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Why start an estate plan

On Behalf of | Jan 5, 2022 | Estate Planning |

Estate planning in Texas shouldn’t be delayed if you want your wealth to continue once you pass. Your estate plan, however, doesn’t just include what you now own. You must also anticipate what the courts will do with your possessions. Each day that you own financial assets without an estate plan, you leave your life’s work subject to the risk of loss. Estates that have no plan or strategy get administered by a public court and not the personal wishes of the deceased.

Assessing liabilities

Estate planning consists of analyzing what your risk, debt or tax liabilities are. Even in many divorces, taxes have the potential to reduce your assets’ values. The same is true when a person dies. The liabilities a person leaves behind reduce the value of their estate.

Choosing beneficiaries

Estate planning allows you to choose who receives your assets or entire estate. Deciding on beneficiaries might call for more strategic planning than you now realize. One of the central challenges you have is in being equitable. Not all heirs will see an inheritance how you see it. Be considerate because only beneficiaries who’re content won’t challenge your entire estate.

Writing trustee orders

There are over 10 types of trusts to consider when estate planning in Texas. For each, you have the right to specifically choose a trustee. This person helps your estate by managing your assets based on the written stipulations you give them.

Estate planning in Texas

Reducing or eliminating taxes must be a central focus for estate owners. The more you plan, the more you can grow wealth and protect your assets over a lifetime.