Estate Planning & Probate
Every person has an estate, be it large or small. It includes everything you own, such as your real estate, personal property, checking and saving accounts, vehicles, life insurance, retirement accounts, brokerage accounts and many others. An estate plan helps you plan for what will happen to your assets after you have met the inevitable or become incapacitated, and ensures that you are in complete control of how your estate will be distributed. If you want to draft a set of written instructions to carry out your wishes, our estate planning attorneys at The Borger Law Firm PLLC can help you make a solid estate plan.
The Borger Law Firm PLLC can also help you manage probate, which is the legal process where ownership of assets legally changes hands.
What Is Estate Planning?
Estate planning is a legal process that involves a person making arrangements for the transfer of their property and assets in anticipation of death. It allows preserving the maximum amount of estate for their beneficiaries and making provisions to make the transfer as smooth as possible. An estate includes all of the property, both personal and real, that a person may want to distribute through an estate plan to their heirs or beneficiaries.
Common Estate Planning Tools
An estate plan may involve one or a combination of tools depending on your specific circumstances. Some common estate planning tools include:
A will is a legal document that helps you dictate where your property and assets will go after you pass away. It allows you to appoint guardians for underage dependents and executors to execute your estate plan.
A trust is a legal entity that enables you to transfer your property and assets into it and designate people for managing it for beneficiaries. Three parties are involved in the making of a trust, i.e. the grantor (the trust maker), the trustee (the manager and executor), and the trust beneficiary (receiving party). There are different types of trusts available, including testamentary trusts, irrevocable trusts, revocable living trusts, special needs trusts and a few others.
Powers Of Attorney
This estate planning document enables you to appoint a trusted person to make decisions on your behalf on financial, legal, health care or other matters if you become incapacitated. You have the power to give limited or complete authority to the trustee.
Estate And Gift Taxes
In some situations, tax considerations play an important role in the estate planning process. Estate and gift taxes are imposed on the estate being transferred either during the lifetime or after death of the person. Working on these taxes is especially crucial in high net worth estates.
What An Estate Planning Attorney Can Do For You
An experienced attorney in Texas can help you with understanding the estate planning process and create the right estate plan for you. The legal services may include:
- Drafting guidelines for your care in case you become incapacitated
- Preparing instructions for passing down your values
- Making specific provisions for irresponsible beneficiaries or those who might need protection from creditors in the future
- Naming the beneficiaries for retirement accounts and life insurance proceeds
- Transferring your business at the time of your death, disability or retirement
- Naming a guardian for minor children
- Making provisions for loved ones with special needs while making sure they do not disrupt with government benefits
Talk To Our Experienced Estate Planning Attorney Today
Whether you need to draft an estate plan or want thorough legal guidance for estate planning, you can count on our team of experienced estate planning attorneys to help you with the process. Contact The Borger Law Firm PLLC today at 832-263-8098 or send an inquiry by filling the form below. Our law firm is located in The Woodlands and we serve clients in Montgomery County and surrounding areas in Texas.