What Are the Key Parts of Estate Planning?
Many estate plans are made to protect loved ones and provide for their future needs. While you’ve probably been advised to create an estate plan, you may not know what the procedure entails and how to make one. In today’s blog, the Davidson Law Group attorneys outline some essential components of an estate plan and how we can help.
Hire a Qualified Estate Planning Attorney
Estate planning is important and complicated, so hiring an experienced attorney is an essential first step. At Davidson Law Group, our estate planning attorneys will help you create a good plan that protects your assets for the next generation. We offer flexible estate plans, and we maintain collaborative relationships with our clients, so we are working together throughout the process.
Create a Will
If you pass without leaving a will, state law will divvy up your estate. Instead of letting the court decide, write a will that declares who you want to receive your property and list a guardian to care for your minor children in case of unexpected circumstances. A will is an excellent place to begin your estate plan, and our attorneys can help you create a complete will.
Consider a Trust
A trust contains all of your assets, and these assets avoid probate after you pass. A trust involves a trustor, a beneficiary, and a trustee. When you pass, your estate is passed on to your selected recipients. Should you become ill or incapacitated, your trustee can take over. Many different kinds of trusts exist, and our estate planning attorneys will advise you on whether a trust is right for you and which one would be best for your situation.
Make a Power of Attorney
A power of attorney is another important element of estate planning. When you assign power of attorney, you appoint a trusted person as your agent to handle decisions about your healthcare and financial assets in the event of mental incapacity. For example, a durable financial power of attorney has the authority to pay your bills and manage your assets and legal affairs when you can’t. If you have questions or concerns, our estate planning attorneys will be glad to help.
Our Estate Planning Attorneys Are Here for You
At Davidson Law Group, our estate planning attorneys go the extra mile to help you preserve your family assets with careful planning. Whether you want to add beneficiaries or donate some of your assets to charity, we will meet with you to assess your situation. If you live in Texas and you’re ready to start forming your estate plan, contact our offices today in Fort Worth, Allen, or Tyler.