An effective estate plan is vital to protect the future of your family and provide you with peace of mind. However, many people do not understand what an estate is or how to establish an effective plan for it.
Working with legal counsel is often useful in better understanding the Sugar Land estate planning process. An experienced attorney at Romano & Sumner can help you identify your goals, explain the relevant legal procedures, and draft the necessary documents to make your plan a reality.
Simply put, an estate is the collection of a person’s assets and debts left behind after their death. When most people consider an estate, they usually think about personal property, real estate, and other assets. However, an estate also includes a person’s debts. The purpose of creating an estate plan is to ensure the payment of one’s debts and a subsequent distribution of assets.
The easiest way to create an estate plan is to draft a Will, which can be a simple process. According to the Texas Estates Code § 251.051, a Will must typically fulfill the following requirements to be valid:
While all of the “stuff” you own is a part of your estate, it gains legal significance as an Estate (big E) after you die (or divorce). A family member, attorney, or executor of an estate can first present the person’s Will to the local courthouse in Sugar Land. Here, a judge will formally begin the probate process. The purpose of the probate process is to ensure the proper administration of an Estate.
Creating an estate plan for an estate can be as simple as drafting a valid Will, but depending on your unique circumstances, may need to be more complex. These more complex planning tools might include creating a trust, authoring a business succession plan, or using other testamentary documents to achieve your wishes.
There are a few key questions to consider when forming an estate plan. First, what will happen to your assets after you pass away? To answer this question, it is important to take stock of one’s assets and liabilities. A comprehensive and effective Will must address all of these assets. The next step is to identify distributees. These are the people or organizations who will receive the named assets in the Will or Trust. Finally, individuals need to consider which form of testamentary document can best fulfill their wishes. A well-practiced attorney can help Sugar Land residents to understand all the steps that go into the estate planning process.
It may be intimidating to consider life after you pass away. However, the unfortunate truth is that a sudden illness or accident can occur at any time. In these situations, people who have an effective and comprehensive estate plan can rest easier knowing that their family and heirs will inherit property in the way that they intend.
If you wish to learn more about the Sugar Land estate planning process, consult a skilled attorney. Our legal team can explain the purpose of estate plans, how to create them, and what effect they will have on the probate process. Call us today to set up a meeting.
Romano & Sumner, PLLC