There are a number of reasons that people create estate plans. By taking the time to plan your estate you will also be able to:
Leave an Intentional Legacy to Your Family
If you want to make sure your spouse is taken care of when you die and that there are no complications, unnecessary legal issues or unexpected expenses and delays or if you want to ensure that your children’s upbringing and education are assured, a proper plan can ensure that your legacy is intentional and effective.
Quickly Disperse Property to Beneficiaries
There are a number of options that an experienced estate planning attorney can walk you through to help ensure that your property passes quickly and without complication. Arrangements can be made to help your family avoid the probate process, which is the legal process by which the court is asked to approve your will and the distribution of your assets. It can sometimes be a costly and lengthy process and options include living trusts, enacting and updating proper beneficiary designations, insurance policies, updating property titles and taking advantage of other laws that can simplify and expedite the transfer of your assets according to your wishes.
Choose Executors/Trustees for your Estate
Choosing competent people to be in charge after you are gone and giving them the necessary authority will save money, reduce the burden on your survivors, and simplify administration of your estate.
Justin T. Crain is an estate planning attorney in the Plano, Texas office of Thomas Walters Estate Planning where he provides legal services including Wills, Trusts, Gun Trusts, Guardianship Administration, Probate, Estate Administration, Medicaid Planning and Nursing Home Planning to those in the surrounding areas of North Texas.