IS A WILL ALL YOU NEED TO PLAN YOUR ESTATE IN TEXAS?
When people think about estate planning, they generally think only about a will. Although a will is an important part of an estate plan, it only takes effect after you die and cannot avoid
probation. Other documents are needed to carry out your wishes and manage your assets in the event you are temporarily or permanently disabled or you need to avoid probation. Some of these documents include:
IS A WILL ALL YOU NEED TO PLAN YOUR ESTATE IN TEXAS?
When people think about estate planning, they generally think only about a will. Although a will is an important part of an estate plan, it only takes effect after you die and cannot avoid probation. Other documents are needed to carry out your wishes and manage your assets in the event you are temporarily or permanently disabled or you need to avoid probation. Some of these documents include:
A living will, also called a healthcare directive, is a legally binding document that allows you to state your medical preferences in the event you become incapacitated. For instance, you may instruct your physicians not to use artificial means to keep you alive in the event you are diagnosed with a terminal or irreversible condition.
Any assets titled in your name or directed by your will must go through the Texas probate process before they can be distributed to your beneficiaries. This can be a very lengthy and expensive court process, which can take a lot of money away from the estate. And so, during your estate planning, you can opt to put valuable assets in a revocable living trust to protect your family’s inheritance. A revocable living trust is a legal document that can be used to accommodate the control of your property and financial assets. As a trustee, you manage your trust assets while you are alive and in good health. And when you die, your trust will pass to your specified successor trustee.
Estate planning can be seen as a chore, but working with the right team of wills and trusts lawyer such as those at
Lawrence Law Firm, PLLC, can come in handy. With years of experience in Sugar Land, Fort Bend County, Texas, we can work closely with you on developing a well-thought-out estate plan that will provide peace-of-mind knowing your heirs will not be burdened with the task and costs of dividing up an estate.
Contact us today for a free consultation on your estate planning needs.
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