An estate plan is an important tool that everyone should have. It is not only a way to protect your assets and ensure they are used the way you want them to be, but it is also intended to give your family the peace of mind that their future will be taken care of. However, it is important to discuss your estate plan with your family before anything happens so that you can reduce the likelihood of misunderstandings or disputes. Here are some reasons why you should discuss your estate plan with your loved ones.

Preventing Discord and In-Fighting

It is natural for families to disagree on certain issues, especially when it comes to money and possessions. Without having a conversation about how these items will be distributed, disagreements can arise quickly and lead to discord among family members. By discussing your wishes with your loved ones ahead of time, you can help ensure that conflicts do not arise after you pass away.

Giving Your Family a Chance to Offer Input

Having an open discussion about your estate plan gives each member of the family an opportunity to voice their opinion on how things should be handled. This does not mean that those opinions will become part of the plan—it simply means that each person gets the chance to express themselves before any decisions are made. Opening up a dialogue allows everyone’s feelings and thoughts on the matter to be heard and respected, which can go a long way towards creating understanding between all parties involved.

As any business owner can attest, owning and operating a small business takes hard work. It is important for a business owner to always be coming up with new and innovative ways to promote the company’s success. If you are a small business owner, you should be trying to think of ways to help your business grow. You should be looking for new opportunities to expand your client base and drive up your profits. While there is not a one-size-fits-all plan for growing a small business, there are a few general guidelines that could help you achieve your goals.

Playing to Your Strengths

Are customers drawn to your business for a particular product or service? Are there patterns regarding your most loyal clients? It may be tempting to try exciting new ways to generate revenue, but it is very important to keep your primary focus on your basic strengths—or the “bread-and-butter” if you will. For example, if you run a coffee shop and customers love your custom roasts, you may wish to look for new ways to market your products with strong sales as opposed to eliminating your own brands in favor of new products.

Diversifying Can Help Too

While your most successful products and services should take priority, there is also risk in being too focused on one thing. Relying on one or two sources of revenue can be dangerous. By taking the time to develop alternative revenue sources, you can help ensure your company’s sustainability despite market changes or changing customer tastes. Keep in mind, however, that there is also a danger of spreading yourself too thin. Work on just one new project at a time so that you do not get burnt out or become stagnant.

A will is an invaluable resource in ensuring that the assets that comprise your estate will go to the individuals and institutions of your choice after your passing. If there is no will, Texas’ default rules—known as the laws of intestate succession—will determine which individuals will inherit your estate and in what proportions they will inherit. Generally, intestate succession laws stipulate that a deceased person’s estate will go to the decedent’s surviving family members, starting with their spouse and children.

In some instances, it might be acceptable to rely on intestate succession, thereby avoiding the cost and delay of probating an estate in probate court. For many people, however, a will brings both specific direction and peace of mind in the distribution of wealth, property, and heirlooms after death. A will is a powerful and flexible estate planning instrument that is capable of regulating many distributions over a long time in lieu of a one-time bulk sum. The intra-will device that allows for this is what is known as a “testamentary trust.” If you have young children or relatives, a testamentary trust is something well worth considering, as is working with an experienced estate planning attorney.

Planning for the Future of Young Children with a Testamentary Trust

Many generations from the 1980s to the present have made different career and family decisions than those made by previous generations. It is no longer uncommon for a person to wait until they are in their 30s or even 40s to begin raising a family. In other instances, there are children from a second or subsequent marriage to care for and support long after children from a first marriage have grown up, left home, and ventured into careers and family lives of their own.

For many business owners and, in fact, people in everyday life, a promise and a handshake mean more than anything that could be captured in a legally binding document. The physical manifestation of a person giving his or her word regarding an agreement or transaction still carries a great deal of psychological weight, even in today’s litigious society.

While it would be wonderful to be able to consistently rely on another’s good word in business dealings, the reality is that contracts are often necessary, and, sometimes, one party fails to comply with his or her end of the deal. When that happens, your only option may be a breach of contract claim.

Three Main Elements

All contracts represent some form of a legally enforceable promise. Some, of course, are more complicated than others, but all provide certain rights and responsibilities to each involved party. In the context of business, most contracts address the purchase of items, goods, or services rendered. When the other party fails to comply with the terms of an agreed-upon contract, you may be able to bring a claim for breach of contract before the court. To win your claim, you will be required to show:

The process of estate planning can be extremely difficult for some people, as it is certainly not enjoyable to confront one’s own mortality. Of course, none of us is going to live forever, and with a comprehensive estate plan, you can provide your family and loved ones with security and peace of mind that extends well beyond your lifetime.

Some estate planning elements can be set up to take effect during your lifetime, if necessary, so that you can ensure that your affairs will be properly managed. Among these are powers of attorney, and they are often forgotten about by people who are not familiar with how they work.

What Is a Power of Attorney?

A power of attorney is a legal document that gives someone else the authority to act on your behalf. In Texas, there are two primary types of power of attorney: general and limited. A general power of attorney gives the person you appoint (known as your "agent") broad powers to handle your affairs. A limited power of attorney, on the other hand, only gives your agent specific powers, such as the authority to sell your home or sign documents on your behalf.