What Is Estate Planning In Texas? Who Needs It?
Everyone needs an estate plan. There is no reason anyone in Texas should ever die without a will. The process can be simple and inexpensive. An estate plan is so important; and I feel strongly that everyone should have one in place, for their security and the security of their family. I am committed to helping people prepare for their futures, so I offer my services for as low as $750 per individual, for a Will, Power of Attorney, Medical Power of Attorney, Medical Directive, HIPAA Release, and Children’s Medical Power of Attorney.
Other Components Of An Estate Plan You May Want To Consider
The other components to an Estate Plan prepared by my office are a Power of Attorney, Medical Power of Attorney, Medical Directive, HIPAA Release, and Children’s Medical Power of Attorney. These documents are effective during your lifetime.
Over the years, I have also created trusts for specific purposes, such as to fund college education, etc. For high net worth individuals, trusts are used to minimize the value of an estate prior to death, and to gift money and assets to family members or charities during the individual’s lifetime.
In states other than Texas, trust planning is often used to avoid an arduous probate process. With an independent administration in Texas, the probate process is not typically a reason to create a trust. The federal estate tax exemption is currently so high that it affects very few people, minimizing the need for trust planning as a means to reduce the value of an individual’s estate. Texas has no state estate tax.
What Issues Or Matters Can All Be Addressed In A Will?
A Will primarily details your wishes with respect to your possessions, and designates a person you trust to manage the probate process. I provide a very short questionnaire to all my clients who have requested information in regard to the preparation of a will.
Parents & Children: A contingent trust can be created in a will to designate an individual to manage a child’s or children’s financial affairs until they reach a designated age in the event that both parents die prior to their children reaching the designated age. The designated age is determined by the client based upon their perception of the child’s or children’s financial responsibility.
How Often Should I Give My Estate Plan A Check Up?
An estate plan should be updated, at minimum, every 10 years. Your estate plan should also be updated when you have children or additional children, a significant change in financial condition, or a change in marital status.
What Is The Best Place for Me To Keep A Will?
My office maintains most original wills we draft. I offer this service at no additional cost to my clients. If a client wants to keep their original will, I recommend storing it in a safety deposit box.
Additional Information On Estate Planning In Texas
Every person regardless of age, health, or wealth needs to have a proper estate plan in place. If you die without a will, the laws of the State of Texas arbitrarily determine the disposition of your property. The people you value and treasure the most, your loved ones, will be appreciative that you have a proper estate plan in place that makes it easy on them during their time of grief.
No one knows how long they have to live. An illness, catastrophic injury, or unexpected death could occur tomorrow. Are you prepared? For as little as $750, the Law Office of Seth K. Bell will draft an estate plan that fits your needs and details all of your wishes.
For more information on the Estate Planning Process In Texas, a free initial consultation of 30 minutes is your next best step. Get the information and legal answers you are seeking by calling (210) 987-3333 today.
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