It is often said that the responsibility of today should not be left to tomorrow. The same rings true for estate planning. Too many people put off creating an estate plan until it is too late. This can lead to much heartache for loved ones who are left to deal with the aftermath. Our Dallas-Fort Worth estate planning attorneys discuss the importance of estate planning and how it can be the foundation for leaving a legacy.
Leaving Your Legacy in Safe Hands
Estate planning is the process of creating a plan for how your assets will be distributed after you pass away. This includes everything from your home and other property to investments and even digital assets. It also includes making arrangements for who will care for any minor children you have.
Many people put off estate planning because they think it is something only wealthy people need to worry about. However, estate planning is vital for everyone, regardless of how much money or property you have. This is because informed estate planning can help avoid probate, the legal process of distributing your assets after you die.
Probate and the Benefits of Avoiding It
Probate can be lengthy and costly and can tie up your assets for months or even years. It is also a public process, meaning anyone can see how your assets are distributed. If you do not want your personal business to be made public, estate planning can help you to avoid probate.
In addition to avoiding probate, informed estate planning can also help to ensure that your assets are distributed according to your wishes. If you die without a will or trust, your assets will be distributed according to your state's laws of intestate succession. This means your assets may not go to the people or causes you intended.
If you are currently facing probate or are about to, check out our must-read blog, Working with Your Probate Attorney. We discuss the factors that may impact the process and cost of probate.
What You Can Do to Prepare
The first step is to seek the legal advice of an estate planning attorney. An experienced estate planning attorney can help you to craft a plan that meets your needs and ensures that your legacy is secure. They can also help to ensure that your estate plan is legally valid and will be enforced by the courts.
The second step in estate planning is to inventory your assets. This includes everything you own, from your home and other property to investments and even digital assets. You will also need to make a list of your debts and liabilities. Once you have a clear picture of what you own and what you owe, you can decide how you want your assets to be distributed after you die.
Contact our attorneys at Crain & Wooley to start estate planning today. Our estate planning attorneys are dedicated to helping you plan for the future and ensure your legacy is in safe hands. Don't wait - take the responsibility of today into your own hands and begin estate planning now.
Get in touch with our team today at (972) 560-6288 to schedule a consultation!