Wills and Estate Planning 101
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.
Power of Attorney - A power of attorney is a legal document that authorizes somebody to act on your behalf in legal or business matters. A durable power of attorney is a special kind that allows the rights granted to be effective if you become incapacitated due to injury or mental illness. Durable powers of attorney can by financial and medical in nature. A Health Care Power of Attorney is a durable power of attorney that authorizes the appointed agent to make health care decisions for up. The authorization can include the ability to stop life sustaining medical support if it is keeping a terminally ill patient alive.
Living Will - A living will is an advanced directive that spells out your wishes to caregivers if you become unable to communicate them due to incapacity. It can be very specific to certain situations such as not wanting to maintain life support if a physician determines that your situation is terminal. A living will is usually created in conjunction with a Health Care Power of Attorney.
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. - 23162
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.
Power of Attorney - A power of attorney is a legal document that authorizes somebody to act on your behalf in legal or business matters. A durable power of attorney is a special kind that allows the rights granted to be effective if you become incapacitated due to injury or mental illness. Durable powers of attorney can by financial and medical in nature. A Health Care Power of Attorney is a durable power of attorney that authorizes the appointed agent to make health care decisions for up. The authorization can include the ability to stop life sustaining medical support if it is keeping a terminally ill patient alive.
Living Will - A living will is an advanced directive that spells out your wishes to caregivers if you become unable to communicate them due to incapacity. It can be very specific to certain situations such as not wanting to maintain life support if a physician determines that your situation is terminal. A living will is usually created in conjunction with a Health Care Power of Attorney.
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. - 23162
About the Author:
Visit the Texas Wills web site where Cindy R. writes about Writing A Will and other estate planning topics.
posted by X - Men @ 1:13 AM
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