Springer-Lyle News Updates

latest legal news from the law firm of Springer-Lyle

1807 Westminster
Denton, TX 76205

940.387.0404

  • Home
  • About Us
    • Firm Overview
    • Attorney Profiles
  • Areas of Practice
  • Articles and Cases
  • What’s In the News
  • Resources
  • Videos
    • Who is Springer-Lyle?
    • FAQ Videos
      • FAQs on Business Litigation
      • FAQs on Healthcare, Medical & Pharmaceutical Cases
      • FAQs on Personal Injury, Automobile & Trucking Accidents
      • FAQs on Alternative Dispute Resolution
      • FAQs on Probate Cases
  • Contact Us
You are here: Home / Blog Articles / Featured / The Importance of Estate Planning During the COVID-19 Pandemic

The Importance of Estate Planning During the COVID-19 Pandemic

February 1, 2021 By Staff - s.r. Leave a Comment

Importance of Estate Planning Covid

Many people are resistant to estate planning. They may feel they can ignore the topic “until the time is right.” They think they have some time and can put it off until they are more in the mood. Unfortunately, there may not be that extra time they are counting on.

COVID-19 Increases the Need for Estate Planning

Although it is true that anyone can be struck down at any moment in an unfortunate accident. Now, in the time of this global pandemic, many succumb to the COVID-19 with little warning. Every day, more people in the U.S. die from this deadly virus than were killed in the terrorist attack of 9/11.

Normally robust and healthy individuals are brutally knocked down in the prime of their life. They may have been thinking about estate planning but just not gotten around to it yet. Their families are left with the devastation of the loss of their loved one, and suddenly, they may also be left with no access to funds to pay rent or the mortgage, to make the car payment, or even to buy food.

Obstacles Your Family May Face if You Die Without a Will

If you die without a will, Texas law determines how your estate will be divided. There is a hierarchy of who inherits depending on whether you leave a living spouse, have living children, have stepchildren, parents, and/or siblings.

Before that happens, there must be someone appointed to be your personal representative. If you leave a will, you will name that person. But without a will, a person close to you may want to assume that role, but other heirs object, so the probate court will have to settle the dispute. This takes time.

When you plan for this prior to your death, you can make sure that your checking account names a beneficiary who will have immediate access to funds that can keep your family in their home and immediately free up funds for necessary expenses.

In estate planning, you can transfer your assets via trusts, which will pass to your heirs without needing to go through probate court. These can be set up so your heirs can avoid paying hefty taxes.

Do not wait. Take heed about how this deadly virus can suddenly strike you down. Do not let it do that to you before you have planned for asset distribution after your death.

For answers to your estate planning questions, and assistance in drafting your will and trusts, contact our estate planning attorneys at Springer & Lyle.

Filed Under: Featured Tagged With: COVID-19, Estate Planning

Leave a Reply Cancel reply

You must be logged in to post a comment.

Subscribe by email

Have the latest news from Springer-Lyle
sent to your inbox.

Articles of Interest

Top Five Things To Look For When Hiring A Personal Injury Attorney

Many lawyers hold themselves out as personal injury attorneys, but what are the top 5 things to look for in hiring a personal injury lawyer?  You’ll find all of those qualities here … [Read More…]

Will Not Wearing A Seat Belt Affect My Personal Injury Claim?

Wearing a seat belt can save your life, but can it also save your personal injury case?  If you’re hurt in a car accident that’s not your fault, you would like to be compensated for your … [Read More…]

Why are Truck Accidents on the Rise in Texas?

According to a report by the American Trucking Association (ATA) released in October 2017, there is a serious shortage of truck drivers nationwide. ATA estimated the shortage would be 50,000 by the … [Read More…]

Drowsy Driving Accidents

According to the National Highway Traffic Safety Administration in 2015, over 100,000 motor vehicle crashes are directly attributable to driver fatigue every year. Those are only the drowsy driving … [Read More…]

Springer & Lyle, LLP

1807 Westminster
Denton, TX 76205

phone: 940.387.0404
toll-free: 855.387.0404
fax: 940.383.7656

Disclaimer
The contents of this website does not imply legal advise or counsel and does not establish an attorney/client relationship. Please contact us for information on our policies regarding any relationship with clients, potential clients, or non-clients of our firm.

  • Facebook
  • RSS
  • Twitter
  • YouTube

 

 

make a Pament via LawPay

Return To Top of Page

Copyright © 2023 Springer & Lyle, L.L.P. • • • All Rights Reserved

Website Design by The Crouch Group

Log in