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National Estate Planning Awareness Week: Know Your Options

National Estate Planning Awareness Week: Know Your Options

Tap FBFK’s Quick-Start Estate Planning Portal

by Carol Butrus, Attorney/Shareholder

The third week in October is National Estate Planning Awareness Week and is a good time to re-evaluate your estate planning options. For many people, estate planning has the connotation of being only for the wealthy. The reality: One does not need to be a millionaire to benefit from an estate plan or to afford one. A well-crafted estate plan documents your legacy and ensures it does not disintegrate into a mess left for your loved ones to handle.

In addition to the question of “who” should invest in an estate plan, there is also the question of “how.” Over the last nineteen months, individuals have increasingly taken their estate planning into their own hands. It’s no surprise that consumers are creating their wills, powers of attorney, and medical directives through a few popular legal websites because they are convenient and seem less expensive.

The convenience of online planning websites comes with a catch: Consumers don’t know their many asset distribution options, they have no access to an attorney to ask questions, nor do they understand the particular signing requirements. Online planning websites often leave the consumer with invalid wills and inadequate plans, which create bigger (and more expensive) problems after a loved one has become ill or passed away.

Common pitfalls within online estate planning programs include:

  • The forms do not take into account the variations in state laws
  • Improperly executed wills may not be valid or will add to probate costs
  • Gifts to minor children are overly simplistic
  • Legal advice is limited or non-existent

People recognize estate planning as a priority but delay because they don’t know an estate planning attorney, they worry the process will be expensive and difficult, and they do not want to contemplate their own death or incapacity. It is uncomfortable to deal with these issues, and it is easy to put them off for one more day.

As attorneys trained to handle estate planning, we have dealt with the fallout from wills that were witnessed by the beneficiaries – or not witnessed at all (the signer thought the witnesses were optional) – wills that made gifts outright to minor beneficiaries, and wills that failed to mention their spouse (they thought their spouse would predecease them). Two of the examples above resulted in a more complicated probate procedure. In the others, we were able to replace the documents.

In the end, the cost of the legal advice the online programs try to avoid, requires even more legal advice and larger fees. This is why we created the FBFK Estate Planning Portal. Our program combines the best of both worlds: Save money and time through the efficiency of the FBFK Estate Planning Portal and enjoy the personal relationship and attorney expertise when your meet with an estate planning attorney to review and sign your documents. This two-pronged approach ensures your goals are met and your documents executed properly.

The FBFK Estate Planning Portal is for people who want something simple, reasonably priced, accurate and quick. Our goal is to make wills and estate planning accessible to everyone. Whether you are a millennial with young children or a retired single with no estate plan, our hope is that you use our services to create documents that protect you, your family and your estate.

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Estate planning is about people, not just possessions, because every legacy deserves protection. On the Alt Investing Made Easy podcast, FBFK estate planning attorney Eric Bean began the conversation with a truth that resonates more than it surprises: “You already have an estate plan; the legislature wrote it for you. The question is, do you like their version?” For business owners, investors, and families building wealth, Bean’s message is simple: estate planning is for everyone. Even if your assets are well below the $15 million federal estate tax exemption, not planning means giving up control over who receives your assets, who raises your children, and who makes medical decisions if you can’t. “Once we signed those documents and we had that in place, a lot of peace of mind followed,” Bean shared. “It’s a huge relief knowing something functional is in place.” Before focusing on estate planning, Bean clerked for the Fourteenth Court of Appeals in Houston, where he saw how family disputes unfold in probate. He later became a partner at a boutique estate planning and probate litigation firm. That experience drives his philosophy: plan to avoid litigation and guardianships. “Having seen firsthand what happens when these things aren’t done, I help clients structure their affairs to prevent those same problems,” he said. Under current law, estates valued under roughly $15 million per person (adjusted for inflation) are non-taxable, meaning assets can pass to beneficiaries without federal estate tax. For married couples, that’s about $30 million. Bean calls his approach “Leave it to Beaver” planning: “The classic example is my wife and kids. I leave everything to my wife, she leaves everything to me, and if we both die, it goes to our kids, usually in trust. It’s very simple.” This straightforward structure fits most families, focusing on fairness, clarity, and minimizing conflict rather than tax complexity. If you die without a will, the state decides who inherits your assets, who raises your children, and how the process unfolds. Probate becomes longer, more expensive, and emotionally taxing. “The legislature has written one for you,” Bean explained. “The question is, do you like their version or would you rather have more control?” A well-drafted will keeps probate simple. Without one, families face court approvals for every step, selling property, paying bills, or distributing assets, resulting in higher legal fees and stress. Common Triggers for Estate Litigation 1. Handwritten “Napkin Wills.” Informal wills often create confusion and years of disputes. 2. Last-Minute Changes. Sudden revisions late in life can spark claims of undue influence. 3. Naming One Sibling as Trustee. “Everybody gets along, until they don’t,” Bean cautioned. Giving one child control over others’ inheritances often leads to conflict. Estate planning isn’t just about death; it’s about who makes decisions if you can’t. “It’s easy to plan for death,” Bean said. “It’s hard to plan for incapacity.” A complete estate plan includes: • Will and guardianship declarations • Financial (durable) power of attorney • Medical power of attorney • Living will (directive to physicians) • HIPAA release • Guardian declaration for adults These documents allow trusted people to act for you without court involvement, avoiding costly guardianships. Guardianship can remove an individual’s rights without a criminal conviction. “If you can avoid that, you want to do it,” Bean emphasized. Having served as an attorney ad litem in guardianship proceedings, Bean knows both the value and the risks. Many cases are legitimate, but others result from a lack of prior planning, something easily preventable with the right documents in place. Beyond legal protection, proper planning delivers calm and clarity. Families leave Bean’s office “visibly lighter,” he said. The financial logic is equally strong: “The process when you don’t have a plan versus when you do is a big money savings on the backend for your family. Invest a little bit today.” Alternative investments, private equity, syndications, and real estate partnerships often have transfer restrictions and succession requirements. Without an estate plan, these assets can freeze in probate, disrupting capital calls or even triggering defaults. Bean’s “simple but solid” approach ensures all assets, including business interests, transition smoothly according to your wishes. Eric Bean’s practice reflects FBFK Law’s people-first approach to legal services. Across our Dallas, Houston, Austin, and Orange County offices, our attorneys combine estate, tax, and business planning to protect families and the businesses they’ve built. “There are two certainties in life, death and taxes,” Bean said. “And incidentally, that’s exactly what you need an estate and tax planning attorney for.” Watch the full episode of Alt Investing Made Easy featuring Eric Bean or listen on Apple Podcasts to learn more about the critical requirements for QSBS.
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