Not only do I write Wills, I also see a lot of homemade Wills.  All Wills are not the same and while there are some similarities, each situation requires thought and detail in the way their affairs are handled.  Homemade or Will forms can cause many issues, so I thought I would present you with a “homemade” Will that I was asked to probate.  The names have been changed to protect the individuals involved.  The following is a rendition of the Will:

            “I am writing of my will mineself that dam lawyir want he should have too much money, he ask too many answers about the family.  First thing I want I don’t want mine brother Oscar get a G    D     thing I got.  He is a mumser he done me out of forty dollars fourteen years since.

            I want it that mine sister hilda get the North Sixtie Akers of at where I am homing it now, I bet she don’t get that gonoph husband of hers to brake twenty akers next plowing.  She can’t have it if she lets Oscar live on it, I want I should have it back if she does.

            Tell Mamma that six hundret dollars she been looking for ten years is buried from the backhouse behind about ten feet down.  She better let little Frederich do the digging and count it when he come up.

            Pastor Luchnitz can have three hundret dollars if he kisses the book he won’t preach no more dumhead talk about politiks, He should a roof put on the meeting house with and the elders should the bills look at.

            Mamma should the rest get, but I want it so mine brother Adolph should tell here what not she should do so no more slick irishers sell her vakom cleaners.  They noise like hell and a broom don’t cost so much.

            I want it that mine brother Adolph be my execter and I want it that the judge please make Adolph plenty bond put up and watch him like hell.  Adolph is a good bisness man but only a dumkopf would trust him with a busted pfennig.

            I want dam sure that schliemiel Oscar don’t nothing get, tell Adolph he can have a hundret dollars if he proves judge, Oscar don’t nothing get.  That dam sure fix Oscar.

            Signed: Herman Oberweiss”

Probating Mr. Oberweiss’ “will”, unfortunately, was difficult if not impossible because it has several problems.

To be a valid Will in Texas a Will must show testamentary intent.  However, Mr. Oberweiss states in paragraph two of his Will that “if she lets Oscar live on it, I want I should have it back if she does.”  This seems to indicate Mr. Oberweiss would still be alive.

Texas law also requires two witnesses subscribe their names to the Will in the testator’s presence.  Mr. Oberweiss’ Will lacks the signature of any witnesses.

Another problem area for Mr. Oberweiss is his failure to adequately identify his heirs.  Who are “Oscar”, “hilda”, “Mamma”, “Little Frederich” and “Adolph?”  They appear to be family but we do not have their last names and so identifying them is difficult.  For example, while Mr. Oberweiss is familiar with who “Mamma” is, we do not know from the Will.  Several “Mammas” could appear claiming to be the one referred to in the Will.

Mr. Oberweiss would like “Mamma” to get at least six hundred dollars, that she has been trying to find for ten years, however, we do not have an adequate description of where the money really is.  It is apparently buried behind what Mr. Oberweiss calls the “backhouse,” but where is the backhouse ?

Further, it is Mr. Oberweiss’ desire “helda” get the “North Sixtie Akers.” How do we know where the “North Sixtie Akers” is?  Apparently it is where he was “homing” at the time he wrote the Will.  But what does “homing” mean?  Where he lived is a good guess, but we really do not know that is what he meant.  What if Mr. Oberweiss was no longer “homing” the property he refers to when he died?   What then ?

It is clear Mr. Oberweiss belonged to a congregation led by a “pastor.”  While several denominations use this term, Mr. Oberweiss was obviously German and therefore would have probably been Lutheran or, possibly, Roman Catholic.  But would a member of either denomination (or several others who use the term “pastor”) have referred to his church as a “meeting house?”  Neither Lutherans nor Roman Catholics have “elders” at the congregational level.  Presbyterians do, and, on occasion, a Presbyterian minister is addressed as “pastor.”  But “meeting house?”  The term is commonly associated with the Society of Friends, who have no “pastors.”  Even more to the point, however – Mr. Oberweiss had a “pastor” and therefore could hardly have been Jewish.  Yet don’t you wonder why a well to do farmer of German descent, living in East Texas, would use Yiddish words of execration is speaking of Oscar and Hilda’s husband?

