Do I Need an Estate Plan?
If you have an opinion about what happens to you and your property if you become incapacitated and when you eventually pass away, then the answer is yes, you need an estate plan.
Your estate includes everything you own, including partial interests in property. A comprehensive estate plan can provide for your care if you are incapacitated, direct the distribution of your assets when you die and minimize tax liability by avoiding the probate administration process for some of your assets.
To accomplish your goals, your plan may include a number of components in addition to your will, such as an advance directive for health care, a durable power of attorney, and one or more trust vehicles.
One of our experienced estate administration lawyers can recommend options to ensure your future care, ease probate administration and minimize tax exposure. Some of the factors you should discuss with your attorney when preparing your estate plan include:
- Trust options
- Tax implications
- Medical planning
- Business planning
- Family impact
- Friends you may want to include in your planning
- Charitable organizations you may want to include
- Your assets
- Your future financial needs in the event you become incapacitated
- Your future medical needs
If you need help creating or updating your estate plan, will, medical care advance directive or trust arrangements, contact an experienced Bryan, Texas estate planning attorney at the Peterson Law Group. To schedule a consultation, call us today at 979-703-7014.
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