Our pets are family members. They are also very vulnerable to changes in family situation. Just like other family members, they deserve consideration when you are planning for the future. Have the conversation. Regardless of your age, if you have a pet, you should always consider what would happen if you were gone. If you have a spouse or partner, what would happen if the two of you … [Read more...] about What Will Happen to your Pet if You Die?
Most parents of minor children know that they need to have a current Texas will. But not everyone understands how important it is to name a Trustee to take care of financial matters and how doing so can decrease the time and money spent in legal fees and court time later on. Naming a person whom you trust to be the Trustee of your minor children's finances is crucially important. This … [Read more...] about Your Minor Children and Naming a Trustee in Your Will
Most people think that their Last Will and Testament is a “simple” one, but that is not always the case. A “simple will” is a will that leaves the person’s entire estate to their spouse, or to their children equally. Or to their spouse first, then to their children equally if their spouse does not survive them. Having a step-family can create a need for a more complex will (but not … [Read more...] about What is a “Simple Will”?
If you are currently married and have children from a prior relationship or marriage, you should have an estate plan! Why? If you were to die, without a will, Texas law will decide who gets what, and in what amount. And that can be bad. Understand this: if you have children from outside your current marriage, and you die without a will, your children from your prior … [Read more...] about Have Children from a Prior Relationship and You Don’t Have a Will? Why That’s a Bad Idea….
"Beneficiary designations" transfer property to beneficiaries after the owner is deceased. They are used for bank accounts, investments, insurance policies and the like. Often people fill them out once, then forget about them. They may not update them for years, or ever. However, life goes on. Divorce, death of a beneficiary, estrangement of family members, children growing up, aging of … [Read more...] about Why Beneficiary Designations are important
Deciding what to put into a Last Will and Testament is a VERY individual choice! We prepare wills that are a few pages long, and also wills that are like a booklet. And the difference is not always how much money and property that the client has. So, how specific should you be? Generally, we advise against putting in provisions that may make it difficult for your Executor to do his or her … [Read more...] about How Specific Should Your Will Be?
So... you have been putting off making (or updating) your will. This procrastination can have additional dire consequences if you are a small business owner. When we meet with our clients who are considering their estate plan, we always like to discuss the practical aspects of their employment situation to see if there are additional considerations. Are you an employee? Are you retired? … [Read more...] about Estate Planning When You Own a Small Business
Once you have visited with your attorney, given careful consideration to the contents of your Last Will and Testament, and filled out and returned any forms that your attorney has requested, your will is drafted and ready for your review. This post is a guide for our clients at Kalish Law Office. If you have another firm drafting your will, the steps and procedures may differ. However, all … [Read more...] about Now that You are Ready to Sign your Will ….