Estate planning can be crucial for the future

For people in Texas concerned about providing for their loved ones and preparing for the future, estate planning is a must. This process involves the creation of certain documents, like wills, trusts and powers of attorney, in order to arrange for how a person's assets will be handled through their life and after death. It can also address key concerns like how decisions will be made on key matters like healthcare or finances in case a person is incapacitated. While many people recognize just how important it can be to draw up an estate plan, 55 percent of Americans do not have the most basic document: a will.

When people steer clear of estate planning, they wind up leaving the decisions about their assets and their loved ones in the hands of the state and probate court. Assets of people who die without wills are passed according to state intestacy laws, and probate court fees can eat up a portion of the estate as well as delay its disbursement. By working on an estate plan, a person can create a will as well as trusts and powers of attorney that can establish a strong plan for management of their assets.

In addition, estate planning can help people to pass more of their assets to their loved ones more quickly. By preparing for non-probate transfers through life insurance, trusts and jointly owned property, heirs can receive the estate immediately without it being tied up in probate court. People can also use the process to help save on taxes, benefiting both themselves and their heirs.

When people are thinking about the future, an estate planning lawyer may help make their plans concrete. An attorney may work with people to prepare wills, trusts, powers of attorney and other key documents to create a framework for an orderly, effective transfer of assets to their beneficiaries.

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