What Is Estate Planning and Why Do I Need It?
Estate planning is not just for the old and wealthy. Even if you are young and have just a few assets, an estate plan can help minimize taxes, provide for yourself and loved ones and ultimately distribute property according to your wishes when you're gone. As your wealth grows, you can adjust your plan to meet your changing needs and family structure.
Start with a will and a living will, then consider if a trust is right for you
At a minimum, if you care what happens to you and your property in the future, you need an advance directive for medical care (sometimes referred to as a living will) and a last will and testament.
You may also want to learn how to set up financial accounts and trusts to keep property insulated from the probate process, or how to set up a living trust to protect assets from future creditors while still providing for you financially throughout your lifetime. Perhaps you may need a way to manage money or property for family members who don't have a history of managing money responsibly.
Make a list of priorities for your first planning meeting
When preparing to meet with an estate planning attorney, consider which of the following topics are most important to you:
- Setting up trusts for yourself or family members
- Avoiding taxes
- Avoiding probate
- Planning for future medical needs
- Business succession planning
- Charitable giving
- Determining which assets are included in your estate
At Peterson Law Group, we consider the big picture in recommending options to ensure you are taken care of in the future and making sure your wishes are carried out when you're gone. For help creating or updating an estate plan, last will and testament, medical care advance directive or trust arrangements, call an experienced Bryan, Texas estate planning attorney at the Peterson Law Group today at 979-703-7014.
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