I must confess Herman Oberweiss, nor his family, really exist.  He was the creation of Will Sears.  Mr. Sears was an attorney in Houston who created Herman Oberweiss’ Will for a Law School Banquet.  Mr. Sears passed away in December of 1990.  This was one of my father’s favorite articles, so thinking of him this Thanksgiving, I decided to publish it again.

While Herman Oberweiss does not exist, this Will does afford me the opportunity to caution you on the hazards of writing your own Will using a form from the Internet or Do-It-Yourself Will kit.  You may save a few dollars, as did Herman, but in the long run the goal of a Will is to make sure your last wishes are accomplished.  Hiring an attorney to write your Will can help you ensure that the technical formalities of Texas law are followed and that your gifts are clear and easily understood.  Spending a few dollars now will save your family and loved ones from spending more later.  Not to mention the confusion and grief  that will be avoided.  THAT will damn sure fix Oscar.

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Be sure to update your address with key agencies.  After settling into your new home, one of your first tasks should be updating your mailing address with the necessary agencies.  Start by notifying the U.S. Postal Service, this can be done in person or conveniently online, to make sure your mail is forwarded without interruption.

It’s also essential to inform your tax professional so that they can notify the IRS by submitting Form 8822. This helps prevent any delays in receiving tax documents, refunds, or other important communications tied to your legal and financial responsibilities.

Align your home title with your estate plan.  Take a moment to review your deed and confirm how the property is titled.  It’s important that this aligns with your estate planning strategy to ensure your goals are carried out smoothly.

If your estate plan included instructions related to a former property, be sure to update those details now that you’ve moved.

Revisit your life insurance and beneficiaries.  If you have taken out a mortgage to finance your new home, now is the time to review your life insurance coverage. It is essential to ensure your policy is sufficient to cover the mortgage balance in the event of your death, especially if you have a spouse or children who may continue living in the home.  Even if they don’t remain in the home, the insurance payout can provide financial security during a difficult transition.

This is also a smart moment to revisit your beneficiary designations with your financial institutions.  Major life events like purchasing a home can quickly make parts of your estate plan outdated. If your designations aren’t aligned with your overall estate planning documents, you risk unintentionally excluding a loved one or distributing assets in a way that doesn’t reflect your wishes.

Lastly, connect with your insurance provider to confirm you are receiving any available discounts. Many companies offer reduced rates for bundling homeowner’s and auto insurance, and owning a home may qualify you for savings not available to renters. Taking these steps ensures you’re financially protected, and making the most of your coverage.

Make your estate plan work with your new home.  Buying a home changes your financial picture, and your estate plan should reflect that. Whether you are updating a Will, changing beneficiaries, or making sure your deed is properly titled, professional guidance makes a difference, so seek an attorney experienced in estate planning to assist you.

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Everyone should have the basic estate plan components.  A life insurance policy, a Will, a designation of agent to control disposition of remains, a durable power of attorney and an advance directive are all important aspects of an estate plan that should be established at the beginning of the planning process.

The prospect of estate planning can seem overwhelming, but don’t put it off. Having an estate plan is crucial to ensuring your money and assets go to your intended heirs.

The good news is your family probably won’t have to worry about paying estate taxes. In 2026, you’d have to die with assets exceeding $15 million (twice that for a couple) to trigger the estate tax.  You should be aware, there is a proposal in Congress that would cut the exemption in half.

Most estates would still be exempt from this tax even with a $6 million exemption though. The estate tax impacts a tiny percentage of the population,  While some people worry about how the estate tax affects family farms and small businesses, provisions in the law help shield them from big tax bills.

The bad news is that avoiding estate tax is only one of your worries.  Heirs may be responsible for paying federal income taxes on some assets, such as capital gains, and retirement accounts, and if you don’t plan correctly, your money could end up in the hands of an ex-spouse or creditor.

You want to make sure your stuff goes to the right people. That means everyone can benefit from estate planning.

1. Have an Insurance Strategy Session.

Life insurance, long-term care insurance, and health care insurance are all important pieces in the advance planning puzzle. Sit down with your spouse and map out your probable needs for the future, including the possibility that one or both of you might require some form of long-term care in the future (as the majority of seniors do). Match those needs with your income. That way, you’ll have numbers on paper, which is a great way to get the ball rolling.

