Estate Planning
Estate planning is the process involving the designation of your assets in the event of death or incapacitation. This process is often done with the guidance and services of your lawyer. It may also include other professionals, like your accountant, a financial planner, life insurance advisor, banker and broker. A Will is the core legal agreement associated with this process.
Well-constructed estate planning helps to guarantee that your heirs and beneficiaries receive assets in a way that the deceased intent is carried through and done properly.
Why have a Will?
- A will is needed for “Titled Property” and maybe valuables.
- Protection of Family
- Spouse
- Children
- Step Children
- Grandchildren
- Mixed family, both spouses that have children by prior marriages
- Protection of Assets
- Control over distribution
- Personal Assets
- Business Assets
- Special Bequests
- Simple Trusts
- Trusts to protect the elderly
- Trusts to protect minors
- A Will simplifies otherwise complex probate proceedings.
Intestate Succession
When you die without making a will, a court distributes your property according to the laws of your state. This is called “intestate succession” or “intestacy”.
Texas Descent and Distribution – The legal effect of not having a will
- Alternatives to a Will
- Gifts; subject to gift tax laws (check with your Tax Advisor)
- Gifts to minors
- Life Estates or Trusts for younger relatives
- Joint ownership of cars, boats, airplanes, with “Right of Survivorship”
- Ancillary Documents
- Power of Attorney for financial decisions
- Limited Power of Attorney
- Power of Attorney for Healthcare
- Directive to Physicians
- “DNR” Directive (Do Not Resuscitate)