Estate planning is a complex but vital process for anyone person who wants to protect their assets. There are multiple aspects to estate planning and numerous types of documents and directives that can be established as part of this process. Consider consulting with a Sugar Land estate planning lawyer if you are seeking to create an estate plan for the management of your medical, property, personal, and economic interests.
It is a frequent misconception that estate planning is only relevant if you have substantial assets or need to outline your wishes for end-of-life care. While it is a valuable tool for both these situations, most legal adults should have an estate plan in place. If you have questions about what should be included in your estate plan, you can consult with a seasoned trust and estates attorney at Romano & Sumner. They could examine your assets and help you create the most effective strategy for your needs.
Several significant benefits accompany the implementation of a thorough estate plan. When someone secures an estate plan, they are essentially creating a roadmap for the management of their assets, the distribution of their property, and their wishes in situations such as end-of-life care or a disabling or incapacitating event.
By establishing a comprehensive estate plan, an individual can ensure those nearest and dearest to them are provided for. Depending on how someone structures their estate plan, they could bypass the probate process entirely, saving considerable and stress for their beneficiaries.
A will is a common type of estate planning document. The person who creates the will is known as the testator. In a will, the testator can designate how their assets will be disbursed to their beneficiaries upon their death. The testator can also name an executor to manage the administration of their estate, including the settlement of outstanding debts and handling the disbursement of assets to the testator’s beneficiaries.
A person who dies without a will is intestate. If someone dies without any plan in place for their estate, the distribution of their assets and property will instead be turned over to the court, who will distribute the individual’s property according to the laws of intestate succession. The laws of intestate succession list the family members who stand to inherit an estate, in order of precedence and based on their relation to the decedent. This could mean that the individual’s assets may not be distributed in the way they would have wished them to be.
While a will does not allow the person’s estate to bypass probate, it will make the administration of their estate far more straightforward than if they were to die intestate, or without a will. A Sugar Land estate planning attorney can review your goals for your assets and develop tailored solutions to create an estate plan that meets your needs and protects your future legacy.
A trust can be an excellent alternative or addition to a will. Trusts tend to be more costly to establish and maintain than a will but can be a useful tool to bypass probate. The individual who creates the trust, called the grantor, transfers their assets into the account where a trustee manages them. Upon the grantor’s death, the trustee will disburse the grantor’s assets based on trust provisions to the grantor’s beneficiaries.
The two main types of trusts are revocable and irrevocable trusts. A revocable trust allows the individual who created the trust to rescind or alter its provisions at any point following its execution. An irrevocable trust, once executed, remains unchangeable. It should be noted that there are benefits in terms of asset protection and tax advantages to both types of trusts. The estate planning attorneys at Romano & Sumner can help you determine which trust structure is advisable for your estate plan.
Powers attorney documents are another essential estate planning tool. In a power of attorney document, an individual can authorize a person of their choosing to act on their behalf either in a restricted or ample capacity for the management of their finances, assets, and health care decisions, if they become incapacitated.
The person establishing a power of attorney is called the principal, and the person to whom they delegate this legal authority is known as their agent. There are several types power of attorney documents in Texas, including general, durable, and medical.
A Sugar Land estate planning lawyer can help with all your asset and property management needs. An attorney can answer your questions and do a thorough review of your assets to help you determine the most favorable method of structuring your estate plan. Call the office today to book your confidential consultation with Romano & Sumner.
Romano & Sumner, PLLC