Everyone has someone or something to protect, whether it’s the wealth you’ve accrued over the years, a sentimental item, or your family. But have you ever thought about what will happen to your assets and your family once you’re gone?
We understand that thinking about dying isn’t pleasant, but planning for life after death can help protect your surviving family. That’s where estate planning comes in.
With an effective estate plan, you can ensure that you’re taken care of near the end of your life and that your family remains financially secure after you’ve passed away. You can also protect your valued assets by giving them to people you trust one day.
Consult with an Energy Corridor estate planning attorney from Stafford Law Firm today to get started on your estate planning needs.
The Energy Corridor District is a connection to Houston, TX, and it is an economic hub for its 18,666 residents. Energy Corridor boasts an average household income of $121,836 and a median household income of $73,676. Additionally, the total number of households in this district is 15,358.
Energy Corridor is home to many innovators and business owners, making it a prime area for businesses from small start-ups to large corporations. As its name suggests, the Energy Corridor district has several large energy companies and engineering firms.
Energy Corridor is a bright community that has so much to offer to Texans. Each resident has something they value or want to protect, which a comprehensive estate plan can achieve.
Interested in creating an estate plan? Don’t settle on just anybody. Get in touch with a Houston estate planning attorney serving Energy Corridor from Stafford Law Firm.
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 ways we can help you.
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 can be avoided. However, when necessary, surviving loved ones can count on an experienced probate attorney to walk them through the probate 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 Stafford Law Firm to schedule a complimentary estate planning consultation.
Many people put off estate planning. They may think it’s unnecessary at their age, or they may not like thinking about life after death. Even though estate planning can be overwhelming, it helps you create a safe and secure future for yourself and your loved ones.
Starting the estate planning process is as easy as consulting an Energy Corridor estate planning lawyer from Stafford Law Firm. We will help you develop a plan that fits your and your family’s specific needs.
While a will and a trust seem like similar estate planning documents, they serve different purposes. Without a will, your assets may not be distributed how you’d like them to be. A trust is a great tool for avoiding probate, so it’s beneficial to have both a will and a trust.
A revocable trust can be changed or altered. This is helpful because you may want to revise the conditions of the trust as life goes on. Meanwhile, an irrevocable trust cannot be changed once it’s finalized. Irrevocable trusts are useful because they avoid some estate taxes.
There is no set age that’s required for estate planning. If you have assets you’d like to protect, then it’s helpful to have an estate plan. Another guideline is to create an estate plan before you get too old to make one or before you need someone to take care of you. You never know when something will happen to you, which is why it’s best to start planning as soon as you can.
A general rule of thumb is to update your estate plan every three to five years. Additionally, you should revisit your estate plan after a major life event, such as getting married, having a child, or moving to a different state. Your needs will change as you progress through life, so it’s important to update your estate plan every once in a while.
If you don’t create a plan for yourself and become incapacitated, your family members or close friends can petition a court to appoint a guardian. This means you’ll be taken care of even if you don’t make an incapacity plan. However, someone could be appointed your guardian that you wouldn’t have wanted to care for you, which is why estate and incapacity planning is so important.