3 Reasons Insufficient Estate Planning Can Hurt Your Children

November 3, 2023

Passing on the pain - click on picture for video

Since 1995, I have watched the pain surviving family members are confronted with when a loved one dies without sufficiently planning for their estate or creating a will. The people who get left behind have no idea of the amount of confusion and anguish they will face. The kind of pain that makes you anxious, that has your stomach in knots in anticipation. I equate it to imagining someone passing on the pain of a painful dental procedure you don't want to ever have onto someone you love.

Questions come up about who is going to get sentimental items that can lead to fighting within the family. Family wealth can be quickly depleted with court costs and attorney’s fees and familial bonds are severed as the remaining family members and siblings begin to squabble and fight for what is left.

Though it’s not everyone’s favorite topic, estate planning is necessary. Estate planning allows us to determine who gets our assets. We also plan for and cares for our minor children when something happens to us and many other important decisions that can impact the ones you love.

However, parents don’t often realize and think about the effects insufficient estate planning can have on their families- especially their children.

Here are 3 reasons insufficient estate planning can hurt your children.

1) Added Stress

When we lose a loved one, we all suffer grief and loss. But, for a child losing a parent, that grief and loss can be so much greater.

Moreover, if our children are still little, they are not emotionally equipped to handle the added stress an insufficient estate plan can add to their lives.

For older children, the stress may be going to Court and administering your estate in front of a Judge while trying to properly grieve. For younger children, that stress could be watching family members fight over them or being jostled around by family and friends.

You can relieve your children’s stress at any age with the proper estate plan in place.

2) Unprotected Assets

If you leave your assets to your children through a Will, or do not have a plan at all, the assets will pass to your children immediately. For children over the age of 18, they can access the money and property immediately. For minors, they will need a Guardian to oversee their inheritance.

Think back, if you will, to who you were at 18. Though the law may recognize an 18-year-old as an adult, do you believe your child could properly manage a large inheritance at 18? If the answer is no, you need to put an estate plan in place.

When a child is under the age of 18, they will have a Guardian who manages their money and property for them. This can be the other biological parent or someone you have nominated. If you have not nominated someone, the Guardian will be an adult who asks the Court to give them custody of your child.

If you do not have concerns about your family, their intentions for your children, and their management of assets for your children, then you may not need a plan in place. But, if this is your family situation, count yourself blessed to be among the few.

Should you have concerns about who cares for your children or how their inheritance should be handled, you need a proper estate plan in place.

3) Lack of Privacy

When you don’t plan or use a Will for planning, your estate goes through probate. Probate is a court process that requires other members of your family to receive notice of your assets and how they’re distributed. In Texas, your case is also a public record. Anyone can go down to the courthouse and pull the probate case. And usually the case can even be found online.

I’m sure you can see how this could affect some of your more vulnerable heirs. If there is someone out there who may know and try to take advantage of your children, it would benefit your family to have a more private plan in place.

You can make a plan for your assets by meeting with me and my team. Contact our office to set up an appointment in New Braunfels, Laredo or via zoom and let’s finish strong in 2023.

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Molding Your Financial Future in 2025

January 17, 2025

As we step into the new year, I find myself reflecting on the countless entrepreneurs, professionals, and business owners I’ve worked with throughout my career. Helping clients mold a shield of protection around their assets has been one of the most rewarding aspects of my practice. Time and time again, I’ve witnessed that success isn’t reserved for geniuses, nor does it require a fancy degree. The secret lies in action, strategy, and discipline—traits anyone can cultivate to achieve and maintain wealth. The Myth of Instant Wealth How often have we heard someone say, “When I win the lottery, I’ll finally be set”? It’s a common refrain, but let’s examine the reality. Imagine winning $10 million in the lottery. After choosing the lump sum option and paying taxes, you might walk away with only a fraction of that—perhaps $2 million. Without a solid financial plan, it’s no surprise that many lottery winners end up broke within a few years. True wealth isn’t about luck or flashy possessions. It’s about what you do with your resources and how you protect them. If you look around your community, the truly wealthy aren’t necessarily the ones with the biggest houses or newest cars. They’re often the ones who’ve taken calculated risks, lived within their means, and built unglamorous but steady businesses. These individuals mold the clay they’re given, creating shields of protection around their assets that ensure their financial stability for generations. The Trap of Looking Rich We’ve all seen it—the big house, luxury car, and designer wardrobe. But appearances can be deceiving. Many who look wealthy are drowning in debt, spending more than they earn, and chasing the illusion of success. As my wife lovingly calls it, Dickersonism #7: “Looking rich does not MAKE you rich.” True wealth is built on a foundation of solid, income-generating assets, not consumables. Falling into the trap of “keeping up with the Joneses” (or Kardashians) often leads to financial instability and missed opportunities to create lasting wealth. The Cost of Inaction One of the greatest obstacles to wealth and protection is inaction. Henry Ford famously said, “If you think you can, you can. If you think you can’t, you can’t. Either way, you’re right.” Inaction is the path of least resistance, but it’s also the path to missed opportunities and unfulfilled potential. Some hesitate out of fear or over-analysis, a condition I call “analysis paralysis.” It’s easy to get caught up in what could go wrong, but this mindset keeps you stagnant. Every successful person I’ve worked with has one thing in common: they took action. They understood the risks but focused on the rewards, moving forward despite uncertainty. Setting Your Course for 2025 If you haven’t taken steps to mold your financial future, now is the time. Ask yourself: Where do you want to be a year from now? In five years? In ten? Define your goals and begin building the path to reach them. Just as importantly, protect what you’ve built. Not having a plan to shield your assets is like running exposed electrical wiring—sooner or later, you’ll face unnecessary risks. A board-certified estate planning attorney can help you design a plan to safeguard your wealth, ensuring it stays secure for you and your loved ones. Take Control of Your Future Success doesn’t just happen—it’s molded. Listen to trusted advisors, but remember that the final decisions are yours to make. Clarify your vision, take bold steps, and build the life you’ve always dreamed of. At The J.M. Dickerson Law Firm, we’re here to guide you every step of the way. Whether in person, by appointment, or via Zoom, we’re committed to helping you create a legacy of success and security. Contact us today, we can help! South Texas: 956-791-5422 Central Texas: 830-302-4577 Let’s make 2025 your year of action, growth, and protection.

