Even though you may feel otherwise at first, estate planning is not a morbid subject to think about. In fact, there’s nothing more wise than to think about how you want your assets divided. Put your affairs in order now, so that in the future your heirs can avoid a disorganized guessing game. There are many facets of estate planning to consider. If you don’t know where to start, begin here with the questions you should be asking. In brief, it’s everything you need to know about estate planning.
Where Would Your Children Go?
How old are your children? If you are a young family, just starting out, it could not be more imperative to establish legal guardianship of your children, should something happen to you or your partner. The type of estate planning you need to do this is a will or declaration of guardianship and it is best established under the supervision of an attorney. If a tragedy occurs andyour children are left parentless, it would be up to the courts to decide where your children go. This is a less-than-ideal scenario you wouldn’t want to subject your children to, so it’s best to make the decision now.
How Do You Want Your Assets Divided?
You work hard your entire life, and you should have a say in how your financial assets are divided. An estate planning attorney can help you devise the type of document you want in place for the division of assets – a trust or a will. Once again, if neither one of these documents has been established, any decisions are up to the courts. This can be devastating and expensive for your family to have to stand by and watch. You must explicitly lay out how you want your finances taken care of.
Who Will Oversee Things?
The person that oversees the proceedings of your will or trust is called your executor. An executor will make sure that all of your debts have been settled, and from then on will distribute your wealth to the allocated beneficiaries. If you do not name an executor, the courts will name an administer, and your family may have to deal with the ramifications of that. One of the other important benefits of wills is that you automatically name an executor – this person should be someone you have utmost faith in. In a will, you also have the ability to name a power of attorney, prepare your funeral arrangements, and other measures.
Call Lucé Law, PC for Your Estate Planning
We will take the most care possible in helping you assess your final wishes. We have experience in writing wills, living trusts, powers of attorney, healthcare directives, and many more estate planning measures. Contact us today at (972) 632-1300 to set up a free initial consultation. We are based in McKinney and serve the North Dallas area.