The estate planning process is more involved than simply drafting a will. Working with an experienced estate planning lawyer can help you to create an estate plan that protects your family members and allows you to carefully curate the legacy that you leave behind.
What Are 3 Reasons You Should Have an Estate Plan?
There are many attractive reasons to take the time to create a comprehensive estate plan. Listed below are 3 of the best reasons to not procrastinate planning for the future of your estate and family:
You Should Determine Who Gets Your Goods, Not the State of Texas
If you pass away before taking the time to draft a will and plan your estate, the state of Texas will determine how your assets will be distributed. The distribution of your assets will depend on many factors, including whether you were married, had children of the marriage and/or from a previous marriage, whether your parents or other close relatives are still living, and the character of your assets, i.e. personal, real, and/or intellectual property.
Here is a quick overview of how property is distributed under Texas law:
- If you are survived by a spouse only: Your spouse will inherit all of your community property and all of your separate property.
- If you are survived by children only: Your children will inherit all of your property, divided equally among them.
- If you are survived by parents only: Your parents will inherit all of your property.
- If you are survived by siblings only: Your siblings will inherit all of your property, divided equally among them.
If you pass away without a will in Texas, the state’s intestacy laws will determine who receives your property, which may not align with your wishes. Therefore, it is recommended to create a will to ensure that your assets are distributed according to your wishes.
Your Estate Plan Would Provide Protection and Continued Standard of Living for Your Loved-One’s (Beneficiaries)
Estate planning can help to ensure your family is taken care of once you pass away. You can help to secure their future by creating a plan that protects them financially. Additionally, you can leave behind money and other assets under stipulations to ensure they meet certain milestones before receiving the inheritance you leave behind. This can include beneficiaries waiting to get money until they complete schooling or reach a specified age.
Minimizes Loss of Assets and Family Strife
Estate planning includes thoughtful financial planning. Our goal is to help our clients maximize their wealth while they are living and also once they have passed away. We work with you to minimize your estate taxes and to pass on your wealth and property in a manner that helps your loved ones avoid probate court. This will save them time and money once you have passed away.
At Brown Law PLLC, our legal team specializes in providing a full range of estate planning services for every client we work with. We also offer tax advice and help them find solutions when it comes time to begin thinking about their future retirement living arrangements. Our goal is to help keep the power of your future in your hands by letting you plan for accommodations that suit your personal and family financial needs.
Don’t wait until it is too late to take charge of your future. We are here to help you consider and weigh your options to leave a legacy that resonates with the life you have lived. If you are ready to take the next step and start planning for your future, reach out to our law firm today.
Experienced Estate Planning Attorney in Houston
With nearly two decades of experience, Principal Attorney Christy K. Brown is a No-Nonsense, Forward-Thinking, and Result-Oriented probate, estate planning, and business lawyer, and she’s committed to handling each of her clients’ concerns equally, creatively, relentlessly, and in a personal way from the first meeting. Schedule your free 15-minute phone consultation today to learn more about how we can help you through the estate planning process.