An estate plan is a way of securing your finances and assets in the event that you are unable to do so due to disability or death. Estate planning is not only for the rich and famous as perceived by many. It is for everyone who owns anything of value, whether it is a personal, material, or financial asset. If you are not proactive in securing your family’s future, the courts will take it upon themselves to appoint guardianship. Your spouse ends up with a portion of what they may be entitled to. The children’s portion is controlled entirely by the court.
Most people are familiar with a living will. It provides a set of instructions for the probate courts to allow execution of when you are no longer able to make sound decisions. This will provide you and your family with a sense of security and stability. It will also ensure that your personal treasures are distributed the way you want them to be.
A revocable living trust is a popular choice amongst families and professionals. It provides the most sense of security and privacy. These usually don’t have to go through the probate court system to have your wishes implemented. You are in full control even after death. You could set dates and conditions for the beneficiaries of the trust. It will be recognized across the United States.
You should begin planning for the future of your assets and loved ones now. Organize all your legal documents and ownership titles. Research various life insurance options. Select a power of attorney that will step in when you could no longer make decisions. Jackson Law Firm is experienced in handling sensitive matters. An attorney is always available to answer questions. Call (512) 528-1900 for guidance and assistance.
Estate planning is a crucial step for a person to take. The estate planning process can include the creation of what is known as an irrevocable life insurance trust. There are a variety of benefits that can be realized through establishing an irrevocable life insurance trust. Creating an Irrevocable Life Insurance Trust The creation of […]
In the state of Texas, an estate is defined as all of the assets that a person owns at the time of his or her death, including cash, life insurance, stocks, bonds, real estate and other types of assets. When someone refers to the probate of a person’s estate, that would be the process by […]