Estate plans contain several different important documents, each designed to ensure that your estate is secure and your family's future and legacy is in good hands. While many people use wills to list their assets and inheritors, trusts can be just as effective.
If you are considering using a trust in your estate plan, here are just three benefits that come with creating a trust.
With a new baby and a bright future ahead, estate planning is likely one of the last things on your mind. However, this is actually one of the most crucial times to think about what will happen when you die. You’re a provider, and you need to have a plan in place to support your dependents.
As a parent, you don’t want to leave your spouse or your child to deal with the complicated process of probate or to make decisions while grieving. The best thing you can do for your family is to plan in advance.
It may feel uncomfortable for you to think about the medical care you may need in the future. But as you start the process of estate planning, you will want to include directions for your healthcare. An advance healthcare directive lets you choose your medical care. It gives your loved ones instructions if you can no longer communicate.
Texas provides a few different documents for advance directives:
A will is chock-full of intensely private information. You’ll discuss all of your wishes in it, including who should oversee your finances, which assets you will pass on to whom and what to do if you should need life support at some point.
But the reason for writing these preferences is so that others will know them when the time comes. So, doesn’t it make sense to share the details of your will before you’re gone?
The reason so many people enjoy the calendar flipping over to a new year is because it is a chance to try new things and make your life better for the coming year. It is also a time to do the things you have been planning to do for a while now and never got to. One of those items should be to get your estate planning started.
Are you confused with the term power of attorney? Did you know there are even different types of powers of attorney? The good news is there is nothing too difficult to understand or comprehend when it comes to what a power of attorney does.
A power of attorney is when you appoint another person known as an “attorney-in-fact” or “agent” to have legal authority to be in control of your affairs if you happen to become incapacitated. The person who appoints the agent is called the “principal.” The principal can decide on how much powers the agent will have. An agent may only be given the authority to make a decision on just one issue or they can handle a wide range of the principal’s financial or health matters.
When planning your estate’s future, you might require assistance to ensure the longevity of your property. You can hire different people who specialize in aspects of estate planning you may have difficulty understanding. You could hire financial advisers to aid you in planning investments or estate planning attorneys to help you any legal issues within your will.
An important role to consider when assembling your team is a certified public accountant (CPA). These detail-oriented workers can use their financial insight to prepare your estate for a wide assortment of events that could happen in your lifetime. Here are a few areas they can help you in:
How should wealth be distributed among family? Which is the best path to take? It is a simple question with a complicated answer.
Do you know the difference between wills and trusts? Do you know whether you need one or the other, or both?
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