2. Buy a Box.

That’s right, a single box can make all the difference. By putting all of your essential documents in one, you’ll ensure that everything you need throughout the estate planning process is at your fingertips. As an added bonus, your loved ones will be able to easily retrieve everything they need, should you ever become incapacitated (or when you pass away).

3. Check your beneficiaries

One way to avoid probate court is to have beneficiaries named for your assets. Some accounts, such as retirement funds and life insurance policies, let owners name beneficiaries who will receive that particular asset.

If your vehicle(s) are paid off, you can utilize the right of survivorship provision on your vehicle title.  Signing this section of the vehicle title can make transferring ownership of vehicles very easy.

A beneficiary or TOD designation trumps anything written in a will.  So, it’s a good idea to review beneficiary information after every major life change, including the birth of children, marriage or divorce.

Additionally, you might want to convert traditional IRA or 401(k) accounts to Roth accounts to avoid tax penatlies.

4. Make an appointment.

Hiring an experienced professional takes an enormous burden off your shoulders and lends confidence in an error-free planning process. An experienced estate planning attorney can look at your insurance worksheet, thumb through the documents in that box, and begin crafting a plan to protect your assets and your loved ones for the future. There’s a lot to think about it, but with an attorney on your side, there’s nothing to worry about.

Your estate plan should never be a “one and done thing.” You should review the plan every five to seven years, to adapt to significant life events, tax law changes, the addition of more children or their changing needs.  It is also important to keep tabs on your insurance policies and investments, as they all tie into the estate plan and can fluctuate based on the economic environment.

When drafting these documents, you should seek professionals who are trained and familiar with estate planning and probate.  The advice they provide will assist you in making the best and least complicated plan.

The post Keep Your Money In The Family appeared first on Moak & Moak, P.C. -Attorneys At Law.

All too often, land that’s been in a family for decades is sold off and developed, simply because no one made a clear plan for the future. And while farmers and ranchers face unique planning challenges, they’re not the only ones who put off this essential step. Business owners, parents, and property owners all risk losing what they’ve worked hard to build by not taking estate planning seriously.  In this week’s column I will address three common estate planning mistakes agricultural families.

Putting Off the Plan

One of the biggest challenges farmers and ranchers face is figuring out who gets what, especially when only some children want to stay in the family business. How do you keep things fair without compromising the future of the land and operation?

That indecision often leads to inaction. But skipping the plan entirely leaves your family in a difficult position, with no clear direction on what to do with land, livestock, equipment, or even debt. It’s a common issue, and not just for those in agriculture. The same mistake happens with family homes, investment properties, and small businesses.

Start now. Estate planning doesn’t have to be all-or-nothing. With the right team, attorneys, accountants, insurance advisors, and financial planners, you can create a plan that reflects your goals and preserves your legacy, even if your situation is complex.

Using Joint Ownership as a Shortcut

It may seem simple: add a child’s name to the deed and avoid probate, right? Unfortunately, this common move can create more problems than it solves.

Joint ownership comes with legal and financial risks. For farmers and ranchers, it can jeopardize eligibility for USDA programs and subsidies. It also means giving up full control of your property, and once the paperwork is done, reversing it can be expensive and trigger unexpected taxes.  There can also be unexpected capital gains tax issues when property is transferred during one’s lifetime.

Forgetting About Cash Flow

Death and incapacity don’t just bring grief, they bring bills.  Medical expenses, long-term care, legal fees, and taxes add up fast. And because most farm and ranch assets are tied up in land, equipment, and livestock, they can’t be easily sold for cash.  When families don’t plan for liquidity, they often end up selling assets quickly and at a loss just to cover immediate costs.

Build liquidity into your estate plan. This could mean setting up life insurance, a line of credit, or other financial tools.  A thoughtful estate planning attorney can also help you explore advanced options like life insurance trusts or structured buy-sell agreements that prepare your family for the unexpected, without forcing them to sell what matters most.

Whether you work acres of farmland or manage a ranch, your estate planning needs are personal, and essential. This isn’t just about protecting assets. It’s about protecting a way of life and the people who depend on it.

