While estate planning may seem like a long and daunting task, an estate plan is something that everyone should have. If you’re unsure what’s involved in an estate plan, it’s basically several legal documents, such as a last will and a living trust, that are designed to ensure your wishes and goals are carried out in regards to your health and property. An experienced estate lawyer in Houston, TX has the knowledge and skills needed to help create an estate plan that fits all your needs.
Last Will and Testament
A Last Will and Testament is one of the most basic documents included in an estate plan. This document determines who receives your property in case of death. This document can also set up contingent trusts, name a guardian for any minor children you may have, and name the executor of your will. The Last Will and Testament generally has at least two witnesses, a Notary and must be in writing. However, requirements may differ slightly by state.
Living Trusts
Another important part of estate planning is creating a Living Trust. With a Revocable Living Trust, most of your assets can be placed into a trust while you are still living. The Trust owns your assets but you continue to spend and use them. Your assets are then passed to your beneficiaries without the need for probate upon your death. A Living Trust gives you the ability to control when the inheritance is passed to your beneficiaries. For example, you might choose a specific age before your beneficiaries’ take control of their inheritance.
Effective Estate Plans
An effective estate plan includes legal documents such as a Last Will and Testament and a Living Trust that are both comprehensive and thoughtful. Planning ahead ensures your property is well managed and protected. Your estate plan should include all wishes and goals using specific, clear and appropriate legal language. To ensure there are no surprises, discuss your estate plan with the family. Take note, when no estate plan is created, the state makes all the decisions on how to distribute your assets upon your death or who makes important medical decisions when incapacitated.
An estate plan is an important part of planning for the future. For more information, contact Katherine Boyd Law, or call 832-586-6573.
