9 things you need to know about estate planning
San Antonio citizens of all ages and levels of wealth should have an estate plan in place. Here are 9 things you need to know about estate planning.
- Whether you know it or not, you have an estate. It’s comprised of everything you own, from your car and your home, to your checking and savings accounts, and all your personal possessions.
- If you don’t have an estate plan in place, when you die or become disabled, the state of Texas will distribute your assets for you depending on probate laws already on the books.
- Having an estate plan in place is the best way to have your heirs pay the least amount of taxes, legal fees and court costs.
- Estate plans are valuable to have in place when you die. They are an effective means to have your wishes carried out if you become disabled or incapacitated.
- Having a will in place is only part of the estate planning process. It does not avoid probate.
- The best asset protection and transfer mechanism for most people is a revocable living trust. It helps families avoid probate, prevents court interference and provides the most privacy. It is also valid in every state and can be changed at any time to reflect the changes in a family’s dynamics.
- Trusts can be held in place after your death until beneficiaries reach the age you want them to inherit assets. It can also protect your assets from beneficiaries’ spouses, creditors and poor spending choices.
- With the help of an attorney, an estate plan can keep all of your estate documents in a single, easy-to-find and easy-to-use document to minimize confusion when you pass away.
- The Voeller Law Firm proudly serves San Antonio, Bexar County, Schertz, Garden Ridge and nearby Texas communities.