You should seek an estate planning attorney to help create estate plans tailored to your values, goals, and legacy.  If you’ve been meaning to plan but weren’t sure where to start, call us. A little time now can save your family a lifetime of uncertainty later.

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Chances are, even in a small town, that judge won’t know you. They won’t know your children. And they won’t know the values, routines, or love that define your family. They’ll do their best, of course, but that choice could be a complete stranger—or even someone you wouldn’t have wanted anywhere near your kids.

The truth is, no one can replace you. But someone can carry out your wishes and provide stability, love, and guidance to your children. Your job is to choose that person now, while you can.

There’s no one-size-fits-all answer when it comes to choosing a guardian. Every family is unique, and the “right” choice for you may not be obvious at first. That’s why we help parents walk through the decision carefully—thinking not only about who can take care of your kids, but who should.

There are some of the factors worth considering:

– Relationship and Bond: Does your child already know and feel comfortable with this person?

– Parenting Style: Are their values, beliefs, and approach to discipline similar to yours?

– Location: Would your child need to move away from their school, friends, and community?

– Health and Age: Are they physically and emotionally able to care for your child long-term?

– Lifestyle and Availability: Are they raising children of their own? Do they have the time and energy to take this on?

I advise my clients it is best to name at least one backup guardian, in case your first choice becomes unable or unwilling to serve.

Raising a child is expensive, you already know this, but it shouldn’t be your chosen guardian’s burden. Ideally, you’ll leave enough financial support to cover the costs of education, healthcare, housing, and general needs. Life insurance, savings, and trusts are often used to provide for your child’s future.

The person you trust to raise your child may not be the same person you trust to manage their money. And that’s okay.  Many parents choose to name:

– A guardian to care for the child day-to-day, and

– A trustee to manage the financial side of things—paying for the child’s expenses and ensuring that funds are used appropriately.

Of course, some families choose to keep those roles combined for simplicity. But it’s important to weigh the pros and cons. The right setup is the one that gives you peace of mind.

Also, this isn’t a one-and-done decision. Your children will grow, relationships may change, and someone who isn’t the right fit now might become a great option later on.

The key is to make a decision today. Once you’ve named a guardian, it’s easy to update your plan down the road if things shift. But until you have that legal paperwork in place, the risk remains.

You don’t have to figure this out alone, and you don’t have to leave your children’s future up to chance. By creating a legally sound estate plan, you can name a trusted guardian who will care for your children if something happens to you.  You can establish financial provisions to ensure your children are provided for without burdening others, appoint a trustee to manage assets wisely and in line with your wishes, and avoid court battles and confusion during what would already be a difficult time for your family.

An estate planning attorney can make this process straightforward and personalized. They should be able to guide you through each decision, carefully, compassionately, and without overwhelming legal jargon, so you can feel confident knowing your children are protected.

This is one of those steps that most people put off, but wish they had taken care of earlier. Don’t let uncertainty or discomfort stop you. Estate planning gives you the power to protect your children with clarity and love, no matter what the future brings.

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Each state has its own laws regarding estate planning and real estate. Property laws can vary significantly, affecting everything from the way property titles are held to how estates are taxed and probated. Therefore, the first step in planning your estate is to understand the specific laws that apply in each state where you own property. This may require consultation with estate planning attorneys who are licensed in each respective state to ensure all local regulations are met.

One of the primary challenges of owning property in multiple states is the possibility of having to go through multiple probate processes upon death. Probate can be time-consuming and expensive, particularly if it needs to be conducted in several states. To circumvent this, many estate planners recommend placing the out-of-state property in an limited liability company or perhaps a revocable living trust.

While Texas does not have an estate tax, if you own property in multiple states, you might be subject to estate taxes in each of those states, depending on their laws. Some states have higher estate tax thresholds than others, and a few have no estate taxes at all. Planning strategies might include shifting your domicile to a state with more favorable tax laws or restructuring ownership of properties to minimize the tax burden.

It’s also important to consider the impact of capital gains taxes and how they interact with estate taxes. In some cases, keeping property in the family can lead to significant tax advantages over selling it before death. An estate planning attorney can provide guidance on how to best manage these tax implications.

Organize and maintain detailed records for each property, including deeds, mortgage documents, insurance policies, and a list of all maintenance activities. This documentation will be invaluable for the executor of your estate or the trustee managing the trust.

