Will Category Archives — Page 6 of 14 — Houston Estate Planning and Elder Law Attorney Blog Published by Houston, Texas Estate Planning and Elder Lawyers

If You Don’t Have a Will Yet, You Should Start Now

Published on: October 12, 2018 | By McCulloch & Miller, PLLC

It’s understood that everyone needs a will. However, many people put it off. Don’t be one of those people. Your family will remember, and it won’t be a happy memory!

Celebrities aren’t the only ones who fail to plan for their passing. The difference is, their failures can become instructive for the general public. If we don’t have a will, only our family will know how much time, expense and stress occurs because of a failure to plan.

Merrill Lynch and the consulting firm Age Wave found in their recent survey that about 50% of study participants age 50 and older didn’t have a will.

Cousin of George Michael Says His Partner is Going to Challenge His Will

Published on: September 4, 2018 | By McCulloch & Miller, PLLC

The wishes of former Wham! singer George Michael are bring carried out, just a few months shy of the two-year anniversary of his death.

Among the information being shared by Andros Georgiou, a cousin of George Michael, is that all of the organizations and individuals who were mentioned in the late singer’s will have been contacted. However, that wasn’t the only news from Andros.

MSN reports, in the article “George Michael's lover is challenging his will after being left nothing, says cousin,” that Andros told the British newspaper, The Sun, that George Michael didn’t leave anything to Fadi Fawaz, who was George’s on-again, off-again partner since 2012. Fawaz also was the one who found Michael dead in bed in his home in the English village of Goring in Oxfordshire on Christmas Day 2016.

Deciding About Putting Your Estate Plan Online?

Published on: August 28, 2018 | By McCulloch & Miller, PLLC

Whether your estate plan documents are stored in the cloud or a filing cabinet, make sure to tell your family members, representatives and executors where you’ve placed these important documents.

Chances are you spend a lot more time online with your digital assets than you think. With digital assets and our comfort level with life online growing daily, it’s a matter of time before your start wondering about placing your documents in the cloud. However, as noted by CNBC in a recent article, “Here's what you need to know before storing your will online,” there are pros and cons to this brave new world.

Some of the benefits to storing important information online, include portability and ease of access. Your documents will be available anywhere there’s an internet connection.

A Partial Checklist for Your Will

Published on: July 13, 2018 | By McCulloch & Miller, PLLC

Having a will prepared is a gift of kindness to your loved ones. They will appreciate the effort to care for them, after you’ve passed on.

If you need another reason to have a will prepared, consider the potential for conflict among loved ones who will have to guess about what your wishes were during a very difficult time. You can spare them that distress, by preparing your will and estate plan in advance.

US News & World Report’s article, “10 Steps to Writing a Will,” says that if you've been procrastinating on completing the task, here's your opportunity to cross it off your list. You can get going with these simple steps.

Have It Your Way, With a Will

Published on: July 2, 2018 | By McCulloch & Miller, PLLC

Without a will, decisions about your life, property and children will be made by someone who does not know you or your family. With a will, you have the ability to express your wishes. You need a will!

Having a will is not just for wealthy folks, who need to pass large amounts of money across generations. It is a legal document that protects you while you are living, protects minor children if you die and also distributes property after you pass. Less than half of all adults in America have an estate plan, according to a 2017 survey by Caring.com, and what’s worse, only 36% with children under the age of 18 have a will.

Inside Indiana Business’ recent article, “With a Will, It's Done Your Way,” explained that if you die without a will (i.e., intestate), the law of the state where you reside determines how your property will be distributed. For example, in Indiana, here’s what happens:

Selecting an Executor: Not Always Easy

Published on: May 24, 2018 | By McCulloch & Miller, PLLC

Don’t delay finalizing your estate plan, because determining who to name as your executor is difficult. Here’s some help to figure out how to make this important decision.

If there are no family members or friends with the necessary skills, your best option may be to name your attorney as the third-party executor of your will. A useful article from nj.com, “Who should be executor of your will?” explains how this works.

An executor is a person you name in your will or who is appointed by the court and is given the legal responsibility to address a deceased person's remaining financial obligations. An executor is responsible for paying debts and creditors, filing tax returns, paying taxes, and distributing the estate's assets, pursuant to the deceased person's wishes as stated in the will.

What Goes into a Good Will?

Published on: April 23, 2018 | By McCulloch & Miller, PLLC

If you are an adult, you need a will. If you are a parent, you need a will that names guardians for your minor children. Anyone who is an adult, should have a will.

The core of an estate plan is a document known as a will, the legal document that tells your heirs and the court how you want your assets handled upon your death. If you don’t have a will and you die, decisions about the distribution of your possessions and property are made by a judge, who likely doesn’t know who you are, or what you might have wanted to happen to your assets. If you have minor children and have not had a will created, then a judge will also be the one making the decisions about your children. That’s probably not what you or your family want to have happen.

Health Day’s recent article, “Wills & Living Wills,” provides some general rules for writing a will:

What You Need to Know About Wills

Published on: September 29, 2017 | By McCulloch & Miller, PLLC

Your best bet for making or changing a will, is to sit down with an experienced estate planning attorney, so that your will won’t be invalid. Mistakes in wills are not easily fixed.

Having an estate plan in place and discussing your estate plan with your loved ones in advance, can help eliminate some of the emotional turmoil that accompanies death. The South Coast Register from down under offers some worthwhile suggestions in “Dying to Know Day: Wills and won’ts of estate planning.”

A will is a legal document that lets you choose the relatives, friends, and charities who you want to inherit your assets when you die.

Wrong Answers to Two Misconceptions about Estate Planning

Published on: April 3, 2017 | By McCulloch & Miller, PLLC

The moment you become a parent, you need a will. The same is true once you acquire any kind of asset that you want to give to someone after you die. It’s really that simple.

The reasons why so many people don’t think they need a will fall into a number of different categories. However, the two biggest ones are described in an article appearing in the Pauls Valley Daily Democrat titled “More on estate planning myths.” Chances are good you’ve heard them before, but you may not have heard why they are plain old wrong. Here’s why:

“I’m young, so I don’t need a will.” This is not true. One of the most important parts of a will for a young couple, is a provision that designates a guardian—the person(s) who will care for their young children in the event of their mutual death. This is rare, although it does happen. To make matters worse, what if there’s a family fight for custody of your children? Make this selection so the court isn’t forced to select a guardian for your minor children if the event arises. A will can give you peace of mind concerning the care of your children.

Millennials, It’s Your Time to Start Planning for the Future

Published on: March 31, 2017 | By McCulloch & Miller, PLLC

Now that many members of the millennial generation are parents, it’s time for them to protect their families with estate plans, including naming guardians for their minor children. Yes, that generation is growing up!

The numbers are pretty extreme. A recent study by caring.com reveals that 88% of 18–36 year-old Americans don’t have either a will or a trust, as reported in Financial Buzz in a recent article, “Millennials: Start thinking about estate planning now!”

This compares to the 81% of Americans aged 72 and older who do have a will or at least a trust. If it seems like younger adults don’t think they need to deal with estate planning, that’s true. But they do, especially if they have minor children.