Embracing the Holidays as a Time for Estate Planning

December 20, 2024

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Start the New Year Strong: Four Steps to Success

December 13, 2024

As the end of the year approaches, it’s easy to feel the weight of unfinished tasks and the hustle of the holiday season. Between wrapping up work projects, preparing for family gatherings, and making plans for the future, this time of year can feel overwhelming. But amidst the busyness lies a valuable opportunity—the chance to press reset and prepare for a fresh start. The New Year offers a clean slate, making it the perfect time to reflect, reorganize, and refocus your goals. By dedicating some time to the right activities now, you can set yourself up for success in the months ahead. Here are four key steps to help you start the New Year on solid footing. Step 1: Reflect on the Past Year As the calendar flips to a new year, many of us naturally find ourselves looking back at the previous 12 months. This is the perfect moment to assess your professional and personal accomplishments, challenges, and growth. Ask yourself: • What were my biggest successes this year? • What goals did I miss, and why? • What strategies or habits worked well for me? • Where can I improve moving forward? Reflection isn’t just about identifying wins and losses; it’s about understanding the “why” behind them. Seek feedback from colleagues, mentors, or trusted peers to gain new perspectives. The more honest and thorough your evaluation, the more valuable it will be as a foundation for future planning. Step 2: Create a Game Plan for the Year Ahead Reflection is only the beginning. To make real progress, you need a clear and actionable plan for the year ahead. Start by defining your big-picture goal for the next 12 months. What’s the most important outcome you want to achieve? Once you have that, break it down into smaller, measurable objectives. For example, if your goal is to expand your business, your smaller objectives might include increasing marketing efforts, attending networking events, or launching a new service. Outline the steps needed to achieve each objective and set realistic timelines for completion. Revisit your goals regularly—at least quarterly—to ensure you’re staying on track or to adjust for any changes in your circumstances. Flexibility is key to maintaining momentum throughout the year. Step 3: Declutter Your Inbox An overflowing email inbox can be a constant source of low-grade stress. Ending the year with a streamlined and organized inbox can give you a fresh sense of control as you head into January. Here’s how to tackle it: • Respond immediately to any urgent or unresolved messages. • Delete emails that are no longer relevant. • Unsubscribe from newsletters or mailing lists you no longer find useful. • Create folders and filters to better organize incoming messages moving forward. To keep your inbox manageable, schedule regular cleanups throughout the year. Whether monthly or quarterly, these maintenance sessions will prevent clutter from building up again. Step 4: Knock Out Small Tasks The small, unfinished tasks lingering on your to-do list can be more draining than you realize. Use this time to cross off as many as possible before the New Year begins. • File paperwork that’s been piling up. • Respond to emails you’ve been avoiding. • Wrap up loose ends on ongoing projects. Completing these small but nagging tasks will give you a sense of accomplishment and free up your mental bandwidth for bigger goals in the New Year. Starting January with a clean slate will allow you to hit the ground running. Your Fresh Start A new year is a chance to realign your priorities, set meaningful goals, and approach your work with renewed focus. By reflecting on the past year, setting actionable goals, decluttering your space, and tying up loose ends, you’ll create the foundation for a successful year ahead. Whether you spread these steps out over a few weeks or tackle them all in one day, the most important thing is to commit to the process. A little effort now can make a big difference in how you start the year—and how you finish it. Here’s to making the most of your fresh start!