We often don’t think about what will happen once we pass away. Dying, after all, isn’t usually a pleasant thing to think about. However, if you have a family and assets, you need a plan that protects them in the event of your death.
With a comprehensive estate plan, you can ensure that your and your family’s future is secure. You can feel confident about your family’s financial security, knowing that you’ve created a solid plan.
Need help creating an estate plan? Have questions about the process? Contact an East Downtown (EaDo) estate planning attorney from Stafford Law firm. Get started on your estate plan today.
East Downtown is a little over two miles from Houston, TX, and it houses almost 4,000 Texans. While EaDo is an extension of Houston, it is its own bustling community. The median household income for EaDo is $94,173, while the median individual income is $59,871. EaDo is a wonderful neighborhood with a median home price of $402,320.
These may just seem like numbers to some, but this information shows that EaDo is a thriving community with residents who have assets worth protecting.
If you live in the EaDo area and you’re interested in securing your family’s future, then it may be time to create an estate plan. Contact the reliable EaDo estate planning attorneys from Stafford Law Firm to get started.
Estate planning is an ongoing process that sets your family up for success when you’re no longer around. It’s as unique as you are and can include various tools.
Because of that, our team offers comprehensive estate planning services so you can hand-select the tools that make sense for your family.
Here are just a few estate planning matters we can help you with.
Wills are a great starting point for your estate plans. In your will, you can designate guardians for minor children, select beneficiaries for your assets, and even dictate your wishes for burial arrangements.
Keep in mind, however, that wills do not provide asset protection, which means they’ll need to be used in conjunction with other estate planning tools to cover all the bases.
Trusts are fiduciary arrangements that allow a third party (trustee) to hold assets on behalf of a beneficiary. When you set up a trust, the trust becomes the owner of those assets and the trustee, the manager, until you pass away or become incapacitated.
Creating a trust allows you to protect those assets from probate and have more autonomy over how and when they’re distributed.
Part of estate planning is planning for the unexpected, like if you become badly injured or sick. In situations like these, your loved ones and doctors will need guidance on what healthcare treatments you want, what life-saving measures you would or wouldn’t prefer, and other decisions.
These aren’t decisions you want your family to have to second-guess about. And when you can’t speak for yourself, healthcare directives allow you to outline your wishes beforehand.
Power of attorney documents allow a third party (agent) to act on your behalf in your absence. If you were temporarily disabled, incapacitated, or taking an extended trip, these documents allow that third party to step in and make important legal, financial, or healthcare decisions for you.
Without these documents, the court could decide who should make these decisions and, depending on the circumstances, end up stripping you of your rights altogether.
Probate is the process of rounding up your final affairs in court. This includes collecting, managing, and distributing your estate. It can be costly and time-consuming, dragging your loved ones back and forth to court to determine what should happen with your estate.
With proper planning, it might be avoided. However, when necessary, surviving loved ones can count on an experienced estate planning attorney knowledgeable in probate law to walk them through the probate and estate administration process.
Planning your estate is an emotional process. We never want to consider what life would be like without us around. But at Stafford Law Firm, our attorneys can help you plan your estate, protect your assets, and give you peace of mind for the unexpected.
Our other legal services include:
Are you ready to take the next step in planning your estate?
Contact a TX estate planning attorney at our law office to schedule a complimentary estate planning consultation.
Creating an estate plan means your assets will be protected. More importantly, it means that your and your family’s future is safe. Everyone has assets worth protecting. You can secure your valuables by setting up an estate plan.
Do you have assets you want to protect? Do you want to secure your financial stability? Start developing your estate plan with the help of one of our Houston estate planning attorneys serving the EaDo area.
Contact Stafford Law Firm today to get started. Our office is located at 9601 Katy Fwy Suite 470, Houston, TX 77024.
Some think that having a will protects their family from probate. However, this is a misconception. A will is beneficial, but most estates have to go through probate regardless of whether or not the decedent created one. Having a will does help your executor complete probate easily since they’ll know how to distribute your assets.
If you want to avoid probate, you can create a revocable living trust. A revocable living trust is a document where you can distribute your assets to your heirs. Trusts don’t have to go through probate, so your assets can go to your beneficiaries immediately.
Wills and trusts are similar, but they have different purposes. A will is a document that explains exactly how you want your assets to be distributed once you die. Your will may include your executor and instructions for your funeral.
A trust is an arrangement that allows you, the grantor, to transfer assets to a trustee. A trust defines the trustee’s ownership to the assets and how they should handle the distributions. The trustee must manage the assets as defined in the trust. Trusts are effective once the trustee transfers the assets, while wills become effective when the decedent dies.
If you cannot make and convey your own decisions, an advance directive outlines the kind of medical and personal care you would choose. Your advance directive can indicate who will represent you in decision-making and communication and what to do if you go into a coma.
What’s great about estate planning is it’s tailored to your family and financial dynamic. Therefore the costs of estate planning will depend on the amount and type of assets you have and the kinds of tools and legal services that would be most beneficial to you. During your free consultation, you can ask your attorney about legal fees.
Probate is the process of carrying out your will and handling your estate once you pass away. An executor fulfills this process, and some of their duties include appraising your property, paying off your debts, and distributing your assets to beneficiaries. Probate can be overwhelming and time-consuming. Thankfully, a probate lawyer can help make it a lot more simple.