On April 9, 2020, Texas Governor Greg Abbott temporarily suspended certain statutes to allow for appearances before notary public via video conference. Rosenblatt Law Firm can get certain estate planning documents executed for our clients remotely if necessary.
Review or Update Your Last Will and Testament
Estate planning is important for everyone, no matter your financial condition. The most fundamental document in an estate plan is your Will, which ensures your property will be distributed upon your death based on your personal desires and wishes. If you die without a Will, your assets will be distributed pursuant to state law which may be contrary to your intent or desires, particularly in second marriage situations. If you do not have a Will in place, we recommend drafting one today.
If you have an existing Will, some questions to consider are: (1) Do you know where the original document is located? (2) Have you considered if the named executor, in addition to all successors, are ready, willing, and able to serve? The executor is the person who will preside over your estate and carry out your wishes on the distribution of your property. (3) Do the provisions of your Will reflect your current wishes and the needs and best interests of your beneficiaries? An expert review of your current Will in these uncertain times is an important step to ensure and maintain peace of mind.
Review Beneficiary Designation Forms
We recommend you also review the beneficiary designations on your retirement plan accounts (e.g., 401(k), TSP, IRAs), brokerage accounts, annuities, and life insurance policies to ensure they are up to date. You can make changes to your beneficiary designation forms by contacting the plan sponsor or insurance company for more details. If you own bank accounts solely in your individual name or as “separate property,” you may want to add a “Pay on Death” or “Transfer on Death” designation to avoid probate on those accounts.