Blog

Today, there are many ways you can go about getting a Will. To ensure your Will accomplishes your wishes while also avoiding the greatest expense and complications, you should consult with an experienced estate planning attorney. This is always the best way to draw up a Will. Online and DIY options often come with unexpected risks. You should draw up your Will as soon as possible and revise it whenever you experience certain life events, such as marriage, having a new child, opening a new bank account, or purchasing new property.

While not everyone needs a Will, it's wise to explore whether it would be a smart investment for you and your family's future. A few benefits of drawing up a Will include choosing how your estate will be distributed, selecting a guardian for minor children, and providing for step-children or other beneficiaries. An attorney will explore with you whether the assets you own can be passed down without a Will or whether having a Will is really key to simple passage of title to assets on your death.

A Will is a key part of an estate plan to make provisions for who receives the property you own on your death, who will be in charge of distributing the property, and who you would like to serve as guardian and trustee if you have minor beneficiaries. Without a Will, the cost of applying Texas Law of Intestacy will be much higher for your family, and your estate may be distributed in ways that don't align with your wishes.

Two terms are used in the state of Texas to describe a deed that automatically transfers title to real estate you own on your death a transfer on death deed and a Lady Bird Deed. The distinction between these two deeds is subtle, but very important. A transfer on death deed requires all beneficiaries to agree to changes made to your estate, even while you're still alive. A Lady Bird Deed gives you the freedom to make changes without the beneficiaries consent. However, it must be drawn up in a specific way to be considered valid in the state of Texas.

Estate planning isn't just for rich or older individuals. Even young, single 20-somethings should start thinking about how their property will be distributed in the event of a tragedy. Drawing up an estate plan is not as much an action you need to take for yourself, but one you should take for your loved ones. There are 4 elements of an estate plan you'll need to draw up: a Will, a Statutory Power of Attorney, a Medical Power of Attorney, and beneficiary designations.

Three key factors that go into making the decision of whether to incorporate or not are; Liability Protection For Personal Assets, Income Tax Pros & Cons, Business Management Pros & Cons.