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What Is An Estate Plan, And Why Do You Need One?
An estate plan is an important part of sound financial planning. It determines how your assets will be handled during your lifetime and how those assets will be distributed when you pass away or lose your capacity to make independent decisions. An estate plan also sets forth what will happen to your family members and your business if anything were to happen to you (such as who would care for your minor children, for example).
Tomorrow is never guaranteed for anyone, which is why having an estate plan is so important. Estate planning is a preemptive tool that can enable you to get your affairs in order before unexpected and unfortunate events occur. If you do not develop an estate plan ahead of time, and you do pass away or become incapacitated unexpectedly, Texas intestacy laws – not your wishes – will control what happens to everything you own and everyone you care about via probate or the state’s intestacy laws. Also, your family will have to sort through complex paperwork and legal processes; they will be stressed and may even fight amongst themselves over what you would have desired. Having a valid estate plan created by a Friendswood estate planning lawyer is the best way to ensure that your loved ones will be provided for, no matter what the future holds, and that your hard-earned assets will pass to your beneficiaries in the way you want.
Having an estate plan does not mean having a will and no other estate planning documents. A will by itself will not keep your estate out of probate court. Trusts and other tools such as powers of attorney, healthcare directives, and others can ensure that your estate does not pass through probate, which can be time-consuming and expensive for your surviving family members. Tax benefits and other positive attributes are also associated with trusts. Property deeds, insurance policies, and beneficiary designations are other examples of the types of documents that will need to be included in your estate plan.
Who Needs An Estate Plan? When Is The Best Time To Make One?
There is a common misconception that estate plans are only necessary for “rich” people who have vast wealth and numerous assets. However, nearly everyone needs a plan and can benefit from one – if you own property or if you have dependents, you’re in this category! Particularly if you have minor children, or if you have many different properties, or if you have a family business, it’s extremely important that you get a plan in place as soon as possible, as you have more at stake that needs to be protected. Taking the time to work with a Friendswood estate planning lawyer now can save you and your family time and money down the road.
How Our Friendswood Estate Planning Lawyer Can Help You
Some people think that they can bypass the cost of hiring an attorney by creating their own estate plan using templates or legal advice they find online, but usually this ends up costing them and their families more in the future. Lawyers understand state-specific nuances that generic templates may not take into account; they know the most up-to-date laws, and they know how to customize your documents to your family’s unique life. Without their careful eye and legal guidance, you could make mistakes that will end up rendering your entire plan invalid and useless when your family actually needs to use it.
Call The Law Office of Michelle E. Murphy today to schedule a free consultation and get started. Friendswood estate planning lawyer Michelle E. Murphy can answer all of your questions, get to know your financial situation and family dynamics, and take the burden of paperwork off your plate; she will handle everything for you so you can focus on enjoying the present, knowing your and your family’s future is secure. Her 20 years of estate planning experience can give you peace of mind. Don’t wait! Contact the firm today.
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Ms. Murphy made sure to use all of her resources and did everything legally possible to help me. She fought harder than other lawyers out there and found ways to make everything work in my favor. I really appreciate how she helped me and made me feel at ease under the worst circumstances. I recommend her highly.
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