The Three Primary Reasons for Estate Planning
There are three simple reasons to engage in estate planning:
Reason One: To ensure that the material assets acquired in your life, whether grandmother’s wedding ring or funds in a bank account, are distributed to your family members and others based on what you want and not based on the Texas Intestacy Statutes. These state laws, which apply when there is no will, are a one-size-fits-all solution on how assets are distributed to others that may or may not reflect your wishes.
Reason Two: To minimize the financial cost of settling your affairs. Those costs include the cost of judicial proceedings known as probate or guardianship, possible federal gift and estate taxes, and creditor claims against your estate and against those who receive a share of your estate. Creating the right will and other needed documents can ensure proceedings costs and taxes are kept to a minimum.
Reason Three: To give guidance and peace of mind to your loved ones as they take on the responsibility of carrying out your wishes. This guidance and the peace of mind provided by a well-crafted estate plan are equally important not only at death, but when unforeseen events or the later stages of life may make it hard, if not impossible, for you to express your wishes.
If you have been postponing estate planning, I would invite you to call me today so that we can discuss protecting you and your loved ones by advance planning.
Joe Gagen is an outstanding estate planning attorney who consistently displays all of the qualities that are important – knowledge of the applicable law, thoroughness, attention to detail, empathy and absolute integrity. I highly recommend him for anyone in need of estate planning and administration services.
5 Star Google Review – K.K.