As laws change and your personal circumstances evolve, so too should your estate plan. Regular reviews and updates will help ensure that your estate plan continues to reflect your wishes and adapts to any new laws or changes in your asset portfolio.

If your estate plan is complex, consider holding a family meeting to discuss your plans and the responsibilities each family member may have. This can help prevent confusion and conflict after your passing, ensuring everyone understands your intentions and the legal landscape.

Owing property in multiple states adds a layer of complexity to estate planning, but with careful preparation and expert advice, you can ensure that your estate is handled smoothly. Limited liability companies, trusts, strategic tax planning, and regular updates are key components of an effective multi-state estate strategy. Consulting with professionals who understand the nuances of multi-state estate planning will provide peace of mind, knowing that your legacy is secure and your wishes will be honored.

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Gather Important Records:

           Death Certificate (can be provided to probate attorney after initial meeting)

           Social Security Card

           Driver’s License

           Marriage Certificate

           Birth Certificate

           Birth Certificates of Children

           Insurance Policies

           Business Documents and Agreements (consider if the business had a succession plan – this will be apart from the probate process)

           Auto Titles and Registration

           Deeds & Titles to other Property

           Bank Account Information

           Bank Safe Deposit Box Information (Who can access the box and where is the key?)

           Financial Account Information (stocks & bonds)

           Retirement Account Statements

           Tax Returns (last three years)

(Consider tax filing deadlines for the current year)

            Loan Documents & Debt Information

            VA Information (discharge papers & VA claim number)

            Digital Account Information (account information, passwords)

            Information regarding Intellectual Property Rights

            Social Media Account Information (access, information & legacy programs)

            Estate Planning Documents (powers of attorney end upon death)

It is important to consider if any of  the above Assets have Beneficiary Designations.

Locate the Will. There is no formal requirement to file a Will before death.  If you cannot locate the original Will, you should also check with the attorney who prepared the Will – sometimes Attorneys will maintain the original Will.  Other places to look for an original Will include the following: bank safe deposit boxes, safes, gun safes, safe rooms, fire proof boxes and the freezer.  A lot of estate planning & probate attorneys use blue ink to help us determine that the document is an original. Original documents also often have colored jackets.  You should also check with other advisors such as CPAs, tax preparers, financial advisors, and insurance agents.  As mentioned below, at times and in certain circumstances a copy of a Will may be admitted to probate. Consider that a few companies offer digital vaulting of important documents such as Wills.

Review the Will or Trust – read it.  In Texas, the Will needs to be signed by the testator and be witnessed by two individuals above the age of 14.  Don’t assume the Will is valid or invalid.  Don’t assume that because its old its invalid.  Don’t assume that because it was prepared by an online company that it’s valid.

Generally, the original Will is admitted to probate, meaning filed with the court and retained with the court file.  However, in certain circumstances, a copy of a Will can be probated. Note, Texas also recognizes the existence of a “Holographic Will” – this Will needs to be “entirely” in the handwriting of a testator and signed.  Just signing a typed document doesn’t count.  Once you locate the Will you should keep it safe because your probate attorney will need to review it at the initial meeting.  You will need a probate attorney.  You cannot represent yourself in a Texas probate.

Another tip is to keep beneficiaries informed. There is no formal requirement to make a Will public to the beneficiaries by “reading” a Will in Texas.  However, there is a requirement that the beneficiaries be furnished with a copy of the Will.  Your probate attorney will take care of that and other legal requirements.

As always, check with your attorney to decide which method of estate administration is right in your particular circumstance.  It could save you time and money.

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In this week’s Column, I will provide 3 tips for caring for a loved one with Alzheimer’s.

Create a Safe Environment for your loved one with Alzheimer’s

During the early stages of Alzheimer’s disease, your loved one may be able to continue living on their own. Even then, it’s important to keep a very close watch on them and be aware of when that begins to change.

As Alzheimer’s progresses, you should take precautions around the home to keep your loved one safe from falls. You may need to remove obstacles around the home and install ramps to make it easier for the elderly person to get around.

You may also want to install locks on substances like alcohol and things like guns that can be dangerous to your loved one. Think about fire safety as well.

