Although you might not realize it, everything you own will one day make
up your estate that will be left behind after you have passed away. All
of your possessions, including you’re your cars, home, other real
estate, checking and savings accounts, investments, life insurance, and
furniture will need to be sorted out and distributed to your heirs and
other beneficiaries when you die. In this blog, we explain what you need
to know about creating a strong
estate plan.
What Should I Include in My Estate Plan?
If you want to have full control over how your wishes are carried out when
you are no longer around, you need to leave explicit instructions that
state which people are to receive something of yours, what items you want
them to receive, and when they are to receive it. Because you want to
accomplish this and pay the least amount in taxes and court fees, it is
important to discuss the details of your estate with an experienced lawyer.
Your estate plan should include the following things:
- Instructions for passing your valuables
- Instructions for how you wish to be cared for if you become disabled before you die
- Name a guardian and an inheritance manager if you will be passing assets
to any minor children
- Special needs planning to avoid disrupting government benefits
- Protections for beneficiaries who are irresponsible with money
- Life insurance, disability income insurance, and long-term care insurance
-
Directives for transferring your business if you
retire, become disabled, or die
- Strategies for minimizing taxes, court costs, and unnecessary legal fees
Your estate plan is an ongoing process, so don’t expect to sit down
once and have your future completely locked down.
Do I Really Need an Estate Plan?
Too many people put off making an estate plan until they start getting
closer to retiring. Others don’t think they have enough wealth or
assets to make a plan. Don’t make these mistakes! Start planning
your estate now so you are prepared for any future illnesses and emergencies
that might arise. No one likes to think about death, but it is important
to make these decisions for yourself while you still can.
Speak to an Estate Planning Lawyer in Irving
Are you ready to get started reviewing and planning your estate? Stop by
our office in Irving, Texas today to get help from Attorney J. Roland
Jeter and his Staff. We will assess the details of your situation and
make sure all of your interests are fully protected. We are here to serve
you and assist with all of your estate planning needs.
Please provide a written Inventory of Assets and Debts that is dated and
signed. This will provide direction and information to the heirs as to
the identity and location of your Estate assets. This Inventory should
be reviewed and updated once every year.
Call {F:P:Site:Phone} to
ask for a free 30-minute consultation with our legal team in Irving.