The Basics of Planning for Your Estate

The Austin estate planning can help you understand the legal issues that need to be done regarding your death or incapacitation.

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An estate plan is a compilation of essential legal documents that are created for the purpose of protecting you, your heirs, and your properties. Majority of estate plans basically include the Will, Living Will, Living Trust, and the Durable Powers of Attorney. Each of these legal documents serves different important purposes which you should constantly review and update most especially during instances when there are new changes in tax and probate laws and also after occurrence of major life changes such as divorce, marriage, birth or death of a child, or presence of illness.

We refer to an “estate” as a legal word that can be used to describe the cumulative collection of your properties, belongings, and other assets. Specifically, an estate can mean a collection of your home, retirement accounts, cars, personal bank and checking accounts, cash, investments, family heirlooms, etc. Moreover, your asset can also include your own physical body. In short, when your plan for your estate you also plan your entire life and a portion of your love ones.

The Will is a type of legal document that directs what you really want to be done with your body and properties should you die. The Will is a very personal document and its terms can vary from one person to another. Typically, a Will should be able to describe who you would want to receive your properties, who you would want to become legal guardians of your children, and how and where should your body be placed. After your death, your Will shall be placed under probate and will be reviewed by the probate judge who will determine which instruction and wishes will be granted and which properties will pay a certain amount of probate.

The Living Trust is another kind of legal document that can help you to avoid probated and usually take effect while you are still alive. Most of the time, probate can take a very long process which can also be very expensive and avoiding it should be one of the desirable goals of this particular document. By creating a Living Trust, it means that you are transferring a portion or all of your assets to your appointed trustee, who in turn will oversee the care and management of your properties. Also, in the Living Trust, you also indicate and provide instructions to the trustee if how should you want your properties distributed among your beneficiaries. All properties that are owned by the Living Trust have a greater chance of avoiding the probate process.

The Austin Estate Planning will see to it that all your estate planning documents will be ready as soon as you want them. They are a group of financial advisors, lawyers, and accountants who are very skilled and experienced in dealing with probate, tax laws, and all kinds of estate planning documents. Should you want to have your financial and health care affairs prepared and put into place, you may contact the Austin Estate Planning as soon as you are ready for it.

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