerns related to their health, their finances, and their day-to-day needs. In these situations, other family members will often be able to step in, offer assistance, or even provide a home and round-the-clock care to address medical and personal concerns. When doing so, a person may be unsure about the best steps to take to ensure that they will have the right to make decisions on behalf of their loved one. By consulting with an attorney who can provide guidance in matters related to estate planning and elder law, a family can determine whether establishing guardianship may be the right choice in their situation.
Benefits and Drawbacks of Guardianship
Texas law allows a person to be named as someone’s legal guardian, which will give them the right to make certain decisions, as well as the responsibility to act in the best interests of the ward and provide for their ongoing needs. To establish guardianship, a person will need to file a petition in court, and their request will typically only be granted if there is evidence that the proposed ward is incapacitated, meaning that they are unable to fully provide for their own personal, medical, or financial needs. An examination by a doctor may be required to determine the person’s mental state and physical abilities, and a court hearing will be held where a judge will decide whether guardianship is necessary.
Can Mediation Be Used to Resolve Business Contract Disputes?
While business contracts can be crucial for protecting the interests of a company and other parties, there are a variety of situations where business owners may need to determine how to address a breach of contract. For example, a service provider may not have fully provided the services described in a contract within the correct time frame, or a former employee may have violated the terms of a non-compete agreement. In these cases, a business may seek to enforce the terms of a contract or pursue compensation for financial losses that occurred because of a breach of contract. While these issues may be addressed through litigation in court, the parties involved may benefit by using other methods to negotiate a settlement. Mediation can be a beneficial way of resolving contract disputes, and it will often allow the parties to reach agreements and settle disputes much more quickly and efficiently.
What Are the Benefits of a Revocable Living Trust?
During the estate planning process, a person or family may use multiple tools to determine how different types of assets will be handled both during a person’s life and after their death. Trusts are some of the most powerful and flexible tools that are available, and they can be used to preserve and protect assets and ensure that they are used correctly to provide for the needs of a person and their loved ones. Revocable living trusts are some of the most commonly-used types of trusts, and they can provide a family with multiple benefits.
Advantages of Revocable Living Trusts
When a person creates a trust, they will transfer certain assets to the trust and provide instructions for how these assets should be distributed to different beneficiaries. The trust itself will own the assets, and this can provide some protection, since the assets will no longer be part of the person’s estate. A trust involves three parties: the person who created the trust (known as the grantor or settlor), the person who will manage the assets in the trust (known as the trustee), and one or more beneficiaries who will receive distributions of assets in the trust.
From our office in Fort Worth, we represent clients throughout the DFW area, including Dallas, Arlington, Haltom City, Richland Hills, Watauga, Kennedale, Forest Hill, White Settlement, River Oaks, Saginaw, Hurst, Euless, Bedford, Grapevine, Coppell, Farmers Branch, Carrollton, Plano, Dallas County, and Tarrant County.
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