When Should I Begin Estate Planning?

Winters Law Firm has an experienced Estate Planning Attorney who will guide you in making the best decisions for you, your family, and your loved ones. We can help you create a tailormade estate plan just for you in the following areas.

1. Wills, A last will and testament is a traditional document that is included in most estate plans. It is usually the main component of the estate plan for most people. The will contains directions from the deceased about how they would like their assets distributed, along with burial arrangements, guardianship of minor children, and sometimes a trust. An attorney experienced in wills and estate planning can help you create a will that will put your mind at ease.
2. Trusts, A trust is another document in which a person assigns a trustee of their assets with directions of how those assets are to be distributed and/or used. This trustee oversees the person’s assets in the event that they become unable to do so themselves. An attorney who is an expert in Trust Estate law can help you make the responsible decisions that will secure your family’s future and help you keep peace of mind.
3. Advanced Estate Planning. Advanced Estate Planning are strategies used by those with substantial assets in order to ensure that as much of their assets as possible stay in the estate and not go to the IRS or taxing authorities. Contact a Local Estate Planner at Winters Law Firm to help you curate the perfect estate plan for you.
4. Estate Tax Planning. A good Estate Law Firm will also guide you with estate tax planning. An experienced Estate Plan Settlement Attorney will stay current in estate tax laws and will help you create or re-create a plan for you based on current law.
5. Planning for Children. If you have children, an estate plan is a must-have. You want to be sure that your children are well-cared for financially, mentally, and emotionally. We will create a plan that that states your children’s guardian and possibly a backup guardian. If you plan to leave assets for your children, we will also create a trust that specifically states who will oversee those assets and how and when your children receive those assets. A trust might become incredibly specific with the amount of assets and how they are to be used.

People choose to create an estate plan for many reasons. Some of those reasons include the following.

1. Providing for Incapacity. If you are incapacitated, you will be unable to manage your own financial affairs. We can help you assign someone you trust to make the right decisions, who will take over the decision-making should you become unable.
2. Avoiding Probate. If an estate goes through probate, that can become expensive and time-consuming. In order to allow your family immediate access to your assets, you need an appropriate estate plan put into place.
3. Providing for Minor Children. In order for your minor children to live with someone you prefer and trust to make the right decisions for them, you must have an estate plan in place. Otherwise, someone you don’t approve might end up with guardianship of your children, or worse, they could end up in foster care.
4. Planning for Death Taxes. You will need an experienced estate planning attorney to help you ensure that your estate is reduced by the minimum amount of taxes once you pass away.
5. Charitable Bequests-Planned Giving. You can also make sure that any charities you want to leave money for will get exactly what you would like to leave to them.

It is never too early to begin creating an estate plan tailored for your specific situation. If you are located in or around Round Rock, TX, reach out to the best estate planning firm in the area to learn how to secure your family’s future. Call 512-400-0038 now for an initial consultation.