Benefits of Estate Planning
Estate Planning Lawyer
Probably the largest error that can be made in estate planning is to not have any plan at all. A common misconception is that estate planning is only for those that are extremely wealthy. Whether you have a large estate or not, all your property, including a bank account, vehicles, household goods and life insurance are part of your estate. If you want your assets to go to your spouse or your children, you need estate planning. If you want to ensure your children are properly looked after when you pass away, you will want estate planning.
Estate planning need not be complex or even something that consumes vast amounts of your time. If it is done by an experienced Houston estate planning lawyer, it may bring about peace of mind regarding your future. Large, traditional law firms can frequently be very expensive. Sometimes people choose to download a will, trust or other legal documents from the Internet. Unfortunately, these documents are not customized to your individual needs and can be legally unenforceable.
What can estate planning do for you?
While estate planning can cover a vast array of items, some of the most basic advantages are:
- You can decide who will take care of your children should you pass away. The alternative is to have a court decide this matter for you
- How you want financial matters to be handled and who handles them can be specified by you and these instructions must be followed
- You can ensure that any property you leave behind goes to your spouse, your children or any others you desire
- If you want to take care of someone who is disabled, a special needs trust can be established to handle this
- You can prevent or ease strain on surviving family members by planning your funeral arrangements in advance
- Estate planning can get benefits distributed promptly and without the strains that can accompany this process
- Good estate planning can reduce the expenses involved with closing out your estate and getting the assets to your benefactors
- Taxes on your estate can be reduced with competent estate planning
- If you should become incapacitated, the managing of your medical and financial affairs can be worked out in advance.
- You can ensure that a business that you own continues to operate smoothly and to the advantage of your benefactors
There are many other benefits to estate planning that I would like to discuss with you. It can be a wise investment, knowing that your loved ones will be properly taken care of in the future.