Austin Probate Lawyer

Top Things to Know About Estate Planning

1. No matter what your net worth happens to be, an estate plan is a good idea. An estate plan that includes such things as wills ensures that your family and financial goals are met after you die.

2. There are several elements to an estate plan. These elements include a will, assignment of power of attorney, and a living will or healthcare proxy. A healthcare proxy is the medical equivalent of power of attorney. For some people a trust is useful. A trust is an entity created to hold money or other assets for the benefit of certain people or entities, such as a school or charity, that is cared for by a trustee. Federal and state laws should be kept in mind whenever an estate plan is being developed.

3. The best place to start an estate plan is by taking inventory of any and all assets. Assets include your investments, a retirement savings plan, insurance policies, and real estate or business interests. While inventorying your assets, three questions need to be kept in mind. These three questions are:

• Who do I want to inherit my assets?
• Who do I want to handle my finances if I’m ever incapacitated?
• Who do I want to make medical decisions for me if I become incapable of making the decisions myself?

4. Everyone needs a will. Regardless of whether or not there is an estate plan in place, everyone needs at least a will. A will tells the world exactly where you want your assets to go when you die. Even if you have a trust, you will still need a will to take care of the distribution of any assets not in the trust.

5. Trusts, despite the impression held by society, are not meant for just wealthy people. Trusts are legal mechanisms that allow people to put conditions on how people get your assets after your death.

If you or someone you know is in need of assistance in creating an estate plan, contact a Probate Lawyer at Slater, Kennon & Pugh LLP in Austin for help and guidance.