Who Needs An Estate Plan?
Who Needs An Estate Plan?
There is often a common belief that estate planning is only for the wealthy because they are the ones that hold substantial assets. However, this is untrue. Everyone should consider asset planning. Even if you do not have valuable art, an expensive home, businesses, or a large Individual Retirement Account (IRA) to pass to your loved ones, you still need a plan in place. You may look at estate planning as a technical act of ensuring your assets go where they are supposed to be, but it is also a loving act that protects your loved ones after you die. Most people do not like thinking of their death, but as an estate planning lawyer Dallas TX will inform you, it is necessary to ensure these two things:
- Your loved ones are taken care of after you die
- Dictate the kind of care you want when you are no longer able to do it yourself.
What Is The Purpose Of An Estate Plan?
Most people spend time planning many things in their lives, like where to go on vacation or a car to buy. A large percentage does not consider how their assets will be distributed after their death. The downside is that you leave behind a family in shock to sort out the mess after you are gone. Here are some reasons to consider estate planning Dallas.
Ensure Your Wealth Goes To The Right Beneficiaries
If you die in Texas without a will, the state gets to decide where everything goes. And when this happens, your assets will go to unintended beneficiaries. But if you work with Dallas estate planning attorneys and create your own estate plan, you can prevent this.
Protect Young Kids
Nobody plans on dying while their kids are still minors. In fact, this is something that all parents dread. With an estate plan, you can decide two things:
- Who will be your kids’ guardian
- Choose a trustee to manage the property your kids will receive,
Without a will, a judge decides on who raises the kids, and sometimes it can be someone you do not approve of. If you are in a blended family, you can also protect everyone by stating what goes to who.
Another reason to consider estate planning Dallas is to avoid probate. It is a lengthy and costly process in which you can save your loved ones.
Who Should Have An Estate Plan
For most people, when they hear the word ‘estate,’ they think of mansions and multiple cars. But that is not what an estate is all about. An estate comprises the property you own. This includes real estate, cash, cars, and any other assets. As long as you have assets that can be transferred to a surviving beneficiary after your death, then you need a formal estate plan. The good thing is that a Dallas estate planning lawyer can help you with all the legal documents you need to ensure that your wishes are met.
How Your Attorney Can Help
You may assume that estate planning Dallas Texas is not complicated, and you can handle it on your own. However, most people make mistakes that sometimes lead to contested wills or the wrong person being a guardian for your kids. Here is what an attorney will do for you:
- Draft your last will and testament
- Plan living trust
- Help prevent the probate process
- Help in making financial plans to prevent estate taxes
- Let you know whether you need to update your estate plan.
A good attorney is familiar with laws regarding estate planning Dallas TX. With one on your side, you can ensure that your loved ones will be taken care of.
Now that you know what an estate planning lawyer can do for you, contact us at Vermillion Law Firm LLC. We are located in Dallas, Texas, with a team of skilled attorneys. No matter the assets you own, you can still decide how you want them to be distributed after your death.