Parker County Today July 2017 - Page 13

Planning for the future: Estate Planning Terminology Ever get confused by estate planning terminology? If so, you’re not alone. Here are some definitions of common estate planning documents. Β  Wills Β A will is a legal document which controls how prop- erty passes (who receives it) upon death and who is in charge of handling the process (the executor in charge of probating the will). If you do not have a will at the time of your death, the laws of Texas will determine who receives your property; it will not escheat to the State. Wills may be amended or revoked as circum- stances change, so there is no reason to delay your estate planning. Living Trusts Living trusts are created during a person’s lifetime, and assets can either be transferred into the living trust prior to death, or these trusts can be funded with your assets after death through probate. There are many valid reasons for creating a living trust as a part of your estate plan. However, in Texas, because the probate process can be fairly simple for most people if your will is drafted properly, a living trust may not be necessary. This article is for informational purposes only and not for the purpose of providing legal advice. You should contact an attorney to obtain advice with respect to any particular issue. Catherine H. Goodman is an attorney with Harris, Finley & Bogle, P.C. She is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization and is a Fellow of the American College of Trust Law and Estate Counsel (ACTEC). She concentrates her 23 year legal pra Ρ₯”₯Έ•ΝΡ…Ρ”Α±…ΉΉ₯Ήœ°ΑΙ½‰…Ρ”…ΉΥ…Ι‘₯…ΉΝ‘₯ΐ)΅…ΡΡ•ΙΜ°…ΉΙ•±…Ρ•±₯Ρ₯…Ρ₯½ΈΈ)1₯Ω₯Ήœ]₯±±Μ…Ή9IΜ+ Q‘”₯Ι•Ρ₯Ω”ΡΌA‘εΝ₯₯…ΉΜ…Ή…΅₯±δ½ΘMΥΙΙ½…ѕ́₯Μ)Υ…Ι‘₯…Έ•Ν₯Ή…Ρ₯½ΉΜ)Α•ΙΝ½Έέ‘Ό₯́Ή½Π₯Ή…Α…₯Ρ…Ρ•΅…䁑•Ν₯Ή…Ρ”₯ΈέΙ₯Ρ₯Ήœ)Ρ‘½Ν”Α•ΙΝ½ΉΜΡΌΝ•ΙΩ”…́Υ…Ι‘₯…Έ½˜‘₯́½Θ‘•ΘΑ•ΙΝ½Έ€‘ΡΌ)΅…­”΅•‘₯…°‘•₯Ν₯½ΉΜ€½Θ•ΝΡ…Ρ”€‘ΡΌ΅…­”™₯Ή…Ή₯…°‘•₯Ν₯½ΉΜ€°)Ν‘½Υ±‘”½ΘΝ‘”‰•½΅”₯Ή…Α…₯Ρ…Ρ•₯ΈΡ‘”™ΥΡΥΙ”ΈΥΙΡ‘•Θ°Ρ‘”)‘•Ν₯Ή…Ρ₯½Έ΅…δ₯‘•ΉΡ₯™δ•ΙΡ…₯Έ₯Ή‘₯Ω₯‘Υ…±Μέ‘Ό…Ι”Ή½ΠΡΌΝ•ΙΩ”)…́Υ…Ι‘₯…Έ½˜Ρ‘”Α•ΙΝ½Έ…Ή½½Θ•ΝΡ…Ρ”Έ)1₯­•έ₯Ν”°Α…Ι•ΉΡ́½ΘΥ…Ι‘₯…ΉΜ½˜΅₯Ή½Θ‘₯±‘Ι•Έ…Ι”…‰±”ΡΌ)Ή…΅”•±₯₯‰±”Α•ΙΝ½ΉΜΡΌΝ•ΙΩ”…́Υ…Ι‘₯…Έ™½ΘΡ‘•₯ȁ΅₯Ή½Θ‘₯°΄)‘Ι•ΈΈI•΅•΅‰•Θ°Α…Ι•ΉΡ́…Ι”…±έ…έё”ƒŠqΉ…ΡΥΙ…³ŠtΥ…Ι‘₯…Έ½˜)Ρ‘•₯ȁ‘₯±‘Ι•ΈΈQ‘₯́΅•…ΉΜΡ‘…Ё₯˜„‘₯±“ŠéΑ…Ι•ΉΡ́…Ι”‘₯ٽɍ•°)½Ή”Α…Ι•ΉΠ…ΉΉ½Π΅…­”„Υ…Ι‘₯…Έ‘•Ν₯Ή…Ρ₯½Έ™½ΘΡ‘”‘₯±)Ρ‘…Ё•α±Υ‘•ΜΡ‘”‘₯±“Šé½Ρ‘•Θ±•…°Α…Ι•ΉΠΈ)Q‘•Ν”‘•™₯Ή₯Ρ₯½ΉΜ…Ι”•Ή•Ι…°₯ΈΉ…ΡΥΙ”‰ΥЁ΅…䁅ΝΝ₯ΝЁε½Τ)₯Έ‘₯͍ΥΝΝ₯Ήœε½ΥȁΑ•ΙΝ½Ή…°Ν₯ΡΥ…Ρ₯½Έέ₯Ρ •αΑ•Ι₯•Ή••ΝΡ…Ρ”)Α±…ΉΉ₯Ήœ½ΥΉΝ•°Έ •₯Ήœ₯Ή™½Ι΅•έ₯±°‘•±ΐε½ΤƒŠqΑ±…Έ™½ΘΡ‘”)™ΥΡΥΙ”»Št)A½έ•Ί½˜ΡΡ½ΙΉ•δ)Α½έ•Θ½˜…ΡΡ½ΙΉ•δ₯́„έΙ₯ΡΡ•Έ₯ΉΝΡΙΥ΅•ΉΠ₯Έέ‘₯ ½Ή”)Α•ΙΝ½Έ°Ρ‘”ƒŠqΑΙ₯Ή₯Α…°³Št…ΑΑ½₯ΉΡ́…Ή½Ρ‘•ΘΑ•ΙΝ½Έ°Ρ‘”+Šq…ΡΡ½ΙΉ•δ₯Έ™…Π³Št…́‘₯́½Θ‘•Θ…•ΉΠ°Ι…ΉΡ₯ΉœΡ‘”…•ΉΠ)…ΥΡ‘½Ι₯ΡδΡΌΑ•Ι™½Ι΄•ΙΡ…₯Έ…ΡΜΈQ‘•Ι”…Ι”•Ή•Ι…±±δΡέΌ)ΡεΑ•Μ½˜Α½έ•Ί½˜…ΡΡ½ΙΉ•δ聙₯Ή…Ή₯…°…Ή΅•‘₯…°Έ)™₯Ή…Ή₯…°Α½έ•Θ½˜…ΡΡ½ΙΉ•δ΅…䁉”•Ή•Ι…°…Ή)₯Ω”Ρ‘”…•ΉΠ‰Ι½……ΥΡ‘½Ι₯ΡδΡΌ…Π½Έ‰•‘…±˜½˜Ρ‘”)ΑΙ₯Ή₯Α…°°½Θ₯Ё΅…䁉”±₯΅₯Ρ•ΡΌ•ΙΡ…₯ΈΝΑ•₯™₯Œ…Ρ́½Θ)₯ɍաΝΡ…Ή•ΜΈ•Ή•Ι…°Α½έ•Θ½˜…ΡΡ½ΙΉ•δ₯́ΥΝ•…́…Έ)…‘Ω…Ή•‘₯Ι•Ρ₯Ω”ΡΌ…±±½ά…Έ₯Ή‘₯Ω₯‘Υ…°ΡΌ‘•Ν₯Ή…Ρ”…Έ)…•ΉΠΡΌ΅…Ή…”™₯Ή…Ή₯…°΅…ΡΡ•Ί½Έ‘₯́½Θ‘•Θ‰•‘…±˜₯˜)Ρ‘”ΑΙ₯Ή₯Α…°‰•½΅•Μ₯Ή…Α…₯Ρ…Ρ•½Θ½Ρ‘•Ιέ₯Ν”ΥΉ…‰±”)ΡΌ‘…Ή‘±”™₯Ή…Ή₯…°…™™…₯ΙΜΈQ‘₯́₯́…±±•„‘ΥΙ…‰±”Α½έ•Θ)½˜…ΡΡ½ΙΉ•δ°½ΘΝ½΅•Ρ₯΅•Μ°„ΝΡ…ΡΥΡ½Ι䁑ΥΙ…‰±”Α½έ•Θ½˜)…ΡΡ½ΙΉ•δΈ)]₯Ρ „΅•‘₯…°Α½έ•Θ½˜…ΡΡ½ΙΉ•δ°Ρ‘”…•ΉΠ΅…䁡…­”)…Ήδ‘•…±Ρ …Ι”‘•₯Ν₯½Έ™½ΘΡ‘”ΑΙ₯Ή₯Α…°Ρ‘…Ёё”ΑΙ₯Ή₯Α…°)½Υ±‘…Ω”΅…‘”₯˜‘”½ΘΝ‘”‘₯Ή½Π±…¬Ρ‘”…‰₯±₯ΡδΡΌ‘Ό)ΝΌΈ!½έ•Ω•Θ°…Έ…ΡΡ•Ή‘₯ΉœΑ‘εΝ₯₯…Έ΅ΥΝЁ•ΙΡ₯™δ₯ΈέΙ₯Π΄)₯ΉœΡ‘…Ёё”ΑΙ₯Ή₯Α…°₯́ΉΌ±½Ή•Θ…‰±”ΡΌ΅…­”‘•…±Ρ …Ι”)‘•₯Ν₯½ΉΜ‰•™½Ι”„΅•‘₯…°Α½έ•Θ½˜…ΡΡ½ΙΉ•δέ₯±°‰•½΅”)•™™•Ρ₯Ω”Έ)±°Α½έ•Ί½˜…ΡΡ½ΙΉ•δƒŠq•αΑ₯Ι—Št…Ή…Ι”ΉΌ±½Ή•Θ)Ω…±₯έ‘•ΈΡ‘”ΑΙ₯Ή₯Α…°Α…Ν͕́…݅丁]‘₯±”±₯Ω₯Ήœ…Ή½˜)Ν½ΥΉ΅₯Ή°„ΑΙ₯Ή₯Α…°΅…δΙ•Ω½­”€‘½Θ…Ή•°€‘₯́½Θ‘•Θ)Α½έ•Ί½˜…ΡΡ½ΙΉ•δΈ)„‘½Υ΅•ΉΠΝ₯Ή•‰δ„ΑΙ₯Ή₯Α…°‘₯Ι•Ρ₯Ήœ‘₯́Α‘εΝ₯₯…ΈΡΌ)έ₯Ρ‘‘½±±₯™”΅ΝΥΝΡ…₯Ή₯ΉœΑΙ½•‘Υɕ́₯˜Ρ‘”ΑΙ₯Ή₯Α…°₯́ΝΥ™™•Θ΄)₯Ήœ™Ι½΄•₯Ρ‘•Θ„Ρ•Ι΅₯Ή…°½Θ₯ΙΙ•Ω•ΙΝ₯‰±”½Ή‘₯Ρ₯½ΈΈQ‘”)₯Ι•Ρ₯Ω”ΡΌA‘εΝ₯₯…ΉΜ…Ή…΅₯±δ½ΘMΥΙΙ½…ѕ́™½Ι΄°…±ΝΌ)­Ή½έΈ…́ё”ƒŠq1₯Ω₯Ήœ]₯±°³Št₯́½Ή±δΩ…±₯₯Έ„‘½ΝΑ₯Ρ…°Ν•ΡΡ₯ΉœΈ)Q‘”1₯Ω₯Ήœ]₯±°₯́½™Ρ•Έ½Ή™ΥΝ•έ₯Ρ „9H½ΘƒŠq=ΥΠ΅½˜΄)!½ΝΑ₯Ρ…°Ό9½ΠI•ΝΥ͍₯Ρ…Ρ—Št™½Ι΄ΈQ‘”=ΥЁ½˜!½ΝΑ₯Ρ…°9H)™½Ι΄΅…䁉”ΥΝ•‰δ₯Ή‘₯Ω₯‘Υ…±Μέ‘Ό…Ι”•ΙΡ₯™₯•‰δΡ‘•₯Θ)Α‘εΝ₯₯…ΈΡΌ‰”Ρ•Ι΅₯Ή…°₯Έ½Ι‘•ΘΡΌΝ‘½άΡ‘…Ёё•δΝ‘½Υ±)Ή½Π‰”Ι•ΝΥ͍₯Ρ…Ρ•₯Έ…Έ½ΥЁ½˜‘½ΝΑ₯Ρ…°Ν•ΡΡ₯ΉœΈQ‘₯́™½Ι΄)₯́ΑΙ•Α…Ι•‰δ„Α‘εΝ₯₯…Έ…Ή…±±½έ́‘•…±Ρ …Ι”ΑΙ½Ω₯‘•ΙΜ°)ΝՍ …́5L΅•‘₯Μ°ΡΌΙ•™Ι…₯Έ™Ι½΄Ι•ΝΥ͍₯Ρ…Ρ₯ΉœΡ‘”Ρ•Ι΅₯Ή…°)₯Ή‘₯Ω₯‘Υ…°₯Έ„Ν•ΡΡ₯Ήœ½Ρ‘•ΘΡ‘…Έ„‘½ΝΑ₯Ρ…°Έ(ΔΔ