When developing your estate plan, it is nearly impossible to address every account or piece of property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally distribute any remaining items inadvertently left over during the estate or trust administration process to a named […]
Beneficiaries
The Life and Legacy of Jimmy Buffett from Austin Estate Planning Attorney Liz Nielsen
Jimmy Buffett died on September 1, 2023, at age 76 after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist. Buffett released his first album, Down to Earth, in 1970. By 2023, his net worth was officially $1 billion,[1] including a $180 million stake in […]
Difference Between Transfer on Death and Payable on Death Designation from Austin Estate Planning Attorney Liz Nielsen
When tackling estate planning, adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies. Like trusts, POD and TOD accounts bypass probate. They are also fast, easy, and usually free to set […]
Reasons Why You Want to Avoid Intestacy from Austin Estate Planning Attorney Liz Nielsen
About two out of three Americans will die without a will. This is known as dying intestate. While the reasons for not having a will vary, the end result is the same for everyone: they do not get to choose who receives their property when they die. Instead, their money and property are distributed according to […]