• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate Planning Services
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Wills & Trusts
  • Elder Law
    • Coping with Alzheimer’s
    • Guardianship and Conservatorship
    • Medicaid Crisis Planning
    • Medicaid Planning
  • Seminars
  • Webinars
  • Resources
    • Communities We Serve
      • Keller, Texas
    • Elder Law Resources
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
    • Estate Planning Resources
      • 3 Reasons to Create a Trust
      • Estate and Gift Tax Figures
      • Estate Planning Articles
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
    • Free Consultation
    • Free Estate Planning Seminars
    • Frequently Asked Questions
      • Estate Planning
      • Trust Administration & Probate
    • Newsletters
    • Our Client Care Program
    • Pre Consultation Form
    • Professional Resources
      • Educational Alerts
  • Reviews
    • Review Us
  • Contact Us
  • Blog

McGee Law Firm

Your Resource for Estate Planning, Elder Law and Medicaid / VA Planning

Call Us Today 817-899-3286
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
Attend a Free Webinar
Home / Trust / Planning: Just Do It!

Planning: Just Do It!

August 30, 2022 by Brandon McGee

We are all tempted to avoid planning sometimes.  Perhaps we would rather watch that football game.  Or, perhaps we just do not want to think of our own mortality.

First, let’s look at what happens if you do nothing.  If you do not have a revocable trust, your assets would be in your name, rather than the name of a revocable trust.  As a result, your assets would be subject to a court process called “probate.”  Probate is the process of gathering assets that are titled in the name of the deceased, making sure all creditors have been paid from those assets, determining who the new owner should be, and changing title from the deceased to the new owner.

In most states, the probate process can be rather tedious.  According to a national survey, the average probate fee is around 2-3% of assets.  The percentage of assets paid in fees is even higher if the estate is modest.

If the deceased did not even have a Will, any assets left after payment of claims and expenses would go according to a list of priorities or “intestate succession” enacted by the state government.  Typically, the assets go to your spouse, your children, your parents, and then your siblings and other relatives.  For a few people, it gives the assets as they would have wanted.  However, for most people, they would prefer their assets to go somewhat differently.  Perhaps they want all their assets to go to their spouse.  Perhaps they want to leave some money for their parents to use for their care during their lifetimes.  Perhaps a few gifts of a specific dollar amount would be desired.  If you do not leave at least a Will, you will be stuck with what the state government has decided for you!

planning

In a few states, a Will can be as simple as writing out what you want to happen, entirely in your own handwriting, and then sign it and date it.  However, most states require that the deceased’s signature on the Will be witnessed by at least two witnesses.  Of course, a Will is essential if you want to override the state’s slate of intestate succession.

With minimal hassle, you can have a Will which lets you decide where assets go.  With little more hassle, you can have a revocable trust which avoids probate and provides flexibility during your lifetime, especially if you become incapacitated.

An estate planning attorney can help you with basic estate planning with minimal hassle.  Of course, he or she can also help you with more advanced planning, as well.

Compliments of the McGee Law Firm, Attorney Brandon McGee

Written By: The American Academy of Estate Planning Attorneys

  • Author
  • Recent Posts
Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
Latest posts by Brandon McGee (see all)
  • An Irrevocable Trust Need Not Be Scary - May 30, 2023
  • Don’t Procrastinate: Five Reasons To Plan Your Estate Now - May 25, 2023
  • Estate Planning for Parents With Children in College - May 24, 2023

Filed Under: Trust

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

Primary Sidebar

Blog Subscription

Sign up for our estate planning blog to receive all of our latest news and updates!

  • This field is for validation purposes and should be left unchanged.

Follow us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

TESTIMONIALS

Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

default image
Brian C.

Fort Worth Address

Fort Worth
810 W. 10th Street
Fort Worth, TX 76102
United States (US)
Phone: (817) 899-3286
See Larger mapGet Directions

Fort Worth Map

map

Southlake Address

Southlake
101 River Oaks Dr., Ste. 110
Southlake, Texas 76092
United States (US)
Phone: (817) 899-3286
See Larger mapGet Directions

Footer

  • Advantages of Working With our Firm
  • About the American Academy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect to Us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
footer logo

© 2023 McGee Law Firm
All Rights Reserved