Top-Rated Estate Planning Attorney Rex Hogue Reveals The 5 “Must Haves” Of A Good Estate Plan – Frisco, TX

Leading estate attorney Rex Hogue, partner at Haiman Hogue in Frisco, TX, outlines the 5 “must-haves” of a solid estate plan. For more information please visit https://www.haimanhogue.com

Frisco, TX, United States – August 27, 2020 /MM-REB/ —

In a recent interview, leading estate attorney Rex Hogue, partner at Haiman Hogue in Frisco, TX, revealed the 5 “must-haves” of a solid estate plan.

For more information please visit https://www.haimanhogue.com

When asked to comment, he said, “Many Americans are under the false impression that having a good estate plan simply means making a will or a trust. Although these are essential to any estate plan, there’s much more to estate planning than meets the eye. Here are five necessary documents to ensure a smooth transition of your assets to your heirs.”

“A will is one document you absolutely must have even if you aren’t in possession of many assets. Wills are vital to help ensure that your wishes about your assets will go where you want them to go after you pass. If you don’t have a will, the state you live in has one for you, and you probably won’t like what it has to say. Furthermore, a trust can help circumvent legal issues, provide added protections, help avoid probate and minimize taxes, which will cause much less stress on your loved ones.”

While wills and trusts are important, they aren’t the only aspect of an estate plan, Hogue said. Beneficiary designations could
also help guarantee that your plan is carried out.

“Beneficiary designations on certain accounts, such as retirement accounts and insurance plans, will help to legally execute your wishes. If you fail to do this, a judge could step in and decide who receives these assets, even if it’s not what you would have wanted.”

Preparing a memorandum for personal property is also an integral part of having a solid estate plan.

When asked to elaborate, Hogue said, “A memorandum for personal property is not complicated – it’s simply a document that you leave for either your executor or trustee to specify what happens with a certain personal property asset following death or incapacitation.”

“Depending on local laws and how your will or trust are written, the memorandum might not hold up legally on its own in a courtroom, however it provides probate judges with a guideline as to how to implement your intentions,” he added.

A durable power of attorney will also help in the legal execution of managing your assets in the case of incapacitation.

“To be able to carry out your wishes if you become disabled, then you’ll need to have a durable power of attorney. Again, without a power of attorney, what happens to your assets could be left up to the mercy of a court.”

Hogue added that “a properly drafted power of attorney will allow someone on your behalf to engage in real estate and financial transactions, as well as other financial decisions.”

“In addition to this, make sure you have a HIPAA Authorization Form that properly outlines who has access to your medical information and medical records and appoint an individual you trust to follow your instructions as an agent under your healthcare power of attorney. This should be a trusted person who can make vital healthcare decisions that align with your views if you are not able to make them yourself,” he said.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Rex Hogue
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com

Source: MM-REB

Release ID: 88973974