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Dallas Estate Litigation and Planning Blog

When Should I Create an Estate Plan?

One of the most common myths about estate planning is it’s only for the terminally ill or wealthy. However, anyone of any age could benefit from creating an estate plan. Even if you don’t have high-value assets or children, executing a will, trust, and other legal documents can protect your interests and your family’s future.

There isn’t a magic age when making an estate plan is necessary. You can begin right now. Execute your estate plan to protect your loved ones and take care of them even when you’re gone. To discuss your estate planning options, contact us today.

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Documents Included in an Estate Plan

Many people picture millionaires with sprawling property, expensive jewelry, and fancy cars when they think of estate planning. However, an estate plan isn’t as extravagant as it sounds. It can provide security during a person’s life and after their death.

You can execute various documents while planning your estate. If you have questions regarding your estate planning, don’t hesitate to contact us.

Last Will and Testament

A will outlines a person’s final wishes and instructs an executor or administrator on how to administer the estate. A will can also determine which people should take on specific responsibilities, such as:

  • Managing your estate plan
  • Caring for minor children
  • Selling or taking ownership of property
  • Receiving assets

It’s critical to designate your beneficiaries and update the beneficiary designations in your will regularly. If there’s a death or birth in the family, you might want to change who you leave your assets to upon your death.

Your dependents should be named beneficiaries on bank accounts, so the funds transfer automatically when you die. You can also choose who you want to receive your retirement plan, real estate, personal belongings, and other property.

A living will might also be a good option if you want to instruct your loved ones on medical care should you become incapacitated. For example, if you suffer a coma from a car accident, your living will can outline your decisions regarding extraordinary life-saving measures and medical care. If you have a living will, your family can direct your medical team on what you want and don’t want when you can’t speak for yourself.

Power of Attorney

A power of attorney (POA) can serve multiple functions, including:

  • Making medical decisions upon your incapacitation
  • Handling your legal matters
  • Managing your finances

When you create a POA, it’s vital to grant someone the authority to handle your affairs. You can execute a general power of attorney, allowing the chosen agent to manage various matters or create separate POAs to protect your medical, financial, and legal interests.

The three main types of POAs include:

  • Medical POA – A medical POA gives the agent authority over crucial medical decisions if you’re unconscious, incompetent, or otherwise unable to speak for yourself. They can talk to your doctors about medications you avoid, surgical procedures you want, and have input on other medical services.
  • Financial POA – With a financial POA, your agent can make decisions regarding your finances if the circumstances prevent you from doing it yourself. For example, if you’re in a different country for a significant period, you can give your agent authority over necessary decisions in your absence.
  • General POA – A general POA is a broad document allowing the agent to manage a range of decisions, including those involving business operations, financial transactions, life insurance purchases, and gift contributions.

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Trust

A grantor can set up a trust and transfer assets to be held in the trust until their death. Upon their death, the assets can be distributed to the named beneficiary without probate. Trusts are beneficial in estate planning because beneficiaries can receive the assets left to them without going through a time-consuming court process.

The appointed trustee is responsible for managing the account and transferring property when the grantor dies. If you set up a trust, you should choose a trustee you know will follow your instructions. It should be someone who will ensure that your beneficiaries receive your assets instead of transferring them to themselves for personal gain.

Common Life Events for Estate Planning

Significant events in life often spark a person’s interest in creating an estate plan. The most common include:

  • Marriage or divorce
  • Buying a home
  • Birth of a baby
  • Acquiring new or high-value assets
  • Starting a new career
  • Opening a business
  • Death of a family member
  • Receiving an inheritance

Maybe something in your life happened to make you think about estate planning. If you already have a plan in place, you might have to make changes depending on the new circumstances. For example, if your named beneficiary dies, you need to amend the document and pick a new beneficiary.

Contact Us

Staubus and Randall believes in helping our clients secure their futures and protect their interests. When you’re creating an estate plan, you want to ensure that your loved ones receive specific assets and won’t face the burden of making important decisions on your behalf when you die.

Call Staubus and Randall at 214-691-3411 right now, or reach out online for a free consultation with one of our Dallas estate planning attorneys. You can discuss your needs with us, and our legal team will help you execute an estate plan that benefits you and your family.

The Firm

The attorneys at Staubus and Randall have over 100 years of combined experience in estate planning, probate, and litigation. We have the knowledge and skills to tackle complex legal issues, such as guardianships, will contests, fiduciary litigation, and trust litigation. We can also handle routine matters, such as estate administration, probating wills, heirship determinations, and other probate court matters.

