Estate Planning – Protect Your Family’s Wealth
Estate planning is a process that determines how your possessions, finances and other assets will be distributed in the event of mental incapacitation or death. Without proper estate planning, assets may not be distributed in the manner that you desire. This is why it is so important to ensure that a thorough accounting of your assets is completed and that a legally binding plan of distribution is in place at all times.
Estate planning with the aid of a competent lawyer is the only way to ensure that all of your wishes concerning financial affairs will be executed properly. Otherwise, in the event of incapacitation or death, it is very possible that your heirs may not receive assets in the desired manner. In addition, the family may not be in a position to manage financial affairs properly or achieve desired goals financially.
Beginning the estate planning process does not require an exact list of assets or financial accounts. Rather, a general idea of the value of your assets that are titled in your name is usually adequate. Common assets can include homes, accounts at financial institutions, stock brokerage accounts, insurance policies, vehicles, savings and retirement accounts. It is necessary to indicate what your intentions are for these assets in order to avoid any confusion by your heirs and beneficiaries.
It is critical to enlist the services of a qualified estate attorney for this process, as he or she may need to make special provisions. For example for, real estate in other states, mineral interests, anticipated inheritance, business holdings, rights from a lawsuit, corporate interests and funds held in joint ventures, partnerships or other ownership arrangements.
There are requirements for how certain documentation is prepared in estate planning. For example, appointing a person to have power of attorney over affairs, giving the individual legal rights for certain activities for management. The medical power of attorney provides for what should occur in the event of incapacitation. Trusts can also place restrictions and certain conditions on how assets are distributed.
Most everyone has worked very hard during their lifetime to acquire and grow the assets they possess. The legal probate and estate process can be quite complicated. This is why it is so imperative to take every step necessary to protect your assets through the services of an expert estate lawyer.
Estate Planning Attorney
No matter your age, you should consider seeking the advice of a Clear Lake Estate Planning Attorney experienced in drafting Wills, Powers of Attorney and Directives to Physicians.
At the Law Firm of Badeaux and Associates, we help individuals and business owners plan for the disposition of their assets and assist clients in carrying out their last wishes. Feel free to give us a call at 281-486-4737 with any questions or concerns.
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