Hot water is another potential danger. As Alzheimer’s progresses, you may need to lower the thermostat so that the water cannot get as hot and potentially burn the senior.

Keep Frustration to a Minimum

When your loved one is diagnosed with Alzheimer’s disease, this is often coupled with a lot of frustration. A person with Alzheimer’s disease can experience frustration with forgetting to do things they were once able to do. They experience frustration because they struggle to follow and understand tasks and communication.

Frustration can also come from loss of independence. It is important to recognize these frustrations and take steps to reduce the frustration.

Provide your loved one with choices whenever possible. Allow your loved one to help with tasks they are capable of, even if it takes them longer that it may take you, or longer than they were able to do it before their diagnosis. Make directions and requests simple.

When your loved one needs to focus, eliminate distractions. Create a calm environment. Be patient with your loved one and take time to allow them to do tasks.

Work at Communication with your loved one with Alzheimer’s

Communication often becomes difficult when an elderly loved one has Alzheimer’s disease. This is an area that takes patience. When communicating with your loved one, they may get discouraged if they can’t understand you or you can’t understand them. Always maintain eye contact with your loved one when communicating. Keep communication simple and to the point, but positive.

When your loved one is attempting to communicate with you, be sure to allow them to talk. Be careful not to interrupt or try to complete their sentences. This can add more frustration. Keep conversations going with your loved one as long as possible by encouraging them and truly listening to concerns.

Use physical touch, such as holding a hand or touching a shoulder, to communicate with your loved one. Don’t take outbursts personally. The illness causes you loved one to do and say things they may not normally do or say. Always be aware of your tone and keep it kind.

Alzheimer’s is a disease with many varying characteristics.  It can wreak havoc on the person our loved one once was.  Caring for a loved one with Alzheimer’s can be frustrating and difficult.  However, patience is the overarching quality that a caregiver must possess to deal with an elderly person with Alzheimer’s disease in a loving and positive manner.

Consulting with professionals who understand the Elder Law and diseases like Alzheimer’s and Dementia will provide peace of mind, knowing that are developing the best plan possible to provide for your loved one’s care.

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We plan our vacations, can spend hours choosing a car to buy, and can even spend time selecting a spot to eat dinner.  If you are a business owner, you spend time budgeting and buying office equipment.  Ranchers spend time preparing feeding, working their cattle, and vaccinating them.  However, we all seem to push estate planning—deciding who we want in charge in the event of an emergency or who will inherit their assets after we are gone.  It may not be as fun to think about as booking a trip or checking out restaurant reviews, but without estate planning, you can’t choose who who makes medical decisions for you or who gets everything that you worked so hard for.

Estate planning applies to everyone and you don’t have to be rich. Without a plan in place, settling your affairs after you go could have a long-lasting—and costly—impact on your loved ones, even if you don’t have a pricey home, large IRA, or valuable art to pass on. Not convinced that an estate plan is necessary?  Let me give you four reasons why you should have one and avoid potentially devastating consequences for your heirs.

            1)  If you want to choose who will inherit what among your possessions and valuables, you need do some estate planning.

            2)  Estate planning allows you the ability to name your children’s guardian in the event of your premature death.

            3)  Reducing taxes on what you leave behind is a common estate-planning goal.

            4)  Estate planning minimizes the chances of family strife and ugly legal battles.

An Estate Plan Protects Beneficiaries

If estate planning was once considered something that only high net worth individuals needed, that’s changed. Nowadays many middle-class families need to plan for when something happens to a family’s breadwinner (or breadwinners).  After all, you don’t have to be super-rich to do well in the stock market or real estate, both of which produce assets that you’ll want to pass on to your heirs.

Even if you’re only leaving behind a  home, if you don’t decide who receives the property when you pass away you won’t have any control over what happens to it.

That’s because the main component of estate planning is designating heirs for your assets, whether it’s a summer house or a stock portfolio. Without an estate plan, Texas law will decide who gets your assets, a process that can take years, rack up fees, and get ugly. After all, a court doesn’t know which sibling has been responsible and which one shouldn’t have free access to cash.  Nor will the courts automatically rule that the surviving spouse gets everything.

If you die without a Last Will and Testament, which is a vital part of an estate plan, Texas law will decide who gets your assets.

