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Argent Trust
For most people in the Dallas-Ft. Worth area (and the rest of the country for that matter), estate planning and preparation does not rank high on a “to do” list. There are a variety of reasons, but often it comes down these three: 1.) It costs too much; 2.) It is only for the rich; and 3.) It is too complicated.
An estate plan, however, isn’t really about you. It’s about taking care of your family, heirs and other people and organizations you want to provide for. Without an estate plan or will, the courts (state law) will decide who gets your assets, and you lose control of how your hard-earned wealth will be distributed.
Estate planning can be an emotional and challenging endeavor, but here are three tips to make it easier and to help you prepare for the future:
1. Only work with an experienced estate planning attorney
Estate planning is not something you hand off to a family member or friend-of-a-friend who knows a little about writing a will. It’s best to work with an experienced, licensed estate planning lawyer so you are confident your documents comply with state law and that the plan’s language clearly details how your wealth should be managed.
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Argent Trust - Work with an experienced estate planning attorney
2. Review your estate planning documents every year
Don’t let your estate plan gather dust in a filing cabinet or shelf. Expected and unexpected events in your life (grandchildren, illness or disability, a significant increase or decrease in your net worth) that could affect your wealth and how it should be distributed in the future. Meet annually with your estate planning attorney and financial advisor (if you have one) to review your plan to make sure it still meets your needs and intentions.
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Argent Trust - Organize and review your documents
3. Organize important documents
Planning ahead is an essential part of estate planning – and that includes making sure important documents have been created and can be quickly located if something happens to you. Here is a list of documents that you should have on file that can be accessed by your spouse or family members in case of an emergency:
- Will, trust & other important estate planning documents
- Powers of Attorney, healthcare and financial
- List of tangible and intangible property
- List of financial accounts and insurance policies (with log-in information and passwords)
- Email accounts
- Passwords, PINs or other log-in information to your computers and phone
Estate planning is not a DIY project. You need the advice of professionals, including a trusted estate planning lawyer to be sure your wishes are carried out and that your estate plan can withstand any legal challenge. Do yourself and your family a favor and make 2021 the year you have an estate plan in place that will help support your loved ones.
To learn more about these trust and estate planning strategies, please contact Kathy Christoffel via email ([email protected]) or phone (817-502-3586), or reach out to any of our Argent Trust Company professionals at 817-986-0181. We are ready to help.
