If you are like most Texas residents, you do not want to think about your own mortality. This is why many residents of Dallas County and nearby areas put off creating a basic Texas estate plan in favor of more immediate concerns. Our goal is to educate the residents to help them understand the benefits of the estate planning process. Establishing an estate plan not only protects yourself, but your loved ones as well. By having a well-drafted estate plan in place a person is able to have his or her assets distributed according to their wishes after they pass, and at the least cost.
Estate planning is not just for the wealthy or the elderly. Regardless of the size of the estate, everyone needs to have a plan to preserve and protect their wealth. Your estate plan may be a very simple plan involving the use of basic documents or it may be extremely complex. Putting yourself in control of how your assets are divided up after you die is something that you should do in order to save your family excessive taxes, legal fees, potential lawsuits and family fights. You have worked long and hard for the assets that you have accumulated. Now, you want to protect your property and assets and the interests of your beneficiaries through proper planning.
Estate planning is the preservation and the distribution of your assets in accordance with your personal and family goals, both during your life and upon your death. Also, one of the primary goals of estate planning is easing of the management of your financial and legal affairs. When we use the term "estate," we mean all assets of any value owned by you at the time of your death, including real estate, business interests, stocks and other securities, life insurance proceeds, bank accounts, and personal property such as automobiles, jewelry, collections and personal items. When we talk about an "estate plan," we refer to the means by which your estate is passed on to your loved ones on your death.
The type of estate plan or strategy that is appropriate for you should start with a comprehensive analysis of your family, health and financial situation by a qualified legal professional. We will listen to your questions and concerns and walk you through the Texas estate planning process. Through the use of Living Trusts, Wills, Powers of Attorney (financial and health care), Living Wills, Irrevocable Trusts, our firm helps Texas families preserve their wealth for future generations, minimize estate taxes, and avoid the expense and ordeal of probate.
Creating an estate plan does not need to be intimidating; in fact, it could provide you with a great sense of security because you know that your family will be secure and your assets will be distributed as you wish. Remember, if you do not have a plan, the government has a plan for you, and you may not like it!
Contact us today to schedule a free consultation to make sure that your estate planning wishes are met after you have passed.