How To Navigate The Complexities Of Estate Planning
Estate planning involves decisions regarding the ongoing well-being of your loved ones and the division of your property and assets after you die. It’s your chance to set parameters like the recipients of your property, what property they receive, and when they receive it. Estate planning can be complex. An experienced, trusted attorney can point you in the right direction, and make the estate planning process easier to navigate. This applies to:
Contrary to what a lot of people think, rarely does the state take possession of your property.
Even if you die intestate (without a will), there is an automatic order of inheritance that goes into effect. It starts with your surviving spouse and any children you may have. From there it’s a complicated breakdown of percentages and living relatives.
The point is that the state works very hard to ensure that your property stays within your family, but it may not go exactly as you would like or would plan. The advantage of having estate planning is that you know exactly where everything is going without conflict.
Why is Estate Planning So Complex?
A will feels like a time capsule. It’s all of the things you’ve picked up throughout your lifetime collected in one place.
Not everything can be placed inside the capsule, of course. Much like in a divorce; a distinction must be made between what is separate property and what is community. While you have the right to divide your separate property as you wish; one-half of your community property remains with your surviving spouse.
It is highly recommended that you invest in estate planning; especially as it regards the welfare of minors and other dependents. Not to mention, your wishes for your own care should lifesaving measures be necessary. Planning for every eventuality helps you have confident assurance that your directives will be followed and that the needs of your loved ones will be met.
In the absence of the appropriate governing documentation and an executor, conflict and disputes can erupt. This is not the outcome or legacy that anyone desires. To avoid it altogether, hire an attorney to help you get the papers in order, to act in your best interest, and make sure that your wishes are carried out.
Stockard, Johnston, Brown & Netardus, P.C. in Amarillo, Texas is very experienced in probate and estate planning. We can help you develop a plan from the very basic to the very complex. Contact the firm today for more information.
- Wills
- Trusts
- Powers of Attorney
- Physicians Directives
- Declarations of Guardianship for minors
- Declarations of Guardianship for later care
- Other planning documents
Contrary to what a lot of people think, rarely does the state take possession of your property.
Even if you die intestate (without a will), there is an automatic order of inheritance that goes into effect. It starts with your surviving spouse and any children you may have. From there it’s a complicated breakdown of percentages and living relatives.
The point is that the state works very hard to ensure that your property stays within your family, but it may not go exactly as you would like or would plan. The advantage of having estate planning is that you know exactly where everything is going without conflict.
Why is Estate Planning So Complex?
A will feels like a time capsule. It’s all of the things you’ve picked up throughout your lifetime collected in one place.
Not everything can be placed inside the capsule, of course. Much like in a divorce; a distinction must be made between what is separate property and what is community. While you have the right to divide your separate property as you wish; one-half of your community property remains with your surviving spouse.
It is highly recommended that you invest in estate planning; especially as it regards the welfare of minors and other dependents. Not to mention, your wishes for your own care should lifesaving measures be necessary. Planning for every eventuality helps you have confident assurance that your directives will be followed and that the needs of your loved ones will be met.
In the absence of the appropriate governing documentation and an executor, conflict and disputes can erupt. This is not the outcome or legacy that anyone desires. To avoid it altogether, hire an attorney to help you get the papers in order, to act in your best interest, and make sure that your wishes are carried out.
Stockard, Johnston, Brown & Netardus, P.C. in Amarillo, Texas is very experienced in probate and estate planning. We can help you develop a plan from the very basic to the very complex. Contact the firm today for more information.