What Is Estate Planning In Texas? Who Needs It?
Everyone needs an estate plan. There is no reason anyone in Texas should die without a will. The process can be simple and not that expensive. An estate plan is so important that I offer my services for as low as $750.00 per individual for a Will, Power of Attorney, Medical Power of Attorney, Medical Directive, HIPAA Release, and Children’s Medical Power of Attorney.
Do I Need Other Components Of An Estate Plan If I Already Have A Will?
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 created trusts for specific purposes such as to fund college education. 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 other states, trust planning is often used to avoid an arduous probate process. With an independent administration in Texas, the probate process does not need to be a reason to create a trust. The federal estate tax exemption is currently so high that it effects very few people minimizing the need for trust planning 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 the client requesting the information, I need to prepare their will.
If both parents die prior to their children reaching a designated age, a contingent trust is created in their will to designate an individual to manage the children’s financial affairs until they reach a designated age. The designated age is determined by the client based on their perception of their children’s financial responsibility.
How Often Should I Give My Estate Plan A Check Up?
An estate plan should be updated at a 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. I offer this service at no cost to the client. If the client wants to keep their original will, I recommend maintaining 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. Your loved ones, the people you value and treasure the most, will be so appreciative in their time of grief that you have a proper estate plan in place. 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 $750.00 the Law Office of Seth K. Bell will draft an estate plan that fits your needs and details your wishes.
For more information on 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.
Call Now For A Free 30 Minute Consultation