If you were to ask any estate planning attorney the most commonly stated goal of their clients, the answer will usually be “I want things to be easy for my family.” It is an understandable goal, and one that an estate plan can usually help achieve. However, fighting over provisions in your will or trust […]
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Should I Include An Unborn Child in My Estate Plan? from Austin Estate Planning Attorney Liz Nielsen
Estate planning is an exercise in anticipating potential future events that could affect your plans for what happens if you become incapacitated (unable to manage your own affairs during your lifetime) and how your assets (property and accounts) will be handled after your death. Most folks will say the more prepared, the better. But when […]
Where Is the Best Place to Store Your Original Estate Planning Documents? From Austin Estate Planning Attorney Liz Nielsen
We’re living in a truly digital age. As the world attempts to move to paperless transactions, having paper copies of your planning documents—wills, trusts, powers of attorney, and healthcare directives— can feel incredibly archaic. And while estate planning attorneys will be the first to chuckle and admit that, yes, the stack of papers representing your […]
Transferring Real Property Without Probate Court Involvement From Austin Estate Planning Attorney Liz Nielsen
A home is often one of the most important assets that people own. Therefore, most people want to stay in their home until they die and then have a loved one receive it. One common way to pass a home to loved ones is through a will. However, transferring real property with a will requires […]
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits, By Austin Estate Planning Attorney Liz Nielsen
Many people believe the trust protection myth, i.e. they believe that once they create a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true. While trusts commonly protect a beneficiary’s inheritance, few trusts […]
Essential Tools for Parents of Minor Children From Austin Estate Planning Attorney Liz Nielsen
Approximately three-fourths of Americans do not have a basic will.[1] Many of the same people also have children under the age of 18, which underscores a major misunderstanding about estate plans: They can accomplish much more than just handling financial assets (money, accounts, and property). One of the most important estate plan functions for parents […]
Legacy Planning: Because Money Isn’t Everything From Austin Estate Planning Attorney Liz Nielsen
Money and property may be the most discussed types of wealth that a person owns, but the riches of their experience and wisdom can mean even more to loved ones down the line. Reinforcement of legacy and family traditions can be built into your estate plan alongside your wishes regarding the distribution of your money, […]
Should I Buy a Home with Someone Other than a Spouse? From Austin Estate Planning Attorney Liz Nielsen
Rising housing costs, the desire for companionship, and the need to share resources are increasingly leading buyers to consider co-ownership of a home with someone other than a spouse, such as a friend, relative, or significant other. Although this arrangement can be beneficial on several levels, it should be approached with open communication, careful planning, […]
Who Should Be Your Successor Trustee? From Austin Estate Planning Attorney Liz Nielsen
If you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs) […]
Estate Planning Basics for Newlyweds: How to Prepare for the Unexpected From Austin Estate Planning Attorney Liz Nielsen
Getting married is a special time in your life; you may have a beautiful wedding, a fun reception (with a delicious cake and special gifts), and a romantic honeymoon. While estate planning might seem an odd choice, but it is also the right time for you and your new spouse to plan for your future—for […]