An Estate Plan Protects Young Children

Nobody thinks of dying young, but if you’re the parent of small children, you need to prepare for the unthinkable.  This is where the will portion of an estate plan comes in.

To ensure that your children are cared for in a manner of which you approve, you’ll want to name their guardians in the event that both parents die before the kids turn 18.  Without a Last Will and Testament that names these guardians, the courts will step in to decide who will raise your children.

An Estate Plan Can Spare Heirs a Big Tax Bite

Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service (IRS). Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.

While the current estate tax is only applicable to couples with assets exceeding $26,000,000.00, it is a consideration for some.  Even just a bit of estate planning can enable couples to reduce much or even all of their federal estate taxes and be aware of potential capital gains taxes. There are also ways to decrease the income tax beneficiaries might have to pay. Without a plan, the amount that your heirs will owe Uncle Sam could be quite a lot.

An Estate Plan Can Hlep Eliminate Family Messes

Stopping fights before they start is yet another reason why an estate plan is necessary. This will enable you to choose who controls your finances and assets if you become mentally incapacitated or after you die and will go a long way toward quelling any family strife and ensuring that your assets are handled in the way that you intended.  Making these plans well in advance of any cognitive loss is very important.

It also will help you make individualized plans, if necessary—to arrange for a child with health problems or to set up a trust for one who might be better off not inheriting a lump sum.  It can also help you give more to the child who did most of the work of caring for you in your later years or less to the one whose extensive education you funded while paying far less for their siblings.

Deciding whether to divide your estate exactly equally is one of the key tasks you need to think through. And, of course, if you’ve had more than one spouse—or have children from more than one family—an estate plan is urgent.

If you want your assets and your loved ones protected when you can no longer do it, you will need an estate plan. Without one your heirs could face big expenses and Texas law could designate how your assets are divided—and even who gets to raise your children.

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Who pays the bills in your house?  If your house is like most, there is probably one person who handles most of the financial matters. Would you or your spouse be prepared to assume the role of managing the household finances if something happened to the other spouse?  Too often, clients have gone through the process of ensuring their estate plan is in order, just to realize that, when one passes away, the other does not have the information they need to pick up where the other left off.

Consider the checklist below when organizing your household finances.

1. Organize your financial documents and personal information. Leaving behind an organized filing system including everything from account information to contact numbers will help your spouse or children when they need to sort through that information. Imagine the frustration of having to dig through scattered envelopes and stacks of papers to find account information after the recent loss of a loved one. Make sure your spouse knows the location of where personal information is kept, including Wills, Trust documents, insurance information, social security cards, birth certificates, medical records, tax return information, etc. Write the names and contact information of family members, friends, and other emergency contacts. Include the contact information for the professionals you use, such as your doctors, lawyers, attorneys, CPAs, financial planners, insurance agents, etc.

2. Make a list of all of your assets and liabilities. Your assets should include bank accounts, brokerage accounts, safety deposit boxes, properties, etc. Your liabilities should include credit cards, mortgages, car payments, etc.  For each item, list the location, the names on the accounts, the account numbers, and any website login information including usernames, passwords, and security questions. If you were to pass away, this would help your spouse identify what and where all of your assets are.

3. Identify all sources of income and expenses.  This will give your spouse a checklist to follow so they can understand what inflows to expect as well as what bills need to be paid. Indicate whether you pay each bill by paper or online.  If online, be sure to include the usernames, passwords, and security information to access the websites.

4. Document any other miscellaneous information that your spouse might need to run the household.  This part of the planning is not always financial, but still very important.  For example, does your spouse know where you keep the spare keys to your house, or any keys to gates, sheds, lock boxes, or safes?  Make an effort while you are going through your daily routine to think of things that are obvious to you, but may not be as obvious to your spouse or children. Include a list of passwords for social media and other online accounts, passwords for tablets and other electronic devices, locations of flash drives or CDs with old family pictures, and even a basic household maintenance checklist.

Sometimes it is the intimate details of a family’s situation that can be hardest to plan for, but detailed planning will result in the peace of mind that the spouse and family will be taken care of in the event of death or incapacitation.  Sit down with a trusted attorney if you need assistance with planning for these and other life events.

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