Estate Probate Lawyer: Estate Planning Is Not Scary but Failing to Plan Can Be a Nightmare8/15/2022 Estate planning is usually the last thing on our minds, especially if we’re young and healthy. Unfortunately, tragedy can strike us at any moment. Accidents and healthcare emergencies can emerge often out of nowhere. In the midst of a global pandemic, this is all the more relevant. Many people have never heard of an estate plan or don’t understand how it differs from a will. An estate plan includes a will — but that’s not where it ends. It’s a guide to distributing all your assets and protecting your family in case you pass away or become incapacitated. In addition to a will, you should also determine:
As a Houston estate probate lawyer, I’ve witnessed the consequences of failing to plan — which often burden a deceased person’s family. Regardless of what stage of life you’re in, here’s why planning your estate is a wise choice. Why You Need an Estate PlanThe consequences of not having an estate plan can be far-reaching for your family members and loved ones. Lacking an estate plan can lead to an unwanted distribution of your assets and disputes among family members. Estate Plans Protect Your End-of-Life WishesIn the case that you become incapacitated without an estate plan, several things can happen. If you’re in a coma or otherwise unable to make decisions, the state will choose who makes health care decisions for you. Your family will often be the ones responsible for making the heavy decision of whether to keep up with life support costs. Estate Plans Implement Your Wishes After You PassIf you don’t settle your wishes in legally enforceable writing and documentation, the state of Texas is free to decide what happens to your estate. Your assets don’t go to the government, but the law does decide who gets a piece of your estate and how much they receive. Without any sort of legal plan in Texas, your estate will primarily go to your spouse and surviving children. With no spouse or children, it goes to any surviving parents. Estate Plans Prevent Legal Disputes Among Loved OnesArguments and legal battles among loved ones are a common occurrence. Fights often ensue over who gets a piece of your money, belongings, and assets. Relatives can even sue your estate if they feel entitled to an inheritance they didn’t receive. Such disputes end in tension and can even end up breaking your family apart. The last thing you want to be worried about is how your family will fare financially after your passing. With an estate plan, you can give your loved ones one less thing to worry about in the wake of your passing. Texas Laws on Estate PlanningThe state of Texas has its own laws surrounding estate planning. In Texas, there is no state estate or inheritance tax, but there is still a federal tax for highly-valued estates. Without these taxes, the complications of the estate planning process are greatly reduced. Texas also does not require probate for estates that are valued at less than $75,000. Furthermore, it is important to keep in mind that Texas recognizes common-law spouses, as well as adoptive and illegitimate kids as having equal inheritance rights with legally married spouses and legitimate children. These are a few of the nuances of how Texas estate law can impact your estate plan. Understanding how estate planning works in the state of Texas and Houston is very important in helping ensure that your plan is foolproof. The Benefits of Estate PlanningA person’s estate plan is not just beneficial for them, but also for their family. Planning for the future is a way to ensure that the family is going to be protected even after unexpected events happen. The benefits of having a comprehensive estate plan include the ability to avoid probate, provide for your family, protect your assets, prepare for incapacitation and ensure your loved ones are cared for. Planning for your estate ensures that you and your loved ones are well taken care of. Estate planning lawyer Whitney L. Thompson has the knowledge and experience to assist you in drafting a legal and comprehensive estate plan. Get in Touch with an Estate Probate Lawyer TodayWhether you need to create an estate plan or update it, I can help. Contact us today so we can discuss your goals and come up with a solution for your estate plan. Via https://www.wthompsonlaw.com/why-you-need-an-estate-plan/
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About UsHouston, Texas estate planning attorney The Law Office of Whitney L. Thompson is here to help with estate planning needs including trusts, wills, guardianship, and Medicaid planning. Attorney Thompson works hard to represent her client and ensure that they receive the best outcome possible. Call 281-214-0173 to schedule a consultation. ArchivesNo Archives Categories |