A Few Things For Texans To Know About Estate Planning
Planning an estate can be one of the most important tasks one does to ensure that loved ones and assets will transfer properly to the next generation. One of the primary reasons estate planning is so important is that avoiding probate court can save your estate and your beneficiaries a great deal of time and money.
Even the most basic estate plan can help ensure that your final wishes are honored and your loved ones are not left with the stress and frustration of dealing with difficult decisions during a difficult time. If you die without a will, distribution of your assets will be done according to state law — not your individual wishes — and the process will inevitably take longer and cost more.
What To Include In Your Estate Planning Documents
Things to consider when planning one’s estate typically include:
- How to create a will or set up a trust
- Whom to name as beneficiaries
- Whom to name in powers of attorney
- What directions to include in a health care directive
- Whom to list as beneficiaries on particular accounts
When considering powers of attorney, it is important to name a medical power of attorney in your living will as well as a financial power of attorney. The medical power of attorney will be ready to make decisions for you if you are incapacitated and unable to speak for yourself. The person named as financial power of attorney will have the legal right to handle your affairs, including using money in your bank account to pay bills and selling your property.
Contact An Attorney To Get Your Estate Planning Underway
There are many nuances to navigate in estate law. At our Houston law firm, a skilled and experienced Houston, TX, lawyer can help ensure that your wishes are clear and that your documents are enforceable. At Pipkin Ferguson, PLLC, our skilled attorneys and staff can help you apply the laws to protecting your assets and caring for your family when the time comes.
Our law firm also assists families through the probate administration process. We can represent you as a plaintiff or defendant in probate litigation if this becomes necessary.
To discuss your options, create an estate plan or review and revise an already existing will or other documents, call 713-766-3102 or email us.