What is Estate Planning? in Houston, Texas

What is Estate Planning?

What is Estate Planning?

Believe it or not, you have an estate. Nearly everyone does.

Believe it or not, you have an estate. Nearly everyone does.

Your estate is everything you own, including your car and home. You may have other real estate such as the townhouse next door or an investment property in another city; it all goes to one place when we die so that our loved ones can get on with life after us!

What happens when I die?

The best way to ensure that your wishes are carried out after you pass on is by providing instructions stating whom you want receive something of yours, what it should be given and when. You’ll also want this done with the least amount paid in taxes or legal fees so as not impede their finances too much while still meeting all necessary requirements, including court costs which could easily come up if someone objects against receiving an inheritance due them from another relative who may have died without leaving behind any written direction regarding ownership rights over certain assets valued at above $100 dollars, but below state law threshold where probates occur then becomes necessary before distribution can begin without first proving heirs exist

Estate planning is more than just executing a will. It’s about making sure the people or organizations you name when creating your estate plan are able to receive all of the things that come in-between when one dies, like property ownership and money from investments; but it should also do something else too!

Estate Planning should be Designed For Life: There are many things that need to happen before death before anything can happen after death—so think about how individuals with various lifestyles might want their finances handled during this time period between birth/grave inscriptions (planning accordingly).

Good estate planning is more than a will.

It should also do the following:

  • include instructions for your care and financial affairs if you become incapacitated before you die
  • include arrangements for disability income insurance to replace your income if you cannot work due to illness or injury, long-term care insurance to help pay for your care in case of an extended illness or injury, and life insurance to provide for your family at your death
  • provide for the transfer of your business at your retirement, disability, incapacity, or death
  • name a guardian for your minor children’s care and inheritance
  • provide for family members with special needs without disqualifying them from government benefits
  • provide for loved ones who might be irresponsible with money or who may need protection from creditors or in the event of divorce
  • minimize taxes, court costs, and unnecessary legal fees, which may include funding assets into a living trust, completing or updating beneficiary designations, or otherwise aligning your assets with your estate plan

Is estate planning an ongoing process?

Yes, you need to review and update your estate plan as the needs of your family change. For example: if one member in an immediate or extended family has changed their will since they were first created; another person may inherit money after living away but not returning for years – all these factors can affect how valuable having this paperwork up-to date really is!

Too many people do not plan ahead

People do not plan ahead for their future because they think it’s too much work, the cost is prohibitively high or confusing to them. Then when something happens- – like an unexpected death– family members are left in a world of hurt trying figure out how best handle assets without knowing what was originally planned before tragedy struck!

What happens if I don’t have an Estate Plan?

Put simply: If You Don’t Have a Plan, Your State Has One For You–But It Might Not Be What You Like.

Upon your disability

The process of becoming disabled can be difficult, time-consuming and expensive. You may have concerns about how your assets will change when you are not able to work anymore or if they’re ever in danger because it’s public record now for everyone to see what happened with the person who is no longer around any more.
The living trusts attorneys at Brown Law PPLC specialize in these types cases so we know all there is to know! We’ll help make sure everything goes smoothly without adding unnecessary stress onto an already tough situation.

Upon your death

If you die without a valid estate plan and without naming any recipients or providing other governing contracts for how those assets will be distributed then they will either go through probate or intestate succession. Probate is not usually necessary when someone leaves an outright gift of property such as real estate to another party but it can come into play in situations where there are trusts involved because these types of gifts don’t always provide enough money needed by surviving spouses after debts have been paid off so courts oversee things like division salvency which could leave them penniless.

If you have minor children, the court will control their inheritance. If both parents die (e.g., in a car accident), then an appointed guardian takes over and makes decisions for them until they are old enough to do so themselves or appoint another person as guardian if desired by any of those parties involved

If there is more than one parent living at time of death with parental rights intact but not joint custody arrangements made beforehand; The surviving spouse could potentially become primary caregiver once again depending on how things play out under law.

Given the choice—and you do have the choice—wouldn’t you prefer that these matters be handled privately by your family, not by the courts?

Wouldn’t you prefer to keep control of who receives what and when? And if you have young children, wouldn’t you prefer to have a say in who will raise them if you cannot?

How does planning my estate help?

Planning your estate will help you organize and correct titling of records, as well as make sure that the right person receives bequests.

If something happens to you, would your family know where and how important financial records are stored? Planning ahead can help them locate information about who they should contact in case of an emergency.

For many people, the titles and beneficiary designations on their tax-deferred plans are innocent mistakes that can lead to problems for them at incapacity or death. Incorrectly naming a person as an heir in advance could cause devastating consequences if you have any children who want money from your estate when it goes through probate court after passing away intestate (without making provision). Naming someone incorrectly while saving time by updating these documents now may save attorney’s fees associated with challenging invalid claims later down line too – instead of putting resources towards fixing something right up front!
Taking care not make this mistake prematurely will help everyone involved avoid taxes

Is estate planning for everyone?

