Updates and Improvements in Estate Planning

The Barrows Firm Wants Everyone to Live Updated and Improved Lives with Peace of Mind and Proper Estate Planning 

Smart people aware of tax brackets and all the options available to preserve earned and inherited wealth, are frequently updating their short and long-term investment plans and managing family businesses and all the fun that comes with that. When getting started in life and raising families, many of us still think of ourselves as too young to worry about estate planning, or maybe we weren’t raised in families concerned with such. However, many of us have more assets and investments than we realize. We need to be smart. 

Money isn’t the only asset in our lives, human capital is worth so much more and is dear to the nature of our very existence, and estate planning is necessary to protect ourselves, and our whole families. From insurance plans and beneficiaries to medical directives and powers of attorney to decide for us in certain situations, estate planning touches nearly every part of our lives. 

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Things outside the family and businesses directly affect our estate plans and balance sheets of debts, liabilities, and assets. A new presidential administration, for example, may impact income sources coming into trusts and insurance policies, which also might be tapped for debt to get into exciting investment opportunities. All these things need a set of professional eyes on them to review things and make sure everything has been considered, and nothing in our portfolios causes internal sparks or contradictions. Remember, anything that could be ambiguous, can and will end up in court if it’s worth fighting over. 

Never underestimate the ability of deaths in the family to unearth all kinds of drama from decades ago, the things that were never addressed can arise and make estate administration challenging at best. Do yourself and your family a favor, be clear and concise with all your estate planning before anyone needs it. 

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Annually Updating Estate Planning Documents 

In our life events section below we identify just a few of the things that can happen in a year that might change the trajectory of our planning should we cease to exist or experience temporary mental incapacity. Remember that the life events list is not necessary for estate planning updates, and sometimes it’s just helpful to update the documents with the new addresses of children who are young and getting started. 

A new job, home, car, investment, or simply a new lawyer you meet, might be the proper catalyst for estate planning document review and updates. And when you know you’re going to see the estate planning lawyer once a year or every other year, as you see fit, that relationship develops, which is always helpful, especially when your kid is getting married and needs a premarital agreement, non-disclosure agreements, and so forth. 

‍In Southlake and all over DFW, Leslie Barrows has earned a strong reputation for being well-connected in all the elements of estate planning and family law that make her in demand with people in the know. Contact the Barrows Firm to schedule a consultation with Attorney Barrows. 

Life Events Require New Improvements to Estate Planning

‍Birth

A new baby, born or adopted, should be added as a beneficiary in any wills, trusts, policies, and ownership interests in like kind with the other children. Or, in another twist, and for whatever reasons, the child might be specifically excluded from taking under any documented assets or interests. In most situations, the addition of a new family member is easy enough and takes little effort. It might also be a first-born child which can open the door to additional estate planning tools, especially involving education and future interests in investments. 

‍Death

The death of a spouse, parent, child, or any other family member or significant person named in estate planning and trust documents must be updated. If you fail to update things and it comes to a dispute in Court, decisions are made on statutory direction and judicial discretion. Especially when your financial setup has elements of interest contingent upon other interests and circumstances, it’s important to have everything reviewed by your estate planning attorney, as well as the money managers and investments team. 

‍Disability or Illness

If someone is diagnosed with a temporary or potentially prolonged disability or illness, estate planning becomes important immediately. Imagine a child is injured and will need to be supported by an outside-funded special needs trust, you have estate planning work to do. If a family member normally an important decision maker develops mental conditions that could affect judgment, that’s the time things might need to be moved around so that a more cogent plan of estate planning action is well-grounded and protecting your family. 

‍Divorce

How many times do we have to joke about your ex-spouse having decision-making authority? And while there may be laws and provisions that prevent that nightmare situation, it begs the important question of what else has their name on it? Divorces can also involve situations where one of the parties has a new family, or a new baby on the way with another person. Remember to address estate planning issues and be vigilant about them now, so you won’t be sorry later. 

‍Marriage 

Nothing says I love you like a legally binding contract and estate planning documents with some fun nondisclosure agreements and premarital agreements with all kinds of twists and turns in the terms. If it’s legal, it can go in a prenup. Child support and custody, however, cannot be addressed by premarital agreements, and state law and procedure will apply. Weddings might also signal the time for parents to redo some of their estate planning, when for example, a child has started their own family and it is time for them to handle their financial affairs, insomuch as that makes sense. 

‍Relocation

Different cities, and different states, sometimes have very different laws that could surprise us when it comes time to update our estate planning documents. What if, for example, one parent takes a new job in New York or California, but the family stays in Texas, what if any changes might they need to make? Sounds like a bar exam question, doesn’t it? Instead of going to law school, call your trusted estate planning lawyer and let them know about major life events including relocation, that can impact your estate planning. 

‍Tax Liability 

Money and assets move differently in various situations and environments which requires estate planning updates and attention to detail on how everything intersects. That new job that has one of the parents outside the home in New York during the week, that job could put the family in a different position economically, with new tax liabilities. This might require some financial wizardry that needs inclusion in estate planning documents to memorialize the new plans. 

Beneficiary Designations 

As we age, and our life experiences and expectations adjust to whatever may be going on in our families and lives, our beneficiary designations might need adjustments. Like father says to son, if you date that girl, I’m taking you out of the will. They call their estate planning lawyer to disinherit the son and learn they better leave them something and name them in the will or have the law assume another outcome. You would be surprised how many people think they can just write a note on paper saying I disinherit you, and have the other person sign it. Know what it takes to legally update estate planning documents and beneficiary designations. Use an experienced estate planning lawyer and stay ahead of the game of life. 

Contact the Barrows Firm for Estate Planning Consultations and Representation 

Attorney Leslie Barrows practices estate planning as well as family law and she sees how hard people fight for their families and to protect what they built, and that extends to estate planning. Her valuable decades of time in high-net-worth family law make her a well-experienced, and well-connected estate planning attorney for you and your family.