Staubus and Randall received a preeminent AV rating from Martindale-Hubbell, which is the highest rating possible from a peer-rated legal service. This rating recognizes our hard work, dedication, and the case results we’re able to achieve.

Staubus & Randall Team

What Our Clients Say

"I recently had the occasion to hire Mr. Staubus for a hotly contested Guardianship matter. Mr. Staubus brought a rare combination of effectiveness, reasonableness and understanding of the human element involved. Mr. Staubus handled all things in a calm, highly competent, effective and reasonable way. It could not have been as easy as he made it seem. He's a credit to the Bar."

Jody

"Before retaining the guidance of the Staubus & Randall firm, I was at my wit's end trying to close an uncle's estate as a co-executor. In addition to dealing with difficult heirs, I had other pressing business issues coming up immediately on estate land in the middle of the Eagleford Shale including dealings with pipeline, seismic, oil & gas, and construction companies. The local bank also refused to give me access to information relating to the estate. This quickly became the most stressful and desperate time in my life...and then I found Joseph Legere who truly became my guardian angel. He was able to get all issues resolved efficiently and the estate fully closed. His professionalism, immense legal knowledge on a wide variety of topics, and amazing communication skills took the burdens off of me and quickly got closure. I am forever indebted to this firm for giving me my life back."

Martha

"Without exception, the legal service, professional attitude, prompt communication of your firm and your legal knowledge is second to none. I only wish I had an attorney here in Boston that could hold a candle to your experience and expertise. Working with you has been a pleasure, but even more, has made me believe that there are knowledgeable attorneys that do care about doing a good job. Thank you Keith! You may not truly understand how much of an impact you are having on peoples lives, but for me, you have helped change my life. As I begin making my dreams come true I can't help but remember none of this would be possible without you."

Joann

"Keith Staubus and Julie Blankenship and their team represented me in a jury trial in the probate court where the ownership of the business which I had worked hard to build was at stake. They successfully fought to preserve my business and my professional reputation, working masterfully to gain the support of the jury. I would not hesitate to hire them again in any bet-the-company litigation.”

Karen

"I have required legal representation twice in my life in two separate will contests. Both times I sought assistance from Keith Staubus and Staubus/Randall. Their service, approach, and determination to obtain results exceeded the other attorneys in each case. Mr. Staubus has always come across as genuine while being direct. He gets the process done in a timely manner with results. I will certainly use him again when and if any new challenges arise.”

David

"After my husband's death, I was devastated by having to defend against a vicious dispute over my husband's estate. Julie Blankenship and Keith Staubus made me feel very comfortable in this distressing situation. They were very tough and did an excellent job for me in obtaining a summary judgment in my favor without a full jury trial. I was glad to have them and Diane Walker in my corner to help me achieve an excellent result - I won! If I ever had to go back to probate court, I would hire them again.” - (will and trust construction case)

Flo

"If you need intervention for someone you love but don't know where to turn or who to turn to, Julie Blankenship and Keith Staubus helped me through the most difficult and stressful time in my life with a much loved family member. I now believe that good will triumph over evil. They fought for what was right, and good prevailed." (contested guardianship and will contest)

Janet

"As a professional money manager, I have used Ryan Randall's estate planning services both personally and for my clients. Ryan has exhibited three critical attributes in his work with me: (1) high intellectual capacity, (2) exceptional thoroughness, and (3) a total commitment to integrity. In today's litigious world, it can be quite costly not to "get things done right.” An added bonus to us was that we found one of the nicest people we could imagine.”

John

"I was represented by Keith Staubus as an income beneficiary in a lawsuit with the trustee of a family trust. Utilizing the expertise of a forensic accountant and his own trust expertise, Keith was able to negotiate a judicial modification of the trust providing for the buyout of my income interest for a substantial lump sum payment out of the trust, resulting in a win-win situation for all of the parties. I highly recommend Staubus/Randall for any trust disputes and trust modification actions."

Kathy

"I have been a wealth management specialist and retirement plan consultant with the Dallas/Fort Worth financial community for over 20 years. I have engaged Ryan Randall to work with a number of my best clients over the years, including business owners, professionals and families. My clients always appreciate Ryan’s straightforward approach to estate planning, asset protection planning and business succession planning. He makes even the most sophisticated estate planning strategies understandable."

Larry

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