You might be surprised to learn that the majority of accidents and occupational diseases happen at work. This is not only for retirees, but people in their day-to-day lives can get sick too! Unfortunately we cannot always predict when it will happen so one should take preventative measures like getting checkups or immunizations regularly just as if they were younger

Estate planning is not just for the wealthy either, although people who have accumulated wealth may think more about how to preserve it. Good estate plans often benefit families with modest assets because they can lose time and money in case of poor decision making or unfortunate events like death which are deemed unforeseeable at this point

Estate Planning Is For All Families – No Matter What Your Net Worth

An Estate Plan Begins with a Will or Living Trust

Probate may be required after you die, a will isn’t enough.

It is important to have an estate plan in place as well with instructions for how your assets should be distributed once they go through the probate court system. You can also leave specific beneficiaries or umbrella trusts if there are multiple people who wish to receive those items from your life’s work.

To ensure the assets go to their intended beneficiaries, you need court approval and may have multiple probates filed in each state. The probate process can be both difficult and time-consuming. It’s often costly, exhausting, with attorney fees added onto the list of expenses that must be borne by heirs in order to transfer ownership or possession over an estate’s assets from one person (or group) who has died intestate into another legally recognized individual/entity willing enough take them on for this purpose without any strings attached other than those which are mutually agreed upon beforehand because everyone wants what they perceive will bring happiness but sometimes these desires change along comes destiny

Jointly-owned property and assets that let you designate a beneficiary (for example, life insurance) are not controlled by your will. These types of accounts transfer without probate to the surviving owners or beneficiaries in most cases but there can be problems with joint ownership so it’s important to use these methods carefully if at all possible! In addition, avoiding going through court proceedings may also take some planning work on behalf of your estates.

The pour-over will is a great way to avoid court control of assets and Probate at death, but it does have some limitations. For example, the instructions governing your plan can be changed only by you or those with legal authority over them such as an executor if there are multiple Probates needed because they own property in other states which need transferring from one Estate lawyer’s jurisdiction before distributing among beneficiaries designated on asset lists held within these localized regions outside their professional practices respective home States where the deceased person died.

A trust can continue to exist after death, unlike probate which will eventually come to an end. This is because you are able through creative use of language in wills or trusts – both legal documents-to appoint someone trustworthy enough on behalf of loved ones so they may manage assets until beneficiaries reach their desired age(s), if necessary for minors who have special needs; protect property from creditors’ claims while also shielding children’s inheritance against reckless spending by others close too them–and even provide future generations with some security should something happen unexpectedly up until now!

The cost of establishing an estate plan that includes both a living trust and pour-over will is not necessarily more expensive initially than an Estate Plan with only one component, but it can avoid fees or costs later when court involvement may be necessary at incapacity due to illness.

Is Estate Planning Expensive?

Estate Planning is a very important decision, but it doesn’t have to break your bank.

Estate planning is an important decision that should not be taken lightly. When you’re doing it yourself, the consequences of making mistakes can cost your family more in the long run and may have unforeseen consequences for generations to come; this doesn’t mean we recommend against all forms of DIY estate-planning however – even if there are some risks involved with waiting around until something big happens like say… death? (Who has time!). But knowing what kind lawyer would help make sure everything’s done properly so as little harm comes from our own negligence or ignorance just yet another reason why getting professional advice now will help you in the long run.

When is the best time to plan your estate?

Now! If you’re one of the many people who find death or disability hard to imagine, that’s ok. But it is important for your future self and loved ones which we all have in some way so don’t wait until its too late! You can put something in place now and change it later—which is exactly how estate planning should be done.

One of the most important things to get right when planning for your future is what you want in case something happens. This way, there will be no surprises and everyone can go on living their lives without any extra stress or worry from wondering about where they stand legally with regards to responsibilities should a loved one pass away before them.

You shouldn’t wait too long though- estate Planning needs doing now while someone is still alive!

The biggest benefit of Estate Planning is…

Peace of Mind!

I’m not trying to be morbid, but death is inevitable—and the sooner you plan for it the better. Don’t wait until your loved ones have a heart attack or are being held hostage by their inability make decisions because of Alzheimer’s disease!

When you take the time to plan ahead and give your loved ones peace of mind, they will be grateful for what is in store. Be sure that their wishes are met with an estate-planning document which includes all pertinent information about them as well as those important people who should know how much we care!

How do I contact a Brown Law Estate Planner?

To speak with a lawyer at Brown Law about your estate planning goals, call our offices. We are pleased to offer a complimentary initial consultation.

To reach our firm, call +1 (713) 554-4975 or contact us by email.