In a previous blog, we answered some of the most common estate planning FAQs people face when drafting with our estate planning lawyers in McAllen. Today, we want to cover even more information you may find valuable as you begin a process of your own. And remember, Fryer and Hansen in McAllen is available to guide you, no matter what the estate planning process brings your way.
Who Should I Choose as My Executor, Trustee, and Agents?
It’s essential to understand what each role involves before you choose someone to fulfill their duties:
- Your executor is responsible for carrying out the provisions of your will.
- Your trustee manages and distributes the assets held in your trust.
- Your agents are responsible for making financial and healthcare decisions on your behalf if you become incapacitated.
Choosing someone you trust to act as your executor, trustee, and agent would be best. These individuals should understand your wishes well and be capable of carrying them out.
How Often Should I Update My Lawyers in McAllen?
You should review your estate plan at least every three to five years or during a significant life event. This can include marriage, divorce, birth, or death in the family. Reviewing and updating your estate plan regularly can help ensure that your wishes are still accurately reflected and that any changes in your life are correctly accounted for.
What Happens if I Die Without an Estate Plan?
It is important to have an estate plan to ensure that your wishes are followed and your loved ones are protected. If you die without an estate plan, your assets will be distributed according to state law, which may not align with your wishes. This can also result in a lengthy and expensive probate process for your loved ones. Additionally, without a healthcare directive, your medical treatment may be decided by someone you would not have chosen.
Read these Common Estate Planning FAQs and Meet our Estate Planning Lawyers in McAllen
If you’re feeling anxious or uncertain about your estate planning process in McAllen, the estate planning lawyers from Fryer and Hansen can help. Send us a message online or call if you have any questions about our services or if you’d like to schedule a consultation.