What Is Estate Planning?
Estate planning is, at its essence, simply the plan for how you wish your assets to be distributed upon your death. A common misconception is that estate planning is for older or wealthier individuals; however, everyone can benefit from estate planning. Your College Station estate planning attorney can help you develop a plan that reflects your desires and helps your heirs avoid costly estate taxes.
Components of Estate Planning
Your College Station estate planning attorney can attest that, regardless of whether one owns just a few assets or have a large estate, most everyone wants to have some control over how these are distributed after their death. Estate planning also provides for such time as the grantor (the owner of the estate) becomes incapacitated and cannot make decisions on his own.
Estate planning can be quite complicated, so it is in your best interests to work with a College Station estate planning attorney who can help you understand all your options and decide what is most appropriate to your needs. The basic components of estate planning are:
- Living wills
- Healthcare proxies
- Power of attorney
The first two of these components are designed for directing distribution of assets and other matters such as avoidance of probate and estate taxes. A trust can, for instance, control payment of your estate to a beneficiary who is not financially responsible. It might, for instance, pay him or her a certain amount per month.
The other three are concerned with making financial and medical decisions on your behalf. For instance, if you do not want extraordinary means used to revive you if you become incapacitated, a living will specifies precisely what measures you are willing to accept, and which you are not.
Work with a College Station estate planning attorney to Plan Your Estate
A clear and up to date estate plan is essential for anyone who is concerned about how assets will be distributed once they die. A College Station estate planning attorney at Peterson Law Group has the experience and understanding of the finer points of estate planning to provide you with a high quality of assistance. Call 979-703-7014 today to arrange a consultation.