By Colin Smith, Estate Attorney | Contributor
It is important to prepare for how to handle life’s curveballs. 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. But you’re not just planning for the unexpected, financial safeguards are an important part of how to plan for retirement.
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, probate, guardianship, and real estate attorney who brings a rare mix of technical precision and human understanding to the practice of law.
Before becoming an attorney, Colin spent over a decade as a software developer and consultant. That analytical background, combined with a deep empathy for people navigating life’s hardest moments, is what sets him apart.
He didn’t originally set out to practice this kind of law, but after law school at Southern Methodist University in Dallas, TX.,, he found that helping real people through real challenges gave him a sense of purpose that couldn’t be matched. He is a member of the State Bar of Texas – Probate Section, The Dallas Bar – Probate Section, and the Dallas Trial Lawyers Association.
To learn more about how Colin Smith can help you plan your estate, navigate the probate process, or form a business, schedule an appointment for a free initial consultation at Colin Smith Law.
