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These are a few of the risks you may face if you choose an attorney who is incompetent, unethical, or simply the wrong fit for your needs. The biggest concerns will be cost, the quality of their work, their availability, and your peace of mind. If an attorney charges you well above reasonable rates, doesn't respond to your questions, or leaves you feeling confused or concerned about the probate process, don't be afraid to find a new attorney who will be a better fit for your situation.

Even well-meaning people can make mistakes, especially when overwhelmed with obligations and grief. When a loved one passes away, however, it is important that you don't wait too long to start the probate process, distribute their property before probate has finalized, contact their bank or retirement accounts too soon, forget to inform social security or pension, fail to maintain their property, or drive their vehicle. These common mistakes could end up causing more trouble and expense for you and your family in the long run.

Many people incorrectly assume that a living trust is a magical estate planning tool for everyone. For some people, a living trust truly is a smart way to handle their estate, but for others, it is an unnecessary expense. A living trust is more costly to prepare than a standard Will. However, it allows you to include specific, detailed provisions in your estate plan and protect your mineral or real estate issues.

People frequently delay having a will drawn up because of concern for the cost. The cost of preparing an estate plan package is very reasonable. A standard "Mom and Pop" Will without other detailed provisions generally ranges from about $500 to $750 per person. Compared to the expense you would be out to handle your estate without a Will or other estate planning documents, it is a bargain.

Today, there are many ways you can go about getting a Will. To ensure your Will accomplishes your wishes while also avoiding the greatest expense and complications, you should consult with an experienced estate planning attorney. This is always the best way to draw up a Will. Online and DIY options often come with unexpected risks. You should draw up your Will as soon as possible and revise it whenever you experience certain life events, such as marriage, having a new child, opening a new bank account, or purchasing new property.

While not everyone needs a Will, it's wise to explore whether it would be a smart investment for you and your family's future. A few benefits of drawing up a Will include choosing how your estate will be distributed, selecting a guardian for minor children, and providing for step-children or other beneficiaries. An attorney will explore with you whether the assets you own can be passed down without a Will or whether having a Will is really key to simple passage of title to assets on your death.

A Will is a key part of an estate plan to make provisions for who receives the property you own on your death, who will be in charge of distributing the property, and who you would like to serve as guardian and trustee if you have minor beneficiaries. Without a Will, the cost of applying Texas Law of Intestacy will be much higher for your family, and your estate may be distributed in ways that don't align with your wishes.

The time to seriously review all of a loved one's financial and estate planning affairs is in the early stages of Dementia or Alzheimer's. Progression of the degree of incapacity varies from person to person. A visit to a physician for a diagnosis and treatment plan should be your first priority. A visit to an attorney should be next.

When heirs disagree about the terms of a Will, they may choose to contest it. This is an expensive and stressful process. Fortunately, a family settlement agreement allows you to avoid the contested probate process if all beneficiaries agree with how the estate should be distributed. The process is quicker, simpler, and more affordable than contesting a Will.

If you are considering starting a small business, you're most likely trying to sort out the different types of businesses and trying to decide which type is best for you. There are 6 entity types in Texas: sole proprietorships, corporations, s-corporations, limited liability companies, professional corporations, and partnerships. The right type for your situation will depend on your taxes, liability, and ability to control the profits and losses of the business.