By Colin Smith | Contributor
It is important to prepare for the unexpected. One of the ways we can do that is good old-fashioned damage control – if something befalls us, who makes decisions for us? And how do we put those decisions into motion?
A Will specifies who gets someone’s material possessions upon their death. While a Will is a critical part of an overall “plan,” it does not address a host of other scenarios that can occur when a person is living. What if a person is in a car accident and becomes a paraplegic? What if they are diagnosed with Alzheimer’s? Or, what if they take the vacation of a lifetime, but they somehow disappear? Who will raise their children, and under what terms and conditions?
A thorough estate plan answers all those questions. It specifies what happens if we lose control of any kind – control of our person, our finances, or our children. For example, who will be a guardian for minor children? Who will make health decisions for someone who isn’t able to make their own? Who decides if someone is buried or cremated? If your estate plan doesn’t have answers to these questions (and many others), they may be decided in a courtroom at a far greater expense – and to make matters worse, you may not like the results.
AN ESTATE PLAN CAN INCLUDE COMBINATIONS OF TRUSTS, WILLS, DEEDS, AND OTHER LEGAL PAPERS. AS A RESULT, IT CAN CUT TAX COSTS, ENSURE YOUR WISHES ARE MET, AND HOPEFULLY AVOID EXPENSIVE LITIGATION.
In addition, it will handle unique family peculiarities, protect your children, protect your spouse and other family members – during your life, during your period of disability should one occur, and after your death.
When you come to visit us, we take the time to get to know you, your wishes, family history, assets, and concerns about the present and future. Once we understand your family dynamic, we recommend an approach to address your concerns. In an era of precautionary measures, don’t forget to protect what is most important.
About Colin Smith:
Colin Smith is an estate planning and probate attorney at Smith Klein Law. Colin completed his undergraduate studies at The University of Texas at Austin and earned his law degree from Southern Methodist University. Colin’s ability to connect with people and develop a strong rapport, along with his experience and keen sensitivity to their needs, feelings, and situations, make him an ideal choice as an estate planning attorney. It goes without saying that these are delicate, difficult, and important end-of-life decisions that require finesse and wisdom. Reach him at colin@smithkleinlaw.com or call 972.773.9095. www.SmithKleinLaw.com
