Knowledgeable Legal Guidance For Your Estate Plan
As individuals or couples, creating an estate plan is one of the most important things we can do for our loved ones. Estate planning helps to ensure that your assets are distributed according to your wishes and that your loved ones are taken care of in the event of your incapacity or death.
At Artie Pennington Law Offices, PLLC, we understand the importance of estate planning and will spend the time needed to understand your goals for your estate plan. We have extensive experience with estate planning and business ownership, which allows us to provide creative solutions to complex problems. Our attention to detail ensures that our clients’ estate plans accurately reflect their wishes and that their loved ones are cared for in the event of their incapacity or death.
What Is Estate Planning?
Estate planning is the process of making decisions about managing and distributing one’s assets during their lifetime and after their death. It involves creating legal documents that will govern the disposition of assets and provide instructions for medical and financial decisions if an individual is unable to make them on their own.
Estate planning allows individuals to have control over how their assets are distributed and ensures that their wishes are carried out.
What Assets Should Be In An Estate Plan?
An estate plan can include various assets such as real estate, personal property, bank accounts, retirement accounts, life insurance policies and business interests. A comprehensive estate plan considers all assets and who will receive them.
What Can A Comprehensive Estate Plan Accomplish?
A good estate plan can accomplish many things, including:
- Ensuring that your assets are distributed according to your wishes and not by the state’s default laws
- Reducing the amount of taxes owed by your estate
- Providing for the financial needs of your loved ones
- Appointing a guardian for your minor children
- Ensuring that your health care and financial decisions are made according to your wishes if you become incapacitated
Your estate plan can also provide peace of mind during probate for your loved ones that there is a plan in place for your property and other assets.
Elements Of An Estate Plan
An estate plan typically includes the following elements:
- Will: A will is a legal document specifying how an individual’s assets will be distributed after death. It can also appoint guardians for minor children and name an executor to manage the estate.
- Trusts: A trust is a legal entity that holds assets for the benefit of a designated beneficiary. Trusts can be used to minimize taxes, avoid probate and provide for loved ones.
- Power of attorney: A power of attorney is a legal document that appoints an agent to make financial decisions on an individual’s behalf if they become incapacitated.
- Advance health care directives: Advance health care directives are legal documents that specify an individual’s wishes for medical treatment if they become unable to make those decisions for themselves.
While not every estate plan needs to have all four elements, having a comprehensive plan ensures your wishes will be carried out if something unexpected happens.
Artie Pennington Law Offices, PLLC, Can Help You With Your Estate Planning Goals
We have extensive experience with estate planning and business ownership, which allows us to provide creative solutions to complex problems. Our attention to detail ensures that our clients’ estate plans accurately reflect their wishes and that their loved ones are cared for in the event of their incapacity or death.
Secure Your Legacy Today
Don’t leave the future of your loved ones to chance. Contact our experienced lawyer at Artie Pennington Law Offices, PLLC, to create a comprehensive estate plan tailored to your unique needs. With offices in Kyle and Austin, Texas, we are here to help you protect your assets and provide for your loved ones. Call us today at 512-982-1190 or fill out our online form to schedule a consultation.