Top 10 Reasons you need to think about estate planning in Plano

 In Estate Planning

time for change

If you’re reading this article, then you likely have been thinking about estate planning in Plano – and hopefully you have a good plan in mind. You may even be tempted to stop reading now and dismiss the notion of updating, because, how far off could your current plan be from what you want? If it was good five years ago, it should be good now – right? Not necessarily. Just like your car needs a tune-up now and then, your estate plan has to be maintained to work the way you want it to.

Reasons why your estate plan may need a fresh look

1. Marriage

Think: Potential Tax Benefits, Powers of Attorney, and Beneficiary Designations

2. Birth or Adoption of a Child (or Children)

Think: Trust(s), College Savings, and Guardianship Designations

3. Death of a Spouse or Close Family Member

Think: Beneficiary Designations, Incorporating Inheritance into Estate Plan

4. Divorce

Think: Removing Ex-Spouse From Will, Trust(s), and Beneficiary Designation(s)

5. Empty Nest – The Kids Are Off to College

Think: Medical & Financial Authority for Adult Child, Re-evaluation of Trust Options

6. Retirement

Think: Long-Term Care Insurance, Social Security, and Evaluation of Financial Goals

7. Financial Fluctuations – Higher/Lower Paying Job, Financial Windfall

Think: Incorporating Changes into Estate Plan

8. Asset Acquisition – Real Estate and Other Large Purchases

Think: Plan to Pay for New Property, Incorporating Asset(s) into Estate Plan

9. Start or End of Business Venture

Think: Succession Planning

10. It’s Been 5 Years Since Your Estate Plan Has Been Evaluated

Think: Changes in Tax Law, Staying Current (i.e. Digital Asset Planning)

Consider whether any of these apply to you, and take action – having an estate plan is a great start, but maintaining it is the key to ensuring you get what you want.

 

Who is Tresi Weeks and how can she help you with your estate plan?

Tresi Moore Weeks is an attorney and founder of Weeks Law Firm, PLLC in Plano, Texas, where she assists clients with estate planning, special needs planning, probate and guardianship. After 11 years as a trial attorney, she opened her own law firm 14 years ago so that she could practice her favorite area of law, estate planning. As an advocate for her own child’s special needs, she became active with the disability rights and advocacy community. Tresi is a frequent speaker on special needs trust for groups of parents of children with special needs, and on basic estate planning for women’s and church groups.

 

Call us today if you would like to know more about estate planning.

Recent Posts