Estate planning in Texas is little different than other states but there are specific requirements for each aspect of your estate plan. The overall objective of your estate plan is to have your property distributed according to your wishes. The estate planning process starts with a will and can include many other elements like trusts, living wills and powers of attorney. Your will is the cornerstone of your estate plan so we will start there.
A will is the first place to start your estate plan. You need to create a list of all of your assets and determine who you would like to receive those assets after your death. Your will is the legal document that lists your assets and who is to receive them. When drafting your will pay special attention to the probate laws of Texas to ensure that your will can be validated in probate court. If your will is disallowed then your property will be distributed without your will and according to Texas probate law. This is not something you want to take the chance of messing up so enlisting the aid of an estate planning attorney is a smart move. They can usually assist you for a reasonable fee.
Next in the process comes the durable power of attorney. A power of attorney allows another person to make decisions on your behalf and a durable power of attorney is a special kind that allows the decisions making authority to continue if you become incapacitates and unable to make decisions for yourself. This is particularly helpful when it comes to making medical decisions and there are specific versions call a health care power of attorney for this purpose.
A living will goes hand in hand with a medical power of attorney. A living will states your intentions regarding health care if you are not capable in do so for yourself due to a future incapacity. The living will states WHAT you want done in specific situations and the health care power of attorney authorizes somebody to follow through on your wishes. These two documents are complicated enough that most are crafted by professional estate attorneys.
Trusts are another mechanism that will allow you to disperse your property while placing restrictions or requirements on the property. Trusts aren't just for the wealthy. If you have dependent children that you with to leave money to, you can have it held in trust until they reach an age of your choosing. Trusts can also be an effective means to minimize taxes associated with your estate.
Tax planning - There are a wide variety of tools that can be used to manage the tax burden at your death. These include life insurance, life insurance trusts, charitable remainder trusts, qualified personal residence trusts and more.
Your first step is to create a list of all of the property you own. Once you have this list make a determination about who you want to receive each item. At this point it is a good idea to talk to your immediate family regarding your wishes as this can avoid significant problem in the future.
Setting up a Will in Texas can seem like a complicated process but take it one step at a time and you will quickly gain the peace of mind know that you and your loved ones will be taken care of if you should pass away. Enlisting the aid of a professional estate attorney will help you land with the exact types of documents that will most help you and your particular needs. - 15224
A will is the first place to start your estate plan. You need to create a list of all of your assets and determine who you would like to receive those assets after your death. Your will is the legal document that lists your assets and who is to receive them. When drafting your will pay special attention to the probate laws of Texas to ensure that your will can be validated in probate court. If your will is disallowed then your property will be distributed without your will and according to Texas probate law. This is not something you want to take the chance of messing up so enlisting the aid of an estate planning attorney is a smart move. They can usually assist you for a reasonable fee.
Next in the process comes the durable power of attorney. A power of attorney allows another person to make decisions on your behalf and a durable power of attorney is a special kind that allows the decisions making authority to continue if you become incapacitates and unable to make decisions for yourself. This is particularly helpful when it comes to making medical decisions and there are specific versions call a health care power of attorney for this purpose.
A living will goes hand in hand with a medical power of attorney. A living will states your intentions regarding health care if you are not capable in do so for yourself due to a future incapacity. The living will states WHAT you want done in specific situations and the health care power of attorney authorizes somebody to follow through on your wishes. These two documents are complicated enough that most are crafted by professional estate attorneys.
Trusts are another mechanism that will allow you to disperse your property while placing restrictions or requirements on the property. Trusts aren't just for the wealthy. If you have dependent children that you with to leave money to, you can have it held in trust until they reach an age of your choosing. Trusts can also be an effective means to minimize taxes associated with your estate.
Tax planning - There are a wide variety of tools that can be used to manage the tax burden at your death. These include life insurance, life insurance trusts, charitable remainder trusts, qualified personal residence trusts and more.
Your first step is to create a list of all of the property you own. Once you have this list make a determination about who you want to receive each item. At this point it is a good idea to talk to your immediate family regarding your wishes as this can avoid significant problem in the future.
Setting up a Will in Texas can seem like a complicated process but take it one step at a time and you will quickly gain the peace of mind know that you and your loved ones will be taken care of if you should pass away. Enlisting the aid of a professional estate attorney will help you land with the exact types of documents that will most help you and your particular needs. - 15224
About the Author:
More information about Texas Wills and Estate Planning can be found at Texas Legal Wills where Cindy writes about a variety of additional estate planning issues like Probate Will Texas.
