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 (972) 330-4050 to ask for a free 30-minute consultation with